The Illinois Housing Development Authority has approved more than $1.7 million in grants and loans to aid low-income home buyers and assist the homeless in the Chicago area.
Among the recipients is the Hispanic Housing Development Corp. in Chicago, which received $301,000 to offer below-market-rate mortgages for the purchase of seven town homes. Buyers would receive $3,000 grants to put toward down payments and closing costs.
Other area recipients are:
The Oak Park Housing Authority, which received $645,000 to help 15 low-income families purchase two-bedroom condominiums.
The La Grange Area Transitional Housing Corp., which is getting a $589,000 loan to buy four homes. They would be leased to homeless families with children, who would pay no more than 30 percent of their incomes in rent.
The Latino United Community Housing Association, which was awarded $170,000 to help 50 low-income residents buy homes. Grants of $3,000 or $5,000 will assist buyers with down payments and closing costs.
Prospective buyers would be required to enroll in workshops on homeownership and receive counseling on the loan-application process.
The Illinois Housing Development Authority has allocated $6 billion to create more than 150,000 units of affordable housing since 1967.
The grants came from the Illinois Affordable Housing Trust Fund.
