CHICAGO (AP) -- Homeowners in Illinois with low-income will now have a chance to use federal money for household maintenance such as roofing and heating repairs.
The Illinois Housing Development Authority announced that more than $6 million in federal money will be available in May through this program. The money has been allocated to 31 public and nonprofit organizations throughout the state.
Estimates show the loan could help up to 148 homeowners with repair costs. The work needed for the repairs will generate about 45 jobs, $4 million in income and wages for local businesses, and $338,600 in local taxes.
Homeowners can apply to those groups for forgivable loans of up to $40,000. But homeowners will have to repay the money if they sell the home before the loan expires.