IHDA Launches Grant to Help Homebuyers With Closing Costs

By Benjamin Cox on August 13 at 9:18am

The Illinois Housing Development Authority (IHDA) has launched a new, limited-time grant to help homebuyers across Illinois afford their closing costs. State officials said that through the new IHDA Advantage Subsidy program, IHDA will give eligible homebuyers an outright grant of either $1,500 or $2,500, depending on household income, to pay for closing costs associated with their home purchase.

The grant can be layered with IHDA’s current Down Payment Assistance (DPA) programs, allowing homebuyers to receive anywhere from $8,500 to $12,500 in assistance when purchasing a home. State officials said that household eligibility for the new grant is based on income. Homebuyers earning less than 50% of the area median income are eligible for an additional $2,500 under the IHDA Advantage Subsidy program, while those earning less than 80% of the area median income are eligible for $1,500. Borrowers must meet all eligibility requirements established for IHDA’s DPA programs, and homebuyer education is required. The program is not exclusive to first-time buyers and may be used by buyers in any county in the state.