File image
File image
The Town of Normal is offering financial assistance to income-qualified residents seeking to purchase a home.
According to the town's website, the U.S. Department of Housing and Urban Development program provides a grant through a buyer's lending institution for up to $3,000 to help offset down payment and closing costs.
As of May 1, 2020, Normal has funding available for up to 11 $3,000 grants to qualified, would-be homeowners. According to The Pantagraph, the City Council approved sponsorship of a mortgage credit certificate program through Monarch Mortgage Management.
The program also will grant first-time homebuyrers a federal tax credit of $2,000 or less per year for the life of the mortgage through participating financial lenders.
The goal of the program is to allow low-to-moderate-income households be able to purchase homes.
“Our bond volume cap will be used by the Illinois Assist Home Ownership program and other municipalities will cede their bond cap to this program," City Manager Pam Reece said. “That’s for eligible families to use it for their incentive for home ownership.”
Homes must cost less than $283,348 to qualify for the program. Interested parties can contact their preferred lender or Monarch Mortgage Management at 312-664-5656.
Alerts Sign-up