Are you an Illinois resident that is struggling to make mortgage payments each month or know a friend that is? Beginning spring/summer 2011, the Illinois Housing Development Authority (IHDA) will use $445 million in federal funds to provide mortgage assistance to struggling homeowners that have had a loss of income due to unemployment or underemployment.
The program called “Hardest Hit Fund’s Homeowner Emergency Loan Program” or “HHF HELP” will provide temporary assistance with mortgage payments while the homeowner is working to get back on their feet. HHF HELP is designed to reduce the number of foreclosures and enable homeowners that have low and moderate income levels to still enjoy homeownership.
IDHA has enabled each county in Illinois to provide affordable housing and has financed over 204,000 units of housing with over $9.67 billion. IDHA also provides financing for multifamily developers to construct rental properties in populations that benefit from affordable housing.
Learn more about IDHA and the HHF HELP program at www.ihda.org. Please give us a call if you are a homeowner in Metro Chicago and we can assist you in any way.
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