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State Tries To Boost Economy With Home Repair Grants

Wed, 22 Jan 2014 12:32:14 CST
By: AP

More than $6 million in federal money will be available in May for low-income Illinois homeowners to use for household maintenance such as roof repairs and heating system upgrades. The Illinois Housing Development Authority has announced the program. The money has been allocated to 31 public and nonprofit organizations throughout the state. Homeowners can apply to those groups for forgivable loans of up to $40,000. Homeowners must repay the money if they sell the home before the loan expires. It's estimated the loans will help 148 homeowners keep up with needed repairs. The work will generate an estimated 45 jobs, $4 million in income and wages for local businesses, and $338,600 in local taxes. More information is available on the Illinois Housing Development Authority website.

   

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