December 14, 2011|By Monique Garcia | Tribune reporter
Gov. Pat Quinn today announced a program aimed at helping veterans and active duty military members purchase homes by providing $10,000 grants for down payment and closing costs.
Qualified applicants also will be able to lock in low-interest loans at 4 percent for a 30-year mortgage and receive an additional tax credit of up to $20,000 over that same time period.
The money comes from a combination of state and federal sources and is first-come, first-serve. It’s estimated that 1,000 veterans and service members will qualify for the program, dubbed Welcome Home Heroes.
“I don’t think there’s a better holiday present, Christmas present, that we can give our veterans than to help them get a home and be a homeowner,” Quinn said at the National Guard Armory on the city’s Near South Side.
Applicants must meet certain income and purchase price requirements depending on which area of the state they live. More information can be found at ihda.org.