CHICAGO – The Illinois Housing Development Authority (IHDA) allocated $2 million to Habitat for Humanity of Illinois (HFHIL) to administer a new round of the Community Impact Fund, a program that helps working families, especially in Central and Southern Illinois, buy a home. The program is expected to create 100 new homeowners across Illinois.
“Homeownership is the foundation of strong, stable communities, but too many hardworking families are shut out by rising costs and limited access to credit,” said IHDA Executive Director Kristin Faust. “By partnering with Habitat for Humanity of Illinois, IHDA is making sure that more families across our state can put down roots, build wealth, and create brighter futures. This investment is about more than homes; it’s about opportunity, stability, and hope.”
The Community Impact Fund provides down payment assistance in the form of forgivable grants, reducing barriers that prevent many families from qualifying for traditional mortgages. Financing for the program comes from IHDA’s Illinois Affordable Housing Trust Fund, and, since the Community Impact Fund was created in 2014, HFHIL has helped 259 Illinois families become homeowners through more than $4.6 million in down payment assistance.
“Every family deserves a safe, affordable place to call home,” Chicagoland Habitat for Humanity Chief Executive Officer Sarah Brachle Wagner stated. “The Community Impact Fund not only makes homeownership possible for families who thought it was out of reach but also gives them the chance to invest their time, energy, and pride through sweat equity by assisting their local Habitat for Humanity in creating additional housing opportunities. With IHDA’s continued support, we can expand this life-changing program and strengthen communities across Illinois – one home, one family at a time.”
Families earning up to 80% of the Area Median Income (AMI) are eligible for grants of up to $20,000, while those earning at or below 50% AMI or less may qualify for up to $25,000. Monthly payments for the new homeowners will not exceed twenty (20%) to thirty (30%) percent of their monthly income, ensuring they are making the best decision for their financial future.
“The Community Impact Fund has helped me tremendously,” said Susan, a new homeowner in Urbana. “Without this resource, I am not sure how I would have been in the position to be a homeowner. Now, I have a home where my baby can grow up.”
“This program was a great experience for me and my family,” said new Rantoul homeowner Desereé. “The first-time home buyers program helped my family with continued stability. I am forever grateful for this opportunity.”
According to the Federal Reserve, only thirty-five percent (35%) of adults with incomes below $50,000 own a home, compared with eighty-five percent (85%) of households earning $100,000 or more. Rising housing costs have widened this gap, leaving many younger adults unable to access stable housing. The Community Impact Fund directly addresses this challenge.
“By the Grace of God and everyone involved, I applied for assistance through the Community Impact Fund and was accepted,” said Stacey of Glen Ellyn. “Never in my dreams did I think that was going to be a possibility for me. Having this house where I know my daughter Jordan will grow up in safe and have somewhere to call home is truly a gift from God. I am forever grateful and thankful for this amazing opportunity.”
The Community Impact Fund is administered through the Chicagoland Habitat for Humanity. 31 Habitat affiliates, including Champaign, DuPage County, Fox Valley, Lake County, McLean County, Peoria, Rockford, and Will County have already used the Community Impact Fund to strengthen neighborhoods and open doors for working families.
To find your local Habitat for Humanity affiliate, please visit https://www.habitat.org/volunteer/near-you/find-your-local-habitat.
About the Illinois Housing Development Authority
IHDA is a self-supporting and mission-driven state agency dedicated to financing the creation and preservation of affordable housing in Illinois. IHDA offers affordable mortgages and down payment assistance for homebuyers, provides financing for the development of affordable rental housing, and manages a variety of assistance programs to create communities where all Illinoisans can live, work, and thrive. Since it was established in 1967, IHDA has delivered more than $29 billion in state, federal, and leveraged financing to make possible the purchase, development, or rehabilitation of 335,750 homes and apartments for low- and middle-income households. For more information on IHDA programs, visit www.ihda.org.