May
03

Illinois Housing Development Authority Making Rehabs of Foreclosed Properties Possible

May 03, 2013

Year of Homeownership ExpandsAcross Illinois, formerly foreclosed properties have returned to the housing market as a result of federal funding from the Illinois Housing Development Authority (IHDA), the state’s housing finance agency.

NSP funds available through the State of Illinois have enabled 17 subgrantees to create nearly 200 rental units and 91 homeownership units. Work on an additional 52 additional units is underway.

Under Governor Pat Quinn’s leadership, the Illinois Housing Development Authority (IHDA) awarded federal Neighborhood Stabilization Program (NSP) funds to provide a critical resource for Illinois communities to buy, renovate and sell foreclosed or abandoned homes.

With a $2.5 million NSP grant through the State of Illinois, Proviso Township Mental Health Commission and The Resurrection Project acquired and rehabilitated nine foreclosed and vacant properties featuring 11 units in Melrose Park and Bellwood.

The Illinois Building Blocks program is an innovative program that creates affordable homeownership opportunities for buyers of vacant homes and helps revitalize communities. Governor Quinn recently tripled the number of Illinois Building Blocks communities to 15. Featuring a 30-year fixed-rate loan and $10,000 in down payment assistance, this program encourages the reuse of vacant single-family properties in hard-hit communities, and enables more working families to access currently low housing prices by making homeownership safe and affordable.

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