Illinois Hardest Hit Fund
The Illinois Housing Development Agency has re-opened the Illinois Hardest Hit Fund (HHF) program to assist working families who are having difficulty making their monthly mortgage payments due to loss of income. The program was first launched in September 2011. The City of Champaign and Nova Debt (now Navicore Solutions) were the two agencies that administered the program for Champaign County residents. The Neighborhood Programs Division received 19 applications for the program and 6 families received mortgage payment assistance. The HHF program provided eligible homeowners up to $20,000 in reinstatement assistance and/or monthly mortgage payment assistance. Reinstatement assistance included a one-time payment of all mortgage arrearage, fees, and penalties.
Monthly Mortgage Payment Assistance paid 100 percent of the homeowner’s monthly mortgage payments for up to 12 months. Eligible financial hardships included unemployment or underemployment with a reduction in income of at least 25%. The HHF program re-opened on August 1. Navicore Solutions will administer the program for Champaign County residents.
Eligibility requirements for new applicants are less restrictive, with owners only needing to prove a 15% reduction in income. Also, the list of eligible hardships has expanded to include loss of income due to disability or divorce, as well as loss of business income. The maximum assistance amount for the program has also increased to $35,000. Homeowners must apply online at http://www.illinoishardesthit.org/ or by calling 1-855-873-7405. Those who received assistance previously are not eligible to re-apply. Program highlights are listed below:
-Eligible homeowners can receive up to $35,000 in reinstatement assistance and/or monthly mortgage payment assistance.
-Monthly mortgage payment assistance will pay 100% of the homeowner’s monthly mortgage payments up to 12 months.
- Eligible hardships include:
- Unemployment
- Underemployment
- Decrease or loss of business income (NEW)
- Loss of income due to disability or health-related event (NEW)
- Death of spouse or title holder (NEW)
- Divorce of spouse or title holder (NEW)
-Hardship must have occurred after January 1st, 2010 and after the purchase of the property