Illinois Will Loan You $10,000 If You Buy A Vacant House In A Foreclosure-Hit neighbourhood

Photo: Wikimedia Commons/Joe Mabel

The Illinois Housing Development Authority announced Thursday that it was ready to begin offering up to $10,000 in down payment assistance to eligible home buyers who purchase vacant properties in six west and south suburban communities that have been hard-hit by the foreclosure crisis.The six municipalities in the pilot phase of the state’s Building Blocks program, announced last month, are Berwyn, Maywood, Park Forest, Riverdale, Chicago Heights and South Holland.

To be eligible for the funds, which are considered forgiveable loans, a one- or two-person household can have household income of no more than $89,760 and must purchase a home that costs no more than $373,760. For larger households, the limits are $104,720 in annual income and a purchase price of $478,373.

Additional restrictions apply but consumers do not need to be first-time homebuyers, the state said.

Participating lenders in the program are First Mortgage Corp., Harris Bank, U.S. Bank and Wells Fargo.

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