Illinois Housing Grants
What is Illinois Housing Grants?
Illinois housing grants are designated grants delivered to property owners or aspiring homeowners to help offset the cost of purchasing and repairing a home. There are several different types of housing grants available to Illinois residents, and like other grants, there are special eligibility requirements.
The primary governing body of Illinois housing grants is the Illinois Housing Development Authority, or IDHA, and it is through this agency funds are filtered to local grant-issuing authorities.
Benefits of Illinois Housing Grants
The benefits of Illinois housing grants may differ depending on the actual grant, but the primary benefit is universal. All grants are designed to assist homeowners and property owners with the financial burden of purchasing and caring for their property.
When a property owner or soon-to-be property owner qualifies for an Illinois housing grant, they are immediately given funds necessary to complete their required tasks. Although the funds may not cover all of the expenses of purchasing, repairing or paying their mortgage these programs are designed to reduce the stress and financial crisis many Illinois residents face within the realm of real estate.
Who Is Eligible to Apply for Illinois Housing Grants
There are many different types of Illinois housing grants, and each program is designed to assist a unique demographic. Given the variety of housing grants available, eligibility requirements will vary. In order to be eligible for any Illinois housing grant, the applicant must be an Illinois resident and meet the income requirements for the particular program.
For example, the Single Family Rural Housing Grant is designated for Illinois residents who live in rural areas and are unable to repay a loan with a one percent interest rate qualify for this grant. Not all Illinois housing grants are specifically designed for low-income residents. The Small Rental Properties Program provides funding assistance to landlords of low-income complexes. To be eligible for this program, landlords must have the financial stability to finance a minimum of 25 percent of the total rehabilitation cost with the grant covering the bulk of cost.
How to Apply for Illinois Housing Grants
Applying for any Illinois housing grant must be done through the local housing development organization or housing development authority. From this center, applicants can review current Illinois housing grants, and if eligible, directly apply for these grants. If the grant is awarded, funds are then sent to the local agency and then passed on to the recipient.