Homeowner Assistance Available for Those Affected by Pandemic

Mortgage assistance

The Illinois Housing Development Authority has $309 million in American Rescue Plan Act funds to contribute to the Illinois Homeowner Assistance Fund, which is open until May 31. Homeowners might receive up to $30,000.00 to help with mortgage payments, property taxes, insurance, and homeowner association dues. The Illinois Homeowner Assistance Fund (ILHAF) was established by Governor JB Pritzker and the Illinois Housing Development Authority (IHDA) to assist homeowners who have fallen behind on monthly mortgage payments and/or related housing bills as a result of the COVID-19 outbreak.

For more information on getting a grant and also learning about refinance programs, take a look at this.

The fund, according to Mark Schneider, marketing director of the Two Rivers Regional Council, is for homeowners who have been unable to make mortgage payments because of the COVID-19 outbreak. This can include losing a job and being forced to take a lower-paying job, as a result, having large medical expenditures, or any other financial loss, as long as homeowners can prove the pandemic affected them.

“That money that you’re qualified for goes straight to the people who need it so there’s not a lot of handling of the situation, there’s not a lot of work to do on your part beyond applying and coming up with the paperwork and things that they require,” he said.

Those with a household income of less than 150 percent of the area median income are eligible for assistance. The area median income in Adams County is $55,052.00, $60,694.00 in Brown County, $46,605.00 in Pike County, and $51,376.00 in Schuyler County, according to the United States Census Bureau, while there are a number of factors that might alter eligibility, such as the number of persons in one’s household.

Homeowners considering applying should also contact their HUD-Certified Housing Counselor or their mortgage servicer, according to Schneider. On their website, you can also find out where to find a HUD Counselor.

Call Two Rivers Regional Council at 217-224-8171 for additional information about the program and how to get started.

For more information on getting a grant and also learning about refinance programs, take a look at this.

Chris has been in the marketing industry for well over a decade. Chris loves writing about anything related to saving money. A passion for teaching people through writing has given him a unique opportunity to use his skills in the marketing industry. In his spare time he likes spending time with his family. training his new puppy, and taking long road trips to places like Banff & Lake Louise, Alberta.
0 0 votes
Article Rating
Notify of

Inline Feedbacks
View all comments