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"Every hardworking family in Illinois deserves the opportunity to
realize the dream owning a home," Blagojevich said. "When we help
families become homeowners, we are also helping them create
stability for themselves, build equity and contribute to the
economic success of their communities."
The bonds, both taxable and tax-exempt, are scheduled to be
released for sale Jan. 9 and 10. The proceeds will fund the state
I-Loan Mortgage program, which offers a below-market, safe 30-year
fixed rate to first-time home buyers and will be available Jan. 26.
To qualify for the I-Loan Mortgage program, the buyer must be a
first-time home buyer. Income and purchase price limits also apply
and vary from county to county. Program details and income and
purchase price limits for specific areas are available at
www.ihda.org. Home buyers should note that applications can be
submitted to the Illinois Housing Development Authority only through
a participating lender, also listed on the website.
"The bond sales that IHDA conducts allow us to help first-time
home buyers who might otherwise have not had a shot at the American
dream of owning a home," said Kelly King Dibble, executive director
of the housing authority. "Often we are able to combine these
below-market interest rates loans with other IHDA programs, such as
the State Affordable Housing Trust Fund, to give low-income families
that extra bit of help with their down payment and closing costs.
The combination of these funds makes homeownership possible for
households with a range of incomes and situations."
The bond sale is an important component of Illinois’
comprehensive housing plan. Blagojevich is the first governor in
Illinois history to require a coordinated system of spending for
funds earmarked for affordable housing by several state agencies
that have affordable housing programs.
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 Under the governor’s direction, a 35-member task force consisting
of legislators, housing advocates, developers, lenders and state
officials developed the "2005 Building for Success: Illinois
Comprehensive Housing Plan." This first statewide plan set forth a
concrete working plan to increase affordable housing options
and strategically target spending to help six priority populations:
very low-income households and families; low-income seniors;
low-income people with disabilities; homeless people and those at
risk of becoming homeless; low- and moderate-income families and
people unable to find affordable housing near jobs or
transportation; and low-income families and people living in
existing affordable housing that is in danger of becoming
unaffordable.
The task force recently developed "On the Road to Success:
Illinois Comprehensive Housing Plan 2006," which continues to build
on the coordinated success of the 2005 comprehensive plan.
The Illinois Housing Development Authority helps increase
affordable housing options for first-time home buyers through a
number of federal and state funding sources, including the Illinois
Affordable Housing Trust Fund, the HOME Investment Partnership funds
and its own independent bond sales.
Since 2003, the Illinois Housing Development Authority has helped
more than 5,820 first-time home buyers in 96 counties throughout the
state become homeowners, with a total of $577 million in financing.
In fiscal 2006, the housing authority helped more than 1,860
individuals and their families buy their first homes, with
approximately $197 million in financing.
[News release from the governor's
office]
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