Veterans and members of the military will get help from the state to buy homes. The Illinois Housing Development Authority is prepared to lend $100 million to veterans, and active duty members of the Armed Forces, reserves and National Guard so they can buy their first homes. The Welcome Home Heroes program provides 30-year, fixed-rate mortgages at 4 percent, a $10,000 down payment grant, and a $2,000 credit against federal income taxes.
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The down payment assistance will cost the state $10 million, to come from the capital program and the Affordable Housing Trust Fund; the rest of the money will be paid back. Maj. Gen. William Enyart, adjutant general of the Illinois National Guard, says there’s a need for this. “Usually when you’re talking about a veteran or a guardsman you’re talking about somebody younger. You’re talking about someone who typically is not in a high-earning situation, and so they need that extra boost to help them get into the homeowner market,” he said. The program has limits on how much income the applicant’s family can earn, and how expensive of a house they can buy. Those limits vary from county to county based on what income levels and housing costs commonly are. Applications are accepted at local banks. A list of them can be found at www.ihda.org/homeowner/heroes.htm.