Relief For The Hardest Hit Homeowners
In September, the U.S. Department of Treasury commissioned the Illinois Housing Development Authority (IHDA) to manage the Hardest Hit Fund Program (HHF) for the State of Illinois.
Announced in February 2010 by President Barack Obama, the HHF program has been allotted approximately $445.6 million for the development and implementation of innovative housing initiatives in hopes of diminishing foreclosure rates and stabilizing the housing market. Illinois became one of 18 States to provide the HHF program to qualified residents.
The HHF program is primarily geared to offer payment assistance to those who owe on mortgages and have experienced unemployment or underemployment due to no fault of their own. Essentially, the program is designed to reduce the number of foreclosures caused by loss of income and therefore the intended goal is for eligible households to actually keep their homes while trying to regain employment and financial steadiness.
The best way to stabilize our neighborhoods is to prevent foreclosures before they happen, said Mary Kenney, IHDA Executive Director in a press release. This program will make a difference in peoples lives and our communities.
According to IHDAs website, the Illinois HHF program offers two types of assistance:
1. Reinstatement assistance to pay mortgage arrearages, fees, and penalties in full, and
2. Monthly mortgage payment assistance to pay the mortgage payment for homeowners struggling to make their monthly payment.
Currently, IHDA is seeking applications from counseling agencies interested in participating in the HHF program. Selected agencies would provide the eligibility screenings to applicant households, coordinate closing processes and monitor ongoing compliance for recipients of temporary mortgage payment assistance.
The IHDAs mission is to finance the creation and the preservation of affordable housing
throughout the State of Illinois and to increase the supply of decent and safe places for people of low or moderate means to live.
Applications for the HHF program are free and available only through IHDAs Illinois Hardest Hit website at www.IllinoisHardestHit.org. For a detailed list of eligibility criteria, visit the website or inquiries may also be directed to the Illinois Hardest Hit Program toll-free line at 1-855-873-7405.
By: Abbra Stiffend
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