Business and Communities in Illinois to receive $900 million Grant Package

The Illinois government has given their approval to a package of grant programs to support communities and businesses that were impacted by the COVID 19 pandemic. The Illinois Housing Development Authority (IHDA) is starting a rented housing program that is worth $150 million. This program will provide grants worth $ 5,000 to those that are unable to make their rent payments. The Emergency Rental Assistance Program (ERA) is projected to to reach out to about 30,000 renters who were impacted in anyway by the pandemic. The program will start in August. Governor Pritzker will extend the ongoing residential eviction ban through the end of next month in order to provide an easy transition into the assistance program. Eligible tenants are required to have an unpaid rent balance from March until now. They must also prove that the reason they couldn’t pay rent was because of the coronavirus. The assistance will be paid directly to a property owners or landlords on behalf of the tenant. IHDA is also starting a separate $150 million program for eligible Illinois homeowners that will provide grants that are worth a maximum of $15,000 to provide necessary support with mortgage payments. The Emergency Mortgage Assistance Program (EMA) is projected to help around 10,000 eligible homeowners who are unable to pay their mortgage. The program is also expected to start in August. Eligible homeowners will be required to prove that the reason they could not pay their mortgage entirely was due to COVID 19 from March to now. The assistance will be paid directly to the mortgagor’s loan servicer on behalf of the homeowner. The grant package also includes the New Business Interruption Grants Program, Distressed Capital Program and Poverty Alleviation Strategies.

 

 

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