The glut of affordable housing is making it harder for the Illinois Housing Development Authority to find eligible projects for the Affordable Housing Trust Fund. If you know a developer who is looking for backers now that corporate money has dried up, you always have an option at the State.
The For Sale Programs allow sponsor agencies to help fix up or construct home for sale by individual low icome households.
Down Payment programs help sponsor agencies get help for down payments and rehab plans to low income families.
There are also Owner/Occupied Rehab programs that allow low income families to bring their dwelling up to code.
The Affordable Housing Trust has been in existence for twenty years (since 1989). The Fund allocates $16-20 million annually. Project sponsors can be awarded up to $1.5 million per project.
Low income is considered earning up to 80% of the state's median income. Very low income is considered earning up to 50% of the state's median income. This year the median income is $45,000.
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