Illinois Hardest Hit Program
In 2010 The US Treasury Department through the Troubled Asset Relief Program (“TARP”) a U.S. Treasury managed resource dedicated to foreclosure prevention and neighborhood stabilization, approved IHDA’s plan to utilize $445 million in federal funds to assist Illinois homeowners struggling to pay their mortgages due to job loss or income reduction in the wake of the financial crisis. Since approval from US Treasury IHDA has developed four programs; Emergency Loan Program, Mortgage Resolution Fund Program, the Home Preservation Program, and the Blight Reduction Program.
The newest program, the Blight Reduction Program (“BRP”), created in the Spring of 2014 will be used by IHDA to decrease preventable foreclosures and stabilize neighborhoods by supporting Illinois units of government and their Not-For-Profit Partners as they target blighted, vacant, residential properties in specific communities for demolition, greening, and eventual reuse or redevelopment. BRP will complement the state-funded Abandoned Property Program by reducing blight for the end purpose of land reuse, repurposing, and/or redevelopment that benefits the surrounding residential community and helps reduce foreclosure.
For questions about the Blight Reduction Program e-mail email@example.com
IHDA is required to submit progress reports to the Treasury Department on a quarterly basis. Access the Illinois Hardest Hit program reports.
If you are a homeowner looking for help, visit the Illinois Foreclosure Prevention Network (IFPN). IFPN is a one-stop, trusted and reliable source where homeowners can receive information on how to access one-on-one counseling, legal advice and financial assistance. All services are free.
If you are interested in becoming an IHDA partner under the Illinois Hardest Hit program, either as a sponsor or servicer, see the Foreclosure Prevention Partners page under the Partner section of this site.