$279M For Mortgage Help
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SPRINGFIELD, Ill. (AP) – Illinois will get $279 million in federal money to help homeowners who are out of work pay the mortgage.
The Obama administration approved the Illinois Housing Development Authority’s plan to use the money for foreclosure prevention.
Illinois already received $166 million in August for similar assistance.
The state’s program is called the Hardest Hit Funds Homeowner Emergency Loan Program. It will assist low- and moderate-income families with temporary assistance to make mortgage payments while they regain sufficient income to handle the bills themselves.
The housing authority expects to open the application period next spring. Other foreclosure-prevention assistance is currently available.