Many homeowners throughout Illinois are still at risk of losing their homes, and IHDA is working with housing counseling agencies across the state to connect hard hit residents with the financial and educational lifelines they need. After working for the same company for more than 20 years, Selena Armstrong was suddenly laid off. Struggling to keep up with her mortgage, an auto loan and college tuition for her daughter, she was uncertain of her future until she found mortgage payment help through the Illinois Hardest Hit Program. The assistance gave her time to consider her options and look for new job opportunities, before the threat of foreclosure became an issue.
After re-opening in FY2017, the Illinois Hardest Hit program provided more than $66.6 million in federal reinstatement or monthly mortgage payment assistance to 3,242 families experiencing unemployment or underemployment.
In areas where property values have not recovered, the I-Refi Program helped 200 homeowners erase $7 million in negative equity and refinance into new loans based on the current market value of their homes. Finally, IHDA funded a network of counseling agencies that provided critical support to more than 48,000 families at risk of foreclosure, helping them explore their options to achieve the best possible outcome for their situation.