The Affordable Housing Program of the Federal Home Loan Bank of Chicago has awarded funds to assist low- to moderate-income households purchase a home.
The funds of up to $8,000 per applicant are in the form of zero-interest loans that are forgivable over a five-year period. The money can be applied to downpayment and closing-cost expenses.
Home buyers must apply for the funds through Neighborhood Housing Services of Richland County. The agency, which serves Grant and Iowa counties, will collect income documentation and verify eligibility.
Applicants must be below 80 percent of the area median income for their county as determined by the U.S. Department of Housing and Urban Development, and must be applying for a first mortgage through Anchor Bank or USDA Rural Development for a 502 Direct loan.
Applicants will be required to take an approved home-buyer education course and participate in individual pre-purchase counseling. A $500 education fee applies, and can be funded with grant dollars.
For more information, contact Linda, (608) 647-4949, Susan, (608) 252-8815, or Penny, (608) 935-2791.