REBECCA ANZEL Capitol News Illinois
SPRINGFIELD – About 10,000 Illinois households whose members struggled to pay off their mortgages during the novel coronavirus pandemic can receive grants worth up to $ 15,000 each from Housing Development State authority.
A US Census Bureau survey found that more than one in 10 residents have “little or no confidence” that they can pay off their loans in September due to the economic impact caused by economic restrictions from COVID-19.
And helping those homeowners is good for families, financial institutions and local governments, said Kristin Faust, executive director of the authority, in a press release. According to the IHDA, “a single seizure costs the owner, maintenance worker and local government nearly $ 80,000.”
“Everyone suffers when a friend, family member or neighbor is seized, and the pandemic has left too many families at risk of losing their homes,” Faust said.
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The Emergency Mortgage Assistance Program will distribute the funds directly to the financial institution through which a household’s mortgage is managed. This money can be used for overdue payments as well as future ones. No refund is required.
Eligible Illinoisians include those whose households had at least one adult who experienced lower or no wages due to COVID-19 and whose mortgage was paid on time by March 2020.