Applications Open November 1 For up to $30,000 in Mortgage Relief
Starting on Tuesday, November 1, homeowners who have been financially impacted by the pandemic can apply for up to $30,000 in mortgage assistance.
According to the Illinois Housing Development Authority (IHDA), the mortgage assistance program will provide help to eligible homeowners — paid directly to the servicer, taxing body or other approved entity — while homeowners work to regain their financial footing.
The program is free and funds do not need to be repaid.
Application, program information and updates can be found at illinoishousinghelp.org. Applications will be accepted starting on November 1, 2022 until 11:59 p.m. on Tuesday, Jan. 31, 2023.
To qualify, Illinois homeowners must have experienced a financial hardship due to the COVID-19 pandemic after Jan. 21, 2020 (including a hardship that began before Jan. 21, 2020, but continued after that date). They also must currently own and occupy their home in Illinois as their primary residence, be at least 30 days late on their monthly housing payments and have a household income at or below 150% of the area median income.
Potential applicants must demonstrate they have either communicated with their mortgage provider about their inability to pay, or sought counseling with a HUD-approved counseling organization. Interested homeowners are strongly encouraged to attend an information session hosted by IHDA or one of their housing partners. The session schedule is posted online at illinoishousinghelp.org, for those without access to a computer or the internet, call 1-866-IL-HELP (866-454-3571).
Homeowners who received assistance previously through the state's mortgage relief program can apply for additional assistance this round. Please note, however, the maximum assistance that can be provided in total to applicants across both rounds is $30,000.
The Illinois Emergency Homeowner Assistance Fund is funded through an appropriation in the federal American Rescue Plan Act of 2021 (P.L. 117-2), which was signed into law in March 2021. The $1.9 trillion economic stimulus relief designed to speed up recovery from the COVID-19 pandemic included $9.96 billion allocated for state territories, tribes and the Department of Hawaiian Homelands. The state of Illinois was allocated $386.9 million which was appropriated to IHDA by the Illinois General Assembly (P.A. 102-0017).
For more information and updates on the program, please visit illinoishousinghelp.org.
SOURCE: State of Illinois media release.