CHICAGO (WSIL) � Illinois residents struggling to pay their rent or mortgage may be eligible for help under new programs announced Monday.
The programs are available to those who have lost a job or income due to the COVID-19 pandemic.
The Illinois Housing Development Authority (IHDA) will allocate $150 million to help income-eligible renters through the Emergency Rental Assistance Program.
Following the application period for rental assistance, IHDA will open applications for Emergency Mortgage Assistance, providing $150 million to homeowners impacted by COVID-19.
Governor JB Pritzker's office says, taken together, the programs are the largest emergency housing assistance programs in the nation and are expected to help approximately 40,000 households before the end of the year.
“We are in a moment that requires a historic effort to mitigate this virus’s devastating effects on the health and livelihoods of the residents of this state � one that centers on rebounding with a stronger, more inclusive economy on the other side,� said Governor JB Pritzker. “Keeping people in their homes isn’t just a moral obligation, it’s an economic one, and I’m incredibly proud that even in tough financial times for the state, we used our federal resources to build the largest pandemic housing stability program of any state in the nation.�
“As COVID-19 continues to impact our state, it is more important than ever that vulnerable households have the resources and support they need to stay in their homes,� said IHDA Executive Director Kristin Faust. “I thank Governor Pritzker and the Illinois General Assembly for making this funding possible, and I encourage those who have lost a job or seen their income decline as a result of COVID-19 visit our application portals to apply.�
The programs are funded through a portion of Illinois' funds of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Below is information on the rental and mortgage assistance programs as provided by Gov. Pritzker's office:
Emergency Rental Assistance Program
Tenant Eligibility:
� Household income before March 1, 2020 was at or below 80 percent of the Area Median Income;
� An adult member of the household must have had a loss of income due to the COVID-19 crisis on or after March 1, 2020; and
� Household has an unpaid rent balance that began on or after March 1, 2020.
How It Works:
- Tenants who are approved will receive one-time grants of $5,000 paid directly to their landlords to cover missed rent payments beginning in March 2020 and prepay payments through December 2020, or until the $5,000 is exhausted, whichever comes first.
- The assistance will be in the form of a grant and repayment will not be required.
- Applications for Emergency Rental Assistance will be accepted August 10 through 12 p.m. August 28. Due to anticipated high volume, the application window may close early.
- Approximately 30,000 tenants are expected to receive funding.
- Apply online at: .
Emergency Mortgage Assistance Program
Homeowner Eligibility:
� Household adjusted gross income from 2019 Tax Return was at or below 120 percent of the Area Median Income;
� An adult member of the household has had a loss of income due to the COVID-19 crisis on or after March 1, 2020;
� Homeowner’s mortgage was current as of February 29, 2020;
� The mortgage is past due or in forbearance.
How It Works:
- Approved applicants will receive up to $15,000 paid directly to their mortgage servicer.
- Assistance will cover the homeowner’s past due or forbearance balance and their regular mortgage payments through December 30, 2020, or until the funding is exhausted, whichever comes first.
- Payments may include all escrowed first mortgage expenses including property taxes, insurance and certain fees.
- The assistance will be in the form of a grant and repayment will not be required.
- Applications for Emergency Mortgage Assistance will be accepted from August 24 through September 4. Due to anticipated high volume, the application window may close early.
- The program is expected to assist approximately 10,000 households.
- Apply online at: .
