Months after a settlement between the Illinois Attorney General and Wells Fargo Bank, a program has been unveiled that will help low-income families purchase homes. Illinois Attorney General Lisa Madigan (pictured) and Wells Fargo Wednesday announced the CityLift program, which will offer $8.2 million to support “housing recovery” in Chicago and targeted suburbs. The program offers qualifying families $15,000 towards down payment on a home.
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“No single program can reverse the effects of the worst housing downturn in our lifetime, but through this settlement families in our hardest hit communities will gain a newfound opportunity to realize the dream of owning their own home,” Madigan said.
While the program is available only in Chicago and select suburbs, Madigan says there are a number of statewide programs that can help families facing foreclosure. Her advice to those facing foreclosure is not to be embarrassed and seek help.
CityLife is available in Bedford Park, Bellwood, Berwyn, Blue Island, Calumet City, Chicago, Chicago Heights, Cicero, Country Club Hills, Dolton, Glenwood, Harvey, Hazel Crest, Homewood, Lansing, Markham, Matteson, Maywood, Oak Lawn, Park Forest, Richton Park, Riverdale, South Holland, Forest View, Stickney, Ford Heights, Lynwood, South Chicago Heights and Sauk Village.
The communities were selected because of a number of factors including family incomes and foreclosure rates. The program comes out of a $175 million settlement with Wells Fargo over discriminatory lending practices.