Governor Quinn Announces Additional Federal Support to Help Hardest Hit Homeowners

CHICAGO – September 30, 2010. Governor Pat Quinn today announced the Illinois Housing Development Authority (IHDA) will receive $279.3 million in additional support from the Obama Administration to help homeowners struggling to make their mortgage payments due to unemployment.

The Obama Administration has also approved a plan from Illinois’ state housing finance agency, the Illinois Housing Development Authority (IHDA), to use funds for foreclosure-prevention assistance. In August, Illinois was determined eligible for at least $166.4 million in federal Hardest Hit Fund support. Today’s announcement of $279.3 million is in addition to the previously announced $166.4 million.

“I thank the Obama Administration for expanding the Hardest Hit Fund initiative, which will serve as a critical resource in our state’s economic recovery,” said Governor Quinn. “With this additional federal support, more struggling Illinois homeowners will have a greater opportunity to keep their homes as they continue their job search.”

Illinois’ program, called the Hardest Hit Fund’s Homeowner Emergency Loan Program (HHF HELP), will assist low- and moderate-income families statewide with temporary mortgage payment assistance while they work to regain sufficient income to make their mortgage payments.

The program is currently under development and IHDA expects to open the application period in spring 2011. For more information about currently available foreclosure assistance, please visit www.ihda.org.