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from Local Attorney, Michael H. Wasserman

Wednesday, July 14, 2010

Illinois Housing Development Authority Awards $2.8 Million to First Time Home Buyers

Last week, the I.H.D.A. announced that it awarded a total of $2.8 million to 436 first time home buyers in the form of down payment assistance and contributions towards closing costs of up to $5,000 and subordinate financing (0% loans of up to $30,000). The funding for this program is derived from the Illinois Affordable Housing Trust Fund, which itself is funded from property transfer taxes.

Has the economic slowdown impacted this very important and valuable program? You betcha. In 2009, the IHDA awarded $4,178,000.