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Housing

Illinois Hardest Hit Program

The Illinois Hardest Hit Program is a joint effort of the Illinois Housing Development Authority (IHDA) and the U.S. Department of Treasury. This program was created to help families that have been affected by long-term unemployment or underemployment by offering temporary mortgage assistance to eligible applicants.

Assistance

There are two different types of assistance offered by the Illinois Hardest Hit Program:

Reinstatement Assistance: This helps pay homeowners mortgage arrearages, fees, and penalties in full.
Monthly Mortgage Payment Assistance: This pays 100% of the homeowners’ mortgage owed to the servicer. This can be extended up to 18 months during which time the household will make monthly contributions to the IHDA. (maximum assistance is $25,000)

Qualifications

There is a list of 11 Eligibility Requirements that an Illinois resident must meet before they are eligible to participate in the program. A few of these requirements, as listed on the Illinois Hardest Hit website, are:

Property must be located in Illinois
Households must have a document income reduction of 25% due to unemployment or underemployment through no fault of their own
Household income must be at or below 120% of the area median income
Principal loan balance must not be more than $500,000

Visit the Illinois Hardest Hit Program website to see the full list of requirements.

Illinois Key Information

Each state participating in the Hardest Hit Program has a State Plan. Click here for Illinois’ Hardest Hit Program Fact Sheet (PDF

) and then visit the website

for further information.

For more specific information regarding Illinois’ Plan, contact the state housing agency directly:
Illinois Housing Development Authority
401 North Michigan Ave, Suite 700
Chicago, IL 60611 Phone: 855-873-7405

Illinois Program Documents

General Documents:

First Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (“HFA Hardest-Hit Fund”) (PDF )
Second Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (“HFA Hardest-Hit Fund”) (PDF )

Third Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (“HFA Hardest-Hit Fund”) (PDF )

Illinois Documents:

Illinois Hardest Hit Funding Proposal (PDF )

Illinois Contracts and Agreements

Illinois (PDF )

Illinois First Amendment to Agreement (PDF )

Illinois Second Amendment to Agreement (PDF )

Illinois Third Amendment to the Agreement (PDF )

Illinois Fourth Amendment to the Agreement (PDF )

To read stories from Homeowners who have participated in a Hardest Hit Program from across the country, click here

You can also view a video of Customer Testimonials from the state of Rhode Island on YouTube by clicking here

***All information provided came from the Illinois Hardest Hit Program website

and the U.S. Department of Treasury website

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