Starting Aug. 1, homeowners who have experienced at least a 15 percent drop in income through no fault of their own and need help paying their mortgage can apply for federal assistance from the Hardest Hit Fund Program.
According to information from the Illinois Housing Development Authority (IHDA), qualifying homeowners could receive up to $35,000 in reinstatement assistance and/or monthly mortgage payment assistance.
Reinstatement assistance is a one-time payment of all mortgage arrearage, fees and penalties, while monthly mortgage payment assistance will pay 100 percent of the homeowner’s monthly mortgage payments for up to 12 months. The assistance will be provided as a five-year forgivable loan and funds may have to be repaid to the IHDA if the owner sells the home at a profit or refinances during the five-year loan term.
U.S. Senators Dick Durbin and Mark Kirk of Illinois and Cook County Commissioner Bridget Gainer made an announcement last Friday in Chicago about the program reopening.
For more information, go to: www.illinoishardesthit.org.