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Blog Administration
Tuesday, April 22. 2008
First Time Homebuyers Program Announced
As residential foreclosure rates continue to climb locally and nationally, the landscape of many communities is changing from neighborhoods filled with well maintained homes with manicured lawns, to one that includes a fair number of boarded-up eyesores that serve to diminish adjacent property values and community spirits.
The City of West Chicago has announced a program that may ease the ill effects of this downtrend in the West Chicago housing market. Mayor Michael B. Kwasman, who has been exploring alternatives with the Illinois Housing Development Authority (IHDA), bank representatives and City staff, has learned of one option available that would allow the City to cede its volume cap to IHDA which would then develop a program to encourage first-time homebuyers to look to West Chicago's foreclosure stock.
The federal Tax Reform Act of 1986 provides for a formula whereby States (and cities through State distribution) are granted the ability to issue private activity bonds to home rule units of government. For 2008, each home rule unit of government is allocated an amount equal to $85.00 multiplied by the population; in West Chicago, this amount is equal to $2,257,090.
"While cities really have no direct role to play in terms of mortgage financing, this creative use of available funds will help us in a difficult economic period. The benefits of the First Time Homebuyers Program can be far reaching and assist not only the residential community but our business community as well by helping us to 'hold our own' through the harsh reality that is the housing market right now," said Mayor Kwasman.
Those interested in the First Time Homebuyers Program may contact their lending institution to learn if they are participating, or for more information may call City Hall at (630) 293-2200 ext. 123.
CITY OF WEST CHICAGO
475 Main Street, West Chicago, Illinois 60185
T - (630) 293-2200
www.westchicago.org