Home buyer program gets $5 million more for military families | News
Illinois Governor Pat Quinn has announced the investment of an additional $5 million to the Welcome Home Heroes home buyer financing package to make home ownership more affordable for more military families.
The new Illinois Jobs Now! capital funding will allow an additional 500 military families to access a $10,000 forgivable grant toward the purchase of a new home, as well as a mortgage tax credit worth up to $20,000 over the life of the loan.
"As we honor our Illinois heroes on Veterans Day, we are proud to invest in the Welcome Home Heroes program to help those who sacrifice so much buy an affordable home," Governor Quinn said. "The Welcome Home Heroes program offers a secure financing package that protects those who have committed their lives to protecting us. This program helps military homeowners and improves local real estate markets across Illinois."
Since Governor Quinn launched the financing package last December, Welcome Home Heroes has helped more than 550 military families achieve their dream of buying a home. Welcome Home Heroes originally was funded through $5 million in Illinois Jobs Now! capital funds and $5 million from the Illinois Affordable Housing Trust Fund. The additional $5 million investment announced today will stimulate statewide economic activity:
- 250 full-time jobs
- $8.4 million from real estate-related industries
- More than $6.7 million in economic activity for the state
- Additional $2.7 million in other statewide spending
Welcome Home Heroes is open to all qualified Illinois veterans. Active military personnel, reservists and Illinois National Guard members can also participate, but have to be first-time buyers.
"Under Governor Quinn's leadership, Welcome Home Heroes will continue to eliminate barriers to home ownership that many Illinois military families face by providing a financial package that is one of the most substantial in the nation," IHDA Executive Director Mary R. Kenney said. "As the state's housing finance agency, IHDA has enabled nearly 60,000 low-to-moderate-income families buy a home securely and this investment means we can help even more families."
Buyers have to qualify based on income and purchase price limits, and can apply for the loan package through an IHDA lender. A list of participating lenders throughout the state is available at ihda.org/homeowner/heroes. For more information about programs for Illinois veterans and service members, visit OperationHomefront.org.
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