Illinois Housing Development Authority Announces Re-Opening of its
Mortgage Assistance Program to Help Homeowners Avoid Foreclosure
Up to $35,000 in Mortgage Assistance Available to Qualifying Homeowners
The Illinois Housing Development Authority (IHDA) announced the re-opening of the Illinois Hardest Hit program (HHF) on August 1, a mortgage assistance program to support working families having trouble making mortgage payments due to loss of income.
The program, funded by the U.S Department of the Treasury, will provide eligible homeowners up to $35,000 in Reinstatement Assistance and/or Monthly Mortgage Payment Assistance. Reinstatement Assistance is a one-time payment of all mortgage arrearage, fees, and penalties. The Monthly Mortgage Payment Assistance will pay 100 percent of the homeowner's monthly mortgage payment for up to 12 months. HHF assistance will be provided as a five year forgivable loan and funds may have to be repaid to IHDA if the owner sells the home at a profit or refinances during the five year loan term.
Applicants must have experienced a 15 percent reduction in income due to a qualifying hardship event that was through no fault of their own. The hardship event must have occurred after January 1st, 2010 and after the purchase of the property. Examples of a hardship event include: unemployment; underemployment; decrease or loss of business income; loss of income due to disability or health-related event; death of spouse or title holder and divorce of spouse or title holder.
Free applications for the program are available exclusively through IHDA's Illinois Hardest Hit website: www.IllinoisHardestHit.org. Applicants will be matched with a local housing agency that will answer questions, prescreen applicants for eligibility and assist homeowners in preparing the application and assembling the required supporting documentation. The program will be open for applications on Monday, August 1. Homeowners who were assisted previously through the program are not eligible to re-apply.
If you have not ordered your free rain barrel it's not too late. This MWRD program is slated to end the rain barrel program on December 31, 2016. The rain barrels are a type of green infrastructure that captures rainwater from your roof and it is saved for when you need it. It can be used to water your garden, wash our car, or clean your boots. It is a great way to conserve water and reduce basement backups and flooding. Please contact the Village if you would like to participate in the program.
Mayor Rodriguez and the Village Board of Summit would like to acknowledge the hard work and dedication of the young Summit residents for achieving Honor Roll Status at Argo Community High School for the second semester of this school year. Congratulations and continue to make your family and the Village proud. Go Argonauts !!!!
See the list of students here
Village President, Village of Summit