Illinois Repays $ 25 Million in Scholar Loans to Encourage Homeownership, Attracting Homebuyers to State | Native firm
By Sarah Freishtat | Chicago Tribune (TNS)
CHICAGO – Peter Maloney wished to maneuver again from Florida to the Chicago space, however with $ 44,000 in scholar loans to repay, he figured it will take a number of years earlier than he might purchase a house.
Maloney, 26, thought of transferring to Indiana, the place he can be near his household and houses are cheaper. However he and his fiancee have been offered in Illinois after studying of a state program that helps consumers repay scholar loans and supplies down cost help.
In June, Maloney will full the acquisition of a two-bedroom, two-bathroom condominium in Plainfield. “It positively made the choice (to maneuver) simpler and shopping for a house potential,” he mentioned.
The SmartBuy program, supplied by the Illinois Housing Improvement Authority, has additionally attracted curiosity from different out-of-state consumers, mentioned common supervisor Kristin Faust.
The company hopes this system, which started in December, will assist take away a monetary barrier to homeownership and make entry extra equitable.
This system will repay as much as $ 40,000 in scholar loans, or a mortgage quantity equal to fifteen% of the acquisition value of the house, whichever is much less. It would additionally present a mortgage of $ 5,000 for a down cost or closing prices.
The state has allotted as much as $ 25 million for this system in Governor JB Pritzker’s 2019 Rebuild Illinois capital plan. The cash is predicted to serve between 600 and 1,000 consumers.