Providing $115 million to Illinois homeowners struggling to pay their mortgages

SPRINGFIELD (WGEM) – The Illinois Housing Development Authority (IHDA) was able to help thousands of homeowners pay their mortgages last spring. Now, the Pritzker administration has relaunched its mortgage assistance program to help more people struggling to pay their bills during the COVID-19 pandemic.

IHDA will make $115 million available to eligible homeowners beginning November 1. People can receive up to $30,000 from the Homeowner Assistance Fund, paid directly to mortgage services or lenders.

“Illinoisans don’t have to choose between paying a mortgage or putting food on the table,” said Gov. JB Pritzker. “That’s why we established the Illinois Homeowners Assistance Fund to provide much-needed relief to residents who have suffered through the pandemic.”

IHDA executive director Christine Faust said Thursday that homeowners can use the funds to make past-due home payments or make future mortgage payments for up to three months. said. Faust explained that the relief funds are meant to be an injection to help people get their mortgages back on track.

“When you’re under that kind of financial stress, you can’t even pay your rent when you lose your job and your work hours are cut so much that suddenly your entire household goes haywire. Or your mortgage. Your whole life.” The world is turned upside down,” said Faust.

Faust said the unemployment rate is now very low and most people are back in work, which is very encouraging. That said, she noted that there are still plenty of people struggling to keep a roof over her head.

The Homeowners Assistance Fund is free and comes from the federal American Rescue Plan, so you don’t have to pay it back. Illinois said he received $386.9 million through her $1.9 trillion economic stimulus relief plan in March 2021.

Homeowners may be eligible for assistance if they experience financial hardship due to the pandemic after January 21, 2020. Applicant currently owns or resides in a home in Illinois, is at least 30 days behind on monthly mortgage payments, and has a household income of or less than 150% of his regional median income.

The IHDA requires potential applicants to prove that they have spoken with their mortgage provider about their late payments or have received counseling through a counseling organization approved by the Department of Housing and Urban Development.

“Those are important steps in the process. Congress has asked that people work with mortgage servicers to seek help and understand that they still need help,” Faust said. By working with that housing agency, we can prove it, and we need that evidence to qualify for the application.”

Faust said they should apply as soon as the program resumes next month.

“There was a certain amount provided by Congress, but eventually there will be a shortage,” Faust said. “But right now, I feel great that I can help all the homeowners in need in Illinois.”

Those who received help in previous rounds of mortgage relief can apply for more help. Faust said some people will be able to get a job and pay their current housing costs, but it could go on for months without being able to pay their mortgage.

Lieutenant Governor Juliana Stratton said: “The State of Illinois is watching them and will continue to work to ensure that no one has to go through the fear and stress of losing a home.”

Homeowners are encouraged to attend information sessions hosted by IHDA and other housing partners. For more information on the program, please visit the following URL: ilinoishousinghelp.orgYou can also contact the IHDA Hotline at 1-866-454-3571.

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