“Illinois Hardest Hit” Program Leverages Federal Dollars to Help Homeowners Avoid Foreclosure
CHICAGO – September 15, 2011. Governor Pat Quinn today announced a program to help approximately 15,000 Illinois homeowners threatened by foreclosure. The Illinois Hardest Hit program utilizes $345 million in federal funds to support working families having trouble making mortgage payments due to unemployment or underemployment.
“The economic downturn has left too many Illinois families at risk of losing their homes,” Governor Quinn said. “Everyone suffers when a home goes into foreclosure. The Illinois Hardest Hit program will help keep families in their homes, help them regain economic stability and keep our communities strong.”
The program allows eligible participants to receive up to $25,000 over 18 months as a 10-year loan to keep mortgages current and make ongoing payments, including fees and penalties. The loan is forgiven over the last five years of the 10-year term, and carries zero interest. Funds for the program are supplied by the U.S. Department of the Treasury. Illinois is among 18 states and Washington, D.C. that received funding for the program earlier this year. The Illinois Hardest Hit program will be administered by the Illinois Housing Development Authority (IHDA).
By working together, we have created a program that is comprehensive and will have wide reach. Importantly, it’s also a program with the potential to scale – and we will look for opportunities to implement similar collaborations in other markets.
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