Homebuyer assistance grant moves into final year

In August, Western Egyptian Economic Opportunity Council moved into the second year of a two-year grant for its Homebuyer Program. The Illinois Housing Development Authority (IHDA) awarded the council $700,000 in assistance funding, which is still available to eligible low-income applicants.

According to Robert Schroeder, Western Egyptian's housing coordinator, program funding assists residents in Jackson, Perry, Randolph and Monroe Counties with down payment and closing costs, home repairs and homebuyer education.

The program provides assistance up to $10,000 in down payment and closing costs, which is forgiven over a five or ten year period and becomes a grant. There are no payments and no interest charges for this assistance.

The program also provides funding for repairs to the home, typically up to $24,000. The kind of rehabilitation homes may receive includes needed repairs or replacements to roofing, siding, installation, windows, doors, electrical, furnace and plumbing. Rehabilitation helps bring homes up to at least the Section 8 Housing Quality Standards.

To be eligible applicants must have a household income at or below 80 percent of the area median income, must be able to qualify for a loan from a participating lender, and must occupy the property to be rehabilitated as their main residence.

Western Egyptian is a not for profit service organization which was chartered in 1965, with an 18-member board of directors, serving Jackson, Monroe, Perry, and Randolph Counties. The board consists of public officials, low- income representatives and members of major organizations and groups of the community.

Western Egyptian provides a range of services, other than its Homebuyer Program, which utilize available resources to deal with problems of low income and disadvantaged residents.

For more information call 618-965-3193 or visit weeoc.org.

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Homebuyer assistance grant moves into final year