About Illinois Housing Development Authority
Illinois Housing Development Authority: Helping Families Achieve Homeownership
The Illinois Housing Development Authority (IHDA) is a state agency that has been helping people with modest means find a way to purchase a home for their family since 1967. The agency's mission is to finance the creation and preservation of affordable housing in Illinois, and it has helped thousands of families achieve homeownership over the years.
IHDA offers a variety of programs and services designed to help low- to moderate-income families purchase homes, including down payment assistance, mortgage credit certificates, and affordable mortgage financing. The agency also provides funding for the development of affordable rental housing throughout the state.
One of IHDA's most popular programs is its first-time homebuyer program, which provides down payment assistance up to $10,000 or 4% of the purchase price (whichever is less) for eligible borrowers. To qualify for this program, borrowers must meet certain income limits and credit score requirements.
Another program offered by IHDA is its Mortgage Credit Certificate (MCC) program. This program allows eligible borrowers to claim a federal tax credit equal to 25% of their annual mortgage interest payments (up to $2,000 per year). This can result in significant savings over the life of a mortgage loan.
In addition to these programs, IHDA also offers several types of affordable mortgage financing options through participating lenders. These include FHA loans with reduced mortgage insurance premiums and VA loans with no down payment required.
IHDA also works closely with developers and nonprofit organizations throughout Illinois to fund the development of new affordable rental housing units. Through its Multifamily Financing Program, IHDA provides low-cost financing options for developers looking to build or rehabilitate multifamily properties that will be rented at below-market rates.
Overall, IHDA plays an important role in helping families achieve homeownership and providing access to safe and affordable rental housing throughout Illinois. Its programs have helped thousands of families over the years realize their dream of owning a home or finding quality rental housing they can afford.
If you're interested in learning more about IHDA's programs or how you can apply for assistance as a first-time homebuyer or renter in Illinois, visit their website today!