Affordability & Assistance the Main Messages in Governor’s Speech to IAR

by Chicago Agent

Comments from Illinois Governor Pat Quinn highlighted the numerous housing initiatives launched by Illinois in recent months.

Governor Pat Quinn stressed affordability and housing aid in comments at the Illinois Association of Realtors Conference in Springfield earlier today, emphasizing his administration’s commitment to homeownership opportunities and foreclosure assistance programs.

“Creating affordable and secure homeownership programs not only supports our economic recovery, but also keeps our communities vibrant and helps our working families,” Quinn said. “We are committed to assisting families struggling to keep up with their mortgage payments by connecting them with the resources they need.”

The past few months, there have been a number of programs offered through the Illinois state government to incentivize prospective homebuyers and stall foreclosures. In December, the state launched the Welcome Home Heroes program, an Illinois Housing Development Authority-administered program that provides qualified Veterans and service members with a forgivable $10,000 grant for down-payment and closing cost assistance, as well as an affordable interest rate on a 30-year FRM and a mortgage credit certificate worth up to approximately $20,000 for the life of the loan.

In February, Quinn announced the Illinois Foreclosure Prevention Network, which connects struggling homeowners with assistance and resources to help them keep their homes. In addition to counseling services, legal advice, mortgage payment assistance programs, foreclosure prevention events and tips on how to avoid mortgage fraud the IFPN also offers foreclosure prevention events, which connect homeowners with counselors and assistance in person. The network’s first event will be held Saturday, March 31 in Berwyn.

Also, as we reported back in February, the state has united with several local governing bodies to launch the The Illinois Building Blocks Pilot Program, which aims to rehabilitate vacant properties and increase affordable housing in the communities of Berwyn, Chicago Heights, Maywood, Park Forest, Riverdale and South Holland with a $55 million joint commitment from the state of Illinois and Cook County. The communities selected for the pilot have been among those hardest hit by the foreclosure crisis.

“Governor Quinn understands that housing plays a critical role in moving the economy forward, stabilizing communities and job creation,” IHDA Executive Director Mary Kenney said. “Through these many new initiatives under Governor Pat Quinn, Illinois has become a national model for how to address the foreclosure crisis.”

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