Get Ahead: Homeowners Have Weeks Left to Secure $60,000 in Financial Aid for Housing Expenses
With the clock ticking, homeowners in Illinois find themselves with just a bit over a month to seize the opportunity to apply for mortgage and HOA fee relief, which can amount to a substantial sum of up to $60,000. The lifeline coming to them is courtesy of the Illinois Housing Development Authority (IHDA) which instigated the Illinois Homeowner Assistance Fund (IHAF) to cushion homeowners amidst the tribulations brought about by the Covid-19 pandemic.
The IHAF has set its sights on mitigating the financial strains on homeowners by presenting grants that can relieve a variety of housing-related financial stresses. Qualified applicants stand a chance to receive substantial assistance that could cover past-due mortgage payments, pending property taxes, unsettled property insurance, and homeowner association fees that have been accruing.
The financial muscle behind this generous initiative is the substantial allocation of $386.9 million that the state of Illinois received from the federal government, a directive of the American Rescue Plan Act enacted in 2021. This federal provision granted states the autonomy to channel the funds where they deemed necessary, and Illinois channeled a significant portion to power the IHAF, aiming to bring relief to its citizens.
Already, the initiative has turned out to be a cornerstone for thousands who have navigated the economic turmoil with the aid disbursed through IHAF. As the application window gradually narrows, homeowners are urged to step forward and take advantage of this significant financial reprieve, and in doing so, secure a more stable financial footing in these trying times. The action undertaken by the Illinois government mirrors a keen intention to foster stability and alleviate the financial burdens that many are grappling with, painting a picture of hope and a pathway to recovery in the aftermath of a global crisis.
