The state of Illinois is teaming with
Six suburbs will take part:
“We believe in housing and affordable housing and being able to be a homeowner,” Gov.
The Quinn administration has set aside $40 million from the statewide construction fund to pay for the program, and the county will contribute another $10 million. Once a home sells, any profits will be put back into the fund to buy more abandoned houses.
It's estimated that as many as 500 homes could be rehabbed and sold to new owners. Qualified buyers will get $10,000 grants to help with down payment and closing costs. They also will receive financial counseling to prevent the home from going back into foreclosure.