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Officials hope a new program known as “Building Blocks” will help revitalize foreclosed homes in Berwyn and lower the incidents of foreclosure in the city.
The program, which Gov. Pat Quinn announced in his State of the State address last week, aims to renovate foreclosed homes and then resell them to qualified low-income home buyers in six Cook County communities, including Berwyn.
Of the $55 million slated for the project, $50 million will be set aside for a revolving fund to buy and renovate homes.
Of that $50 million, $40 million will come from the state’s JobsNow program, and $10 million will come from Cook County.
Once homes are bought and renovated, they'll be sold to low-income buyers. Money from home sales will then go back into the fund and be reapplied to the next house.
The program is expected to renovate as many as 500 houses.
The other $5 million from the program will make home buying affordable for the project's target demographic. Grants of $10,000 for down payment and closing costs will be made available to up to 5,000 homebuyers.
The Building Blocks program will also provide mortgage counseling, loan modifications and access to financial assistance.
Officials hope a new program known as “Building Blocks” will help revitalize foreclosed homes in Berwyn and lower the incidents of foreclosure in the city.
The program, which Gov. Pat Quinn announced in his State of the State address last week, aims to renovate foreclosed homes and then resell them to qualified low-income home buyers in six Cook County communities, including Berwyn.
Of the $55 million slated for the project, $50 million will be set aside for a revolving fund to buy and renovate homes.
Of that $50 million, $40 million will come from the state’s JobsNow program, and $10 million will come from Cook County.
Once homes are bought and renovated, they'll be sold to low-income buyers. Money from home sales will then go back into the fund and be reapplied to the next house.
The program is expected to renovate as many as 500 houses.
The other $5 million from the program will make home buying affordable for the project's target demographic. Grants of $10,000 for down payment and closing costs will be made available to up to 5,000 homebuyers.
The Building Blocks program will also provide mortgage counseling, loan modifications and access to financial assistance.
