CHICAGO (AP) — State officials are increasing assistance available for first-time homebuyers.
Gov. Pat Quinn announced a program Tuesday that helps new homebuyers get $7,500 to help make a down payment on a 30-year fixed-rate mortgage. It builds on existing programs, including those for veterans.
Illinois Housing Development Authority spokeswoman Cami Freeman says “Welcome Home Illinois” has a better interest rate and more down payment help than before.
The down payment money comes from capital funds set aside for affordable housing. The mortgage program is funded by the housing authority, which generates revenue from bond proceeds.
Quinn said last week he’d help first-time homebuyers. His proposed budget calls for making permanent Illinois’ income tax increase, and also proposes giving property taxpayers a $500 refund.
Republicans claim the new program just repackages old ideas.