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Federal Money to Help Illinois Homeowners

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Illinois will receive more than $500 million in federal money to help with the impact of home foreclosures. That’s after President George Bush today signed legislation for federal aid to address the housing crisis. DeShana Forney is director of the Illinois Housing Development Authority. She says about $100 million will allow communities and individuals to rehab shuttered properties.

FORNEY: This money can be used to help communities that are seeing a lot of blight on their blocks. That’s going to be huge, particularly in parts of the city of Chicago, like Englewood and Austin community where they’re seeing a high number of foreclosed and abandoned properties.

The legislation also allows the IHDA to offer refinancing to help homeowners avoid foreclosure. The money also provides tax credits for first-time buyers.

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