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STATE SPONSORED HOMEBUYER ASSISTANCE/REHABILITATION PROGRAM 
Home ownership is a dream for most Americans, regardless of their income level. That?s why HOME
offers down payment, closing cost and rehabilitation assistance to low-income homebuyers who make the
purchased home their principal residence and rehabilitate it according to IHDA and HUD standards.
Before receiving HOME assistance, prospective homebuyers must take part in homeownership counseling
to ensure they understand budgeting and personal financial management, home mainte?nance, the mortgage
loan process, legal documents and obligations associated with buying a home, and ?work-out? options
they have with mortgage lenders in case financial problems arise.
SPONSORING AGENCIES Local governments, non-profit organ?izations and C ommunity H ousing D evelopment O rganizations (CHDO s ? more information is in the ?Community Housing Development Organizations? section) may all take part in homebuyer assistance and rehabilitation activities. For-profit groups are not eligible. Homeowners should apply for HOME assistance through sponsoring agencies funded by IHDA, not directly through the Authority or via the Single Family Program Department. ELIGIBLE PROPERTIES Houses selected by sponsoring agencies may be one-unit properties, condomini?ums or manufactured housing (mobile homes are ineligible). They may be val?ued at no more than HUD?s area limits, and in the case of acquisition and reha?bilitation, must be free from any health or safety defect before occupancy. RESALE PROVISIONS Assistance to homebuyers is provided in the form of deferred, forgivable loans at 0 percent interest. The use of HOME funds carries certain restrictions on the use of the purchased property, as well as upon any proceeds realized from the sale of the home if the sale occurs with?in certain time frames. If the homeowner moves out or sells the home before this time period has expired, all or a por?tion of the HOME funds must be repaid by the homeowner. For more information, contact HOME at (312) 836-5200. |
Equal Housing Opportunity