Closing Soon: Illinois Homeowner Assistance Fund Program’s 60-Day Deadline
CHICAGO – The Illinois Housing Development Authority (IHDA) has extended a lifeline to homeowners facing housing payment challenges due to the lingering impact of the COVID-19 pandemic. The clock is ticking, and eligible homeowners have until October 31 to seize this opportunity and apply for the Illinois Homeowner Assistance Fund (ILHAF).
ILHAF, an initiative launched in April 2022, is geared towards supporting homeowners in Illinois who have been grappling with financial strain stemming from the pandemic. The program has been providing grants of up to $60,000 to qualified homeowners to alleviate the burden of past-due mortgage payments, property taxes, property insurance, and homeowner or condo association fees.
However, the deadline is looming, and IHDA has officially announced that ILHAF will cease accepting applications after 11:59 p.m. on Tuesday, October 31, 2023. Homeowners are urged to act promptly, recognizing that the application process may take some time.
IHDA Executive Director Kristin Faust emphasizes the urgency of the situation: “Any homeowner struggling to make their monthly payments due to lingering fallout from the pandemic should not hesitate and reach out today to see if you are eligible for this free assistance.” With the uncertainty of additional funding from Congress, it’s imperative not to miss out on this vital opportunity.
The impact of ILHAF has been substantial, providing over $246 million to support 13,730 Illinois homeowners affected by the pandemic’s repercussions. These grants have played a pivotal role in preventing foreclosures and allowing families to remain in their homes while navigating their path to financial recovery. On average, households have received grants of $17,988, demonstrating the program’s meaningful financial relief.
A noteworthy aspect of ILHAF is its focus on equitable distribution. More than 69% of the funds have been allocated to socially disadvantaged areas across Illinois, underscoring IHDA’s commitment to addressing disparities and ensuring widespread benefit.
To qualify for ILHAF, homeowners must meet specific criteria, including being past due on mortgage loans, property taxes, property insurance, or HOA/condo association fee payments. Household income must be at or below 150% of the Area Median Income, and the homeowner must own and occupy a primary residence in Illinois. The financial hardship experienced must be linked to the COVID-19 pandemic.
The application process is designed to be accessible and inclusive. Proof of citizenship is not required to apply and receive ILHAF assistance, and it is not considered a public charge benefit. IHDA has also extended a helping hand by partnering with housing counseling agencies and community-based organizations to guide applicants through assembling necessary documents and completing applications. This free assistance is available in over 37 languages, making the process inclusive and accommodating.
ILHAF’s funding stems from the federal American Rescue Plan Act of 2021, a comprehensive economic stimulus package designed to aid the recovery from the pandemic. The state of Illinois was allocated $386.9 million for this purpose, and IHDA is at the forefront of ensuring that these funds are utilized to support homeowners and foster community resilience.
As the clock ticks towards the October 31 deadline, IHDA’s ILHAF program remains a beacon of hope for homeowners in Illinois. The opportunity to receive much-needed financial assistance is within reach, and the time to act is now. For those seeking to safeguard their homes and secure their future, ILHAF stands as a testament to the power of collective support, innovation, and the determination to weather challenges together.
