(Chicago, IL) – September 15, 2011. Before heading out the door tomorrow to China for an eight-day trade mission, Governor Pat Quinn today announced a $345 million program to help approximately 15,000 Illinois homeowners threatened by foreclosure.
“The economic downturn has left too many Illinois families at risk of losing their homes,” Quinn said. “The Illinois Hardest Hit program will help keep families in their homes, help them regain economic stability and keep our communities strong.”
The program, paid for by the federal government, allows eligible participants to receive up to $25,000 over 18 months as a 10-year loan to keep mortgages current and make ongoing payments, including fees and penalties. The loan is forgiven over the last five years of the 10-year term, and carries zero interest.
Illinois is among 18 states and Washington, D.C. that received funding for the program earlier this year.
“The best way to stabilize our neighborhoods is to prevent foreclosures before they happen,” said Mary Kenney, Illinois Housing Development Authority executive director whose agency will administer the program.
Applications for the program, which has no fee, are available exclusively through IHDA’s Illinois Hardest Hit website: www.IllinoisHardestHit.org.
Applicants will be matched with a local review agency that will answer questions, pre-screen applicants for eligibility and assist homeowners in preparing the application and assembling the required supporting documentation.
The final step is that everyone involved crosses their fingers.