www.illinois.gov

Pat Quinn, Governor

State Links Skip to Content Skip to State Links

 Government
 Business
 Employment
 Education
 Health & Safety
 Family & Home
 Visiting
 About Illinois
 Illinois.gov

Stay Informed

Your Government


Illinois Flag Honors

Inspector General


 IGNN: State/All Press Release

ILLINOIS NEWS
The State of Illinois News page provides access to the Illinois Government News Network and all state press releases.


FOR IMMEDIATE RELEASE
November 20, 2009

$1.4M Grant to Provide Free Foreclosure Mitigation Counseling to Struggling Homeowners

     CHICAGO – Today, the Illinois Housing Development Authority (IHDA) Board of Directors approved allocating a $1.4 million federal grant to fund free foreclosure counseling help for homeowners throughout Illinois.
 
     The grant, provided through the National Foreclosure Mitigation Counseling (NFMC) program, will fund 5,000 mortgage delinquency and foreclosure prevention counseling sessions across Illinois. As a result of the money available through the State, 39 partner agencies will be able to provide free counseling – a critical resource during these tough economic times. After a competitive application process, IHDA emerged with the third-largest grant award of 35 state housing finance agencies that bid for the opportunity to broaden help for homeowners in their communities.
 
     “Financial counseling is the most effective first step struggling homeowners can take to save their homes,” said Gloria L. Materre, IHDA Executive Director. “Governor Pat Quinn’s Homeowner Protection Act gives homeowners facing foreclosure an extra 90 days to work out a solution if they enter counseling.”    
 
     Homeowners who are struggling to make their mortgage payment or have entered the foreclosure process should seek counseling immediately. Counselors can inform homeowners of programs they may qualify for (i.e., President Obama’s Making Home Affordable program); present options to homeowners; work as a liaison between the homeowner and their lender; and educate homeowners in the complex foreclosure process. Homeowners who qualify for a loan modification under the federal Making Home Affordable program can see their mortgage payments reduced to as low as 31 percent of gross monthly income, possibly saving hundreds of dollars a month.        
 
     To seek counseling today, go to www.findaforeclosurecounselor.org to search for a counseling agency by ZIP code.
 
About the Illinois Housing Development Authority
IHDA (www.ihda.org) is a self-supporting state agency that finances the creation and the preservation of affordable housing across Illinois.  Since its creation in 1967, IHDA has allocated more than $9.67 billion and financed more than 204,000 affordable units across the state.  IHDA accomplishes its mission through a number of federal and state funding sources including the Illinois Affordable Housing Trust Fund, the Illinois Affordable Housing Tax Credits Fund, the allocation of federal Low Income Housing Tax Credits, and HOME Investment Partnership funds. IHDA is also a bonding authority, and independently sells bonds, based on its own good credit, to finance affordable housing in Illinois.
 
                                                                                     -30-


###

News Categories

 State/All
 Governor's Office
 Lt. Governor's Office
 Agriculture
 Budget/Fiscal
 Business
 Children/Families
 Culture
 Disabilities
 Economic Development
 Education
 Environment
 Flag Honors
 Health/Human Services
 History
 Infrastructure
 Opportunity Returns
 Recovery
 Safety/Security
 Technology
 Tourism/Recreation
 Transportation
 Workforce/Jobs

News Resources

 Search the News
 IIS Radio News
 RSS News Feeds
 e-News Subscriptions
 Communications Office
 Privacy Statement

Features

Sign up for an e-news subscription
Copyright © 2014 State of Illinois Site Map | Illinois Privacy Info | Kids Privacy | Web Accessibility | Contact Us