 "We work hard in Illinois to give back to the men and women who
serve or have served our country, and it really says something about
our commitment to veterans when a program like the G-I Loan for
Heroes is recognized on a national level. G-I Loan for Heroes is
making a real difference in helping Illinois veterans and
active-duty members achieve the American dream of homeownership, and
I hope other states can look at Illinois as an example when trying
to find ways to improve the quality of life for their veterans,"
said Blagojevich."As an Iraq veteran, I know firsthand the
struggles one goes through when he or she returns to civilian life.
One of those struggles many of our young service members experience
is affording a home for their family -- and that is why the G-I Loan
for Heroes program is so deserving of this award," said Illinois
Department of Veterans' Affairs Director Tammy Duckworth. "Thanks to
the governor's leadership, Illinois truly sets an example for other
states to follow, and I'm so pleased to be part of an administration
that goes above and beyond to take care of its veterans. We are here
and will be here to help our servicemen and women get back on their
feet when they return home."
"The Illinois Housing Development Authority is honored to accept
the NCSHA's Special Achievement award on behalf of Governor
Blagojevich and the state of Illinois. This award represents the
important leadership of our governor in guiding IHDA's work to
create and preserve affordable housing across the state," said
DeShana L. Forney, IHDA executive director.
The prestigious award is presented to housing finance agencies,
known as HFAs, that successfully create and implement a project,
program or action that "respond(s) in an outstanding manner to an
important state need; (has) a significant impact on a population,
geographic area or economy; and cut(s) across traditional program
lines."
Special Achievement entries are judged on the degree to which
they are innovative, respond to an important state need, achieve
intended results and provide benefits that outweigh costs.
"NCSHA received more entries than any other category, making the
Special Achievement award the most competitive. IHDA's creative
approach to designing the G-I Loan for Heroes program was what
caught the judges' attention. IHDA also demonstrated that it went
above and beyond to offer a comprehensive package to Illinois'
veterans and active-duty members. We congratulate Governor
Blagojevich on this special achievement and hope other HFAs will
emulate Illinois' success with this model," said Barbara J.
Thompson, NCSHA executive director.
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The National Council of State
Housing Agencies is a national nonprofit organization that
represents state HFAs across the nation. It presents annual awards
for exceptional housing programs in six categories: homeownership,
rental housing, special needs housing, management innovation,
communications and special achievement. The NCSHA's conference and
awards are a platform to inspire HFAs by showcasing the country's
most successful housing programs.
The G-I
Loan for Heroes program offers veterans and active-duty
personnel a low-interest rate first mortgage for 80 percent of the
purchase price and an interest-free second mortgage for 20 percent
of the purchase price, up to $40,000. Effective interest rates for
the combined mortgages could be as low as 5.125 percent in some
cases. The mortgages are 30-year, fixed-interest-rate loans
providing long-term security for homebuyers. Participants under the
program may also receive a grant up to $2,500 to help with closing
costs, along with free homeownership counseling, which is
compulsory.
Illinois is the first state in the nation to provide a
comprehensive homeownership package to qualifying former and current
servicemen and women who are working hard to provide for them and
their families. The G-I Loan for Heroes offers the opportunity for
affordable, secure financing to help veterans and active-duty
servicemen and women make good financial decisions.
Launched last May as a $15 million pilot mortgage program, the
G-I Loan for Heroes helped 115 Illinois veterans and active-duty
members secure low-interest mortgages, closing cost assistance and
homeownership counseling during the program's first four months.
Following the success of the program, Blagojevich announced an
additional $15 million in funding on Sept. 4.
The Illinois Housing Development
Authority administers the program on behalf of the state,
working with the Illinois Department of Veterans' Affairs to market
and promote the program.
[Text from file received from
the
Illinois Office of
Communication and Information]
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