and purchase price restrictions.
HOME Funds Frequently Asked Questions
How do we assist residents of Illinois purchase and or maintain their homes with federal HOME Funds?
IHDA provides local communities and agencies with federal HOME Investment Partnership Program funds to operate programs assisting individuals rehabilitate their homes. HOME funds are also used to assist Illinois residents become homeowners, with homebuyer education, downpayment and closing costs.
Am I eligible for assistance?
To qualify for assistance, participating households must demonstrate that their income does not exceed 80% of area medium income. Some communities give priority or target households at lower incomes as well. Additionally, the home to be purchased or rehabilitated must not exceed HUD’s maximum appraised value for your local area. More details regarding eligibility may be obtained by directly contacting funded agencies in your area.
Are IHDA’s HOME funds available to me no matter where I live?
Some Illinois cities, counties, or combinations (called HOME “Participating Jurisdictions,” or PJs) get their federal HOME fund allocations directly from HUD each year. (see download list of PJ contacts and phone numbers). If you live in one of these PJs, you should contact those communities directly regarding HOME programs in those areas.
What other ways does IHDA assist homebuyers and homeowners in Illinois?
IHDA provides help for homebuyers under two other initiatives in the State of Illinois:
The State Trust Fund assists low-income households with grants and loans, which again are provided through local partners and programs (see download for currently funded programs).
Help for homebuyers is also provided directly through local lending institutions participating with IHDA’s Mortgage Revenue Bond (MRB) program. For program information, click here
UNDERSTANDING HOME’S FUNDED PROGRAMS
Who can apply for HOME Single Family Program Funds?
HOME’s single family programs are available to non-profit groups, including a special designation of non-profits called Community Housing Development Organizations (CHDO’s), and units of local government. Application rounds are held annually, generally in September or October of each year (see Calendar). Application packets are available approximately 30-60 days in advance of applications on line (see link below) or by contacting the Single Family Department at 312-836-5331.
HOME-funded programs:
- Single Family Owner-Occupied Rehabilitation Program (SFOOR)
- Homebuyer Assistance Programs (acquisition, or acquisition and rehabilitation)
- Small Rental Properties Program (properties may not exceed 11 units)
To find more about CHDOs, click here
Important Links for Information Regarding HOME Program Requirements:
HUD’s HOME website
Catalog for Federal Domestic Assistance: 14.239 (HOME Program)