At a 10:00 AM press conference on Monday, December 15, CASL will announce the official launch of TWO one-time housing assistance programs:
1. Closing cost assistance for first-time homebuyers
2. Rental/security deposit assistance for renters who have hardships
The two programs are funded through the Office of Illinois Attorney General, Lisa Madigan, who dedicated $70 million in funding from the national foreclosure settlement for housing counseling services and relief efforts for Illinois communities that have been impacted by foreclosure crisis.
CASL was awarded a three-year grant to implement a holistic multiple-approach strategy to address foreclosure, stabilization and revitalization of their community through:
- Prevention: educational workshops to empower families on how to avoid foreclosure;
- Intervention: foreclosure counseling, referrals and support;
- Preparation: by educating and supporting renters as well as the next generation of homebuyers who in the past were ill-informed, unprepared and easy preys of predatory lenders;
- Rental/security deposit assistance for new immigrants who want to live in a specific community, families who recently lost their home due to foreclosure or tenants who are affected by foreclosure or other hardships;
- New homebuyer closing cost assistance for families who are educated, well-informed and prepared to become first-time homebuyers.
The maximum amount of the one-time rental assistance is $700 whereas the maximum amount of the one-time closing cost assistance is $1,000.
For rental/security deposit assistance, eligible households must have an annual income not more than 150% FPL (Federal Poverty Level), have hardships, and are required to attend financial education classes.
For closing cost assistance, eligible households planning to buy their first home must not earn more than 120% AMI (Area Median Income), and are required to attend first-time homebuyer workshop.