MACHESNEY PARK (WIFR) -- Many Machesney Park homeowners will have their home renovation dreams come true thanks to a grant of $500,000 from the Illinois Housing Development Authority to Machesney Park for the HomeForward program.
The grant provides forgivable home improvement loans to eligible homeowners to give their homes needed repairs and improvements.
This is the second half of a two-year grant. It will provide funding for at least six homeowners, however, the number will depend on the extent of the improvements needed at each home. Loan amounts per home range from $4,000-$40,000 and are forgivable over a period of five to 10 years.
To be eligible, properties must be owner-occupied single family homes. The program pays for necessary improvements, such as siding, windows, heating systems, electrical, plumbing and roofing. It does not fund luxury improvements. Homeowners are required to reside at the home during the five-10 year loan period. Payback is necessary if the homeowner moves or sells the home before the loan period expires.
As in prior years, homeowners will be selected through a lottery drawing. Pre-application forms are available beginning Monday, April 15 and go through Friday, April 26 at Machesney Park Village Hall, 300 Roosevelt Rd., 877-5432. A lottery drawing will be held Monday, May 6, 5:30 p.m. to select 20 homeowners from the pre-application list.
The first six names drawn will proceed to the next level of qualification which includes income verification, environmental, title search, and more. The remaining 14 will be stand-by candidates in the event any of the first six do not meet verification eligibility standards. Applicants not selected in previous years' drawings must reapply each year.
Grants will be awarded to persons with total household income of 50% or less of median income for the Rockford Metro Area as set by HUD.
For more information, please contact Penny Olson, Administrative Assistant or Greg Anderson, Community Development Coordinator at 815-877-5432.