WBGZ Radio 12/28/2020 |
By Kevin Bessler - Illinois Radio Network
Illinois introduced two new homebuyer assistance programs that aim to break down barriers to homeownership for communities of color.
To help overcome obstacles like saving enough money for a down payment and qualifying for a mortgage, the Illinois Housing Development Authority (IHDA) developed the SmartBuy and Opening Doors programs.
Housing Action Illinois Policy Director Bob Palmer told the
Illinois Radio Network that IHDA is making a targeted effort to market these programs in disinvested communities like communities of color.
“They can’t get a loan on their own because they find out they don’t have the down payment saved or maybe based on the underlying criteria that the bank is using they can’t qualify for enough of a loan to buy a house in a community that they want to live in,” Palmer said.