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COVID-19 Relief Fund for Homeowners in Illinois by IHDA

Homeowners relief fund for their mortgages (Source: IHDA)

The Illinois Housing Development Authority (IHDA) established the Illinois Homeowner Assistance Fund (IHAF) as a Covid-19 relief fund for homeowners.

COVID-19 Relief Fund for Illinois homeowners ready for application (Source: WBTV)

Homeowners with Minimum Past-due Mortgages of $60,000 are Qualified for the COVID-19 Relief Fund

The fund is intended to provide qualifying homeowners with grants of up to $60,000 for past-due mortgage payments, property taxes, property insurance, and homeowner association fees. The initiative is supported by $386.9 million in funding provided to the state as part of the American Rescue Plan Act of 2021.

The allocation of funds provided to states under this scheme was left up to the state governments. The majority of Illinois’ financing went to the IHAF, which has assisted thousands of individuals. So far, the initiative has distributed $246 million to about 13,730 Illinois households. To be considered for the money, homeowners must now apply by 11:59 p.m. on October 31, 2023.

READ ALSO: What Happens When You Paying Off a Mortgage Early?-Read This

Three Other Conditions to Qualify for COVID-19 Relief Fund

Aside from owning a house and residing in the state, people must satisfy three other conditions to be eligible for the program. To begin, they must have fallen behind on one of the previously specified home-related expenses. Applicants must also have an income that is less than or equal to 150 percent of the Area Median Income and have endured financial hardship as a result of the COVID-19 epidemic.

The program’s executive director has urged individuals to apply if they believe they are suitable. “Any homeowner struggling to make their monthly payments due to lingering fallout from the pandemic should not hesitate and reach out today to see if you are eligible for this free assistance,” stated IHDA Executive Director Kristin Faust.

“There is no guarantee of additional funding from Congress,” he stated, “so do not miss out on this opportunity and visit today to see if IHDA or any other state of Illinois resources can help.” While an ongoing application, it does not guarantee funding. However, all applications received and submitted before the deadline will be taken into consideration.

The program has paid out $229,751,219 in help to 12,440 people for past-due mortgage payments.

READ ALSO: Highest Increase in US Mortgages After Two Decades

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