Illinois Program Surpasses $200 million in Lending To Veterans

Jim Anderson -- Illinois Radio Network

A program that helps veterans who are first-time home buyers purchase homes in Illinois has now surpassed $200 million in lending, the Illinois Housing Development Authority announced Friday.

The Welcome Home Heroes program began in 2011 with $20 million from the state’s capital construction program.

Illinois Veterans Affairs Director Rodrigo Garcia says home ownership is important. “While we know veterans’ employment is a key component of integration, home ownership also supports their upward mobility, because not only are Homes for Heroes an impressive benefit for veterans and their military families, it supports communities statewide,” he said.

The veterans, active military personnel, reservists and Illinois National Guard members who take advantage of the offer get $10,000 in down payment assistance, and a 30-year fixed-rate mortgage at 4 percent, and an income tax credit worth $20,000 over the life of the loan.