Kane Residents Eligible For $15,000 Emergency Mortgage Assistance

Kane Residents Eligible For $15,000 Emergency Mortgage Assistance

Kane County residents are eligible for a $15,000 grant for Emergency Mortgage Assistance for households impacted by COVID-19 through the Illinois Housing Development Authority.

Kane County Veterans Assistance Superintendent Jake Zimmerman was alerted to the grant applications by state officials in an effort to help connect veterans in need to the grant program, but Zimmerman notes that emergency mortgage assistance is available to anyone who meets eligibility requirements.

To be eligible, household income must be at or below 80% Area Median Income.

Applications will be accepted from Aug. 24 through Sept. 4. Application assistance can be provided through The Neighbor Project in Aurora by calling 630-906-9400.

For more information about the program, call 312-883-2720.

Background

The Coronavirus Aid, Relief, and Economic Security Act allocated $3.5 billion in Coronavirus Relief Funds to the state of Illinois.

The Illinois General Assembly included a line-item in the FY2021 Budget allocating $396 million in CRF to the Illinois Housing Development Authority to fund affordable housing grants, for the benefit of persons impacted by the COVID-19 public health emergency, for emergency rental assistance, emergency mortgage assistance and subordinate financing, in the approximate amounts:

  • $217 million statewide;
  • $100 million specifically to meet the needs of people in disproportionately impacted areas, based on positive COVID-19 cases; and
  • $79 million for providers in areas that did not receive direct CRF allotments. (Excludes: City of Chicago and Cook, DuPage, Kane, Lake and Will Counties)

The Emergency Mortgage Assistance program will provide homeowners impacted by COVID-19 up to $15,000 to reinstate their mortgage and prepay through 2020 or until funds are exhausted.

  • IHDA will accept applications Aug. 24 through Sept. 4.
  • Household income must be at or below 120% Area Median Income.
  • You have a past due balance or a forbearance balance that began sometime on or after March 1, 2020, due to loss of income related to COVID-19 pandemic.
  • Applications will be selected by a third-party randomization service, not through first come, first served
  • Must be primary residence and mortgage balance is $425,000 or less
  • Your mortgage is in first lien/mortgage position.
  • If approved, payment will be sent directly to servicer approximately seven to 10 days after you sign the Promissory Note. A second payment will occur up to one month after the first payment
  • Visit ema.ihda.org to apply and find additional information.

SOURCE: Illinois Housing Development Authority news release

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