The Illinois Housing Development Authority has released an updated report indicating that the city of Berwyn has initiated 22 new residential mortgages through the Illinois Building Blocks pilot program.
The program, managed through IHDA, offers a 30-year, fixed-rate mortgage featuring an affordable interest rate as well as a $10,000 forgivable loan over two years for down payment and closing cost assistance.
Through the program, nearly $3 million has been committed to Berwyn homeowners through mortgages and forgivable loans.
IHDA, Illinois’ primary housing finance agency, designed Building Blocks to address vacant and foreclosed homes within five target communities. By broadening the pool of qualified applicants and reducing program restrictions, more homebuyers are eligible to participate in this program.
“The Illinois Building Blocks pilot program demonstrates Gov. (Pat) Quinn’s commitment to helping communities rebuild and stabilize in the wake of foreclosures by returning vacant homes to productive use and boosting home values,” said IHDA Executive Director Mary Kenney said in a news release. “This work is only made possible through important community partnerships such as with the city of Berwyn.”
Berwyn, known for having one of the most significant concentrations of Chicago-style bungalows in the country, has maximized the effectiveness of the Building Blocks program by hosting workshops for homebuyers and educating local real estate agents about the program, according to a news release.
“For generations, people have called Berwyn the City of Homes,” Berwyn Mayor Robert Lovero said in the release. “We are proud to partner with IHDA to continue to offer Berwyn’s neighborhoods as a beautiful, safe, stable and affordable option for existing and new residents alike.”
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