First-time and repeat homeowners can now receive up to $12,500 in assistance to purchase a home in Illinois
CHICAGO, Ill. (August 15, 2019) – The Illinois Housing Development Authority (IHDA) has launched a new, limited-time grant to help homebuyers across Illinois afford their closing costs. Through the new Advantage Subsidy program, IHDA will give eligible homebuyers an outright grant of either $1,500 or $2,500, depending on household income, to pay for closing costs associated with their home purchase. The grant can be layered with IHDA’s current Down Payment Assistance (DPA) programs, allowing homebuyers to receive anywhere from $8,500 to $12,500 in assistance when purchasing a home.
“Across Illinois, homes sales have been on the decline for the past 12 months, and the Illinois Housing Development Authority is seeking to end that by making homeownership more accessible and affordable for credit-worthy households,” said Tara Pavlik, Managing Director of IHDA’s Homeownership Programs. “This additional $2,500 grant will provide homebuyers with the closing costs necessary to achieve the American Dream of owning a home.”
Household eligibility for the new grant is based on income. Homebuyers earning less than 50% of the area median income are eligible for an additional $2,500 under the IHDA Advantage Subsidy program, while those earning less than 80% of the area median income are eligible for $1,500. Borrowers must meet all eligibility requirements established for IHDA’s DPA programs, and homebuyer education is required. The program is not exclusive to first-time buyers and may be used by buyers in any county in the state.
Interested homeowners can find additional information and a list of the nearest participating lenders at www.ihdamortgage.org.