Illinois Homeowners in Need Can Get up to $30K


Beginning April 11, the Illinois Homeowner Assistance Fund (ILHAF) started giving homeowner assistance to homeowners who have fallen behind on mortgage payments and other housing obligations as a result of the COVID-19 epidemic, according to the Illinois Housing Development Authority (IHDA). For income-eligible homeowners experiencing pandemic-related hardships, this program provides direct financial assistance to prevent mortgage delinquencies, defaults, displacements, delinquent homeowners/condominium/co-op association fees, delinquent homeowner’s insurance, and/or flood insurance, delinquent mobile home lot rent, and foreclosures. On behalf of the homeowner, assistance will be paid directly to the mortgagor’s loan servicer, taxing agency, or other approved entity.

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

“With the support of Governor Pritzker, IHDA has delivered emergency housing payments on behalf of 120,000 Illinois renters and homeowners since the pandemic began, and the ILHAF program will build on these efforts to provide much-needed relief to households who need it most,” IHDA Executive Director Kristin Faust said.

Illinois homeowners must have suffered financial hardship as a result of the COVID-19 epidemic after January 21, 2020, to be eligible for ILHAF assistance (including a hardship that began before Jan. 21, 2020, but continued after that date). They must also own and occupy their primary dwelling in Illinois, be at least 30 days delinquent on their monthly housing payments, and have a household income of less than 150 percent of the area median income.

“Housing stability is a crucial part of our economic recovery, and I’m pleased to announce that Illinois residents can now apply for $30,000 in mortgage support,” said Governor JB Pritzker. “Illinois was the fastest state in the nation to respond to the housing crisis of 2020, and with the need still high, we’re delivering another $309 million to struggling mortgage owners this spring. A good life, a good job, the ability to focus in a classroom — it all starts with a roof over your head. And that’s what every Illinoisan deserves.”

Please meet with a housing counselor to discuss choices and resources that may be available to you before applying for the ILHAF program, or speak with your mortgage servicer about potential loss mitigation options. If you are interested and eligible for these funds, check the complete list of necessary documents here.

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.
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