The Illinois Housing Development Authority (IHDA) gave a presentation to City staff and partners at the monthly meeting of the Community Reinvestment Group. Javier Gamucio, IHDA’s Director of Homeownership, presented information on IHDA’s housing downpayment assistance programs. IHDA currently offers five mortgage products that offer down payment, closing cost assistance and 30-year fixed rate mortgages to qualified homebuyers. Program highlights include:
• IHDAccess Forgivable Loan gives four percent of the purchase price up to $6,000 as down payment assistance and is forgiven over a 10-year period.
• IHDAccess Deferred Loan gives five percent of the purchase price up to $7,500 as down payment assistance and is deferred interest free for the life of the mortgage. The lien is repaid upon the sale or refinance of the property.
• IHDAccess Repayable Loan gives 10% of the purchase price up to $10,000 as down payment assistance and is repaid interest free over a 10-year period.
• IHDA Opening Doors offers $6,000 in down payment assistance as a second mortgage that is forgiven over a 5-year period.
• IHDA Smart Buy offers $5,000 in down payment or closing cost assistance and up to $40,000 in student loan debt relief secured by a three-year deed restriction.
More information on the IHDA Homebuyer programs can be found on www.ihda.org