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 oftheir own.
While individual citizens are not eligible to apply forTrust Fund financing, governmental units, for-profit corporations andnot-for-profit corporations can compete for Trust Fund dollars on the followingtypes of homebuyer programs:
FOR SALE AS IS helps low- and very low-incomehomebuyers purchase existing homes in areas that would otherwise not beaffordable, typically by providing a low-interest second mortgage. Buyers mustsecure a mortgage commitment from a financial institution before homes can bepurchased.
FOR SALE NEW CONSTRUCTION assists sponsors of low-and very low-income developments make the purchase of single-family homesaffordable. Buyers must secure a mortgage commitment from a financialinstitution before homes can be purchased.
FOR SALE REHABILITATION assists low-and very low-income homebuyers with the purchase and rehabilitation ofexisting single-family homes in neighborhoods suffering from under-investmentor dis-investment.
PARTICIPATING SPONSORS
Trust Fund applicantscan apply for funding up to $750,000 and may request that down payment andclosing cost assistance be included in the financing. Trust Fund applicationsare accepted three times each year and must meet certain criteria, such as thecapacity to manage the homebuyer process, offer a home-ownership counselingprogram and, with some programs, be able to coordinate the rehabilitationprocess. Other Trust Fund loan commitment requirements also may apply.
For more informationabout program requirements or to obtain an application, please call (312)836-8573.