A program that’s helping families stay in their homes is increasing the funds available to do so.  The Illinois Housing Development Authority is increasing the mortgage assistance available through the Illinois Hardest Hit program to $35,000 per household across the state, effective April 1.  The increase will help an additional 500 working families keep their homes.
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“The Illinois Hardest Hit program has been a vital resource for thousands of Illinois homeowners working to regain their financial footing,” said Mary Kenney, executive director of the authority. “We found the most common reason otherwise eligible families were unable to be helped was because the amount necessary to bring their mortgage current exceeded the program limit. With an increased assistance limit, the program will support families at a critical time in the state’s recovery.”
The Illinois Hardest Hit program has helped 7,100 homeowners avoid foreclosure. The program was launched in 2011 to help homeowners who experience an income reduction due to unemployment or underemployment in two ways: monthly mortgage payment assistance and reinstatement assistance. The program is funded by the U.S. Department of the Treasury, which has already committed $160 million to 7,100 homeowners in 94 counties and continues to assist an average of 22 at-risk homeowners each day.
Homeowners who exited the program or were denied assistance before Jan. 1, 2013, should contact the housing counselor they worked with to re-apply. Illinois residents having trouble paying their mortgage should contact the Illinois Foreclosure Prevention Network. A foreclosure prevention workshop is also scheduled for May 18 at the Peoria Convention Center.
855 KEEP-411.
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