FOR SALE PROGRAM
(AS IS/NEW CONSTRUCTION/REHABILITATION)
Buying a first home can be a great financial undertaking,especially for low-and very low-income families. To help lessen that burden,the Illinois Housing Development Authority’s Affordable Housing Trust Fundprovides financing to help low- and very-low income families purchase homes of their own.
While individual citizens are not eligible to apply forTrust Fund financing, governmental units, for-profit corporations and not-for-profit corporations can compete for Trust Fund dollars on the following types of homebuyer programs:
FOR SALE AS IS helps low- and very low-income homebuyers purchase existing homes in areas that would otherwise not be affordable, typically by providing a low-interest second mortgage. Buyers must secure a mortgage commitment from a financial institution before homes can be purchased.
FOR SALE NEW CONSTRUCTION assists sponsors of low-and very low-income developments make the purchase of single-family homes affordable. Buyers must secure a mortgage commitment from a financial institution before homes can be purchased.
FOR SALE REHABILITATION assists low-and very low-income homebuyers with the purchase and rehabilitation of existing single-family homes in neighborhoods suffering from under-investment or dis-investment.
PARTICIPATING SPONSORS
Trust Fund applicantscan apply for funding up to $750,000 and may request that down payment and closing cost assistance be included in the financing. Trust Fund applications are accepted three times each year and must meet certain criteria, such as the capacity to manage the homebuyer process, offer a home-ownership counseling program and, with some programs, be able to coordinate the rehabilitation process. Other Trust Fund loan commitment requirements also may apply.
For more information about program requirements or to obtain an application, please call (312) 836-8573.