KANKAKEE, IL (August 24, 2020) – The Illinois Housing Development Authority (IHDA) has created the Emergency Mortgage Assistance (EMA) Program to assist homeowners who have been impacted by COVID-19 up to $15,000 for missed mortgage payments through 2020. Applications begin today on Monday, August 24, 2020 through Friday, September 4, 2020 and are chosen through a third-party randomization service, not by a first come, first serve basis.

 

The eligibility requirements are:

• Your adjusted gross income (AGI) from your 2019 tax return must be less than the maximum allowed for your area ($100,920 for Kankakee County)
• You, or an adult member of your household, has had a loss of income due to COVID-19 on or after March 1, 2020
• Your mortgage was current as of February 29, 2020
• You have a past due balance or a forbearance balance that began sometime on or after March 1, 2020
• Your mortgage balance is $425,000 or less
• Your mortgage is in first lien/mortgage position
• The property is your primary residence
• The property is 1 or 2 units
• Your lender must be willing to accept payments
• Loan cannot be a reverse mortgage

 

If approved, homeowners would receive a grant for up to $15,000 in order to cover missed mortgage payments beginning as early as March 2020 through December 2020, or until the $15,000 is used. However, not all households will receive the $15,000 and this program can only pay full mortgage payments. The assistance will be paid directly to the mortgage servicer, and the application window may close early if there is a high volume of applications received early on. There will be approximately 10,000 homeowners served.

 

For all this information and more, check out the Emergency Mortgage Assistance Program Frequently Asked Questions document on the ECDA website: https://ecda.citykankakee-il.gov/meeting-information.php. You can also find all these resources on the IHDA website for this program: https://ema.ihda.org/. If you need help during the application process, Duane Dean Behavioral Health Center is a community partner for this program. Their address is 700 E Court Street, Kankakee, Illinois, 60901. Their phone number is (773) 564-9070.

 

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About the Economic and Community Development Agency (ECDA):

The Kankakee Economic and Community Development (ECDA) is a local government agency whose mission is to improve the lives of Kankakee residents and enhance the economic vitality of communities through housing, economic development and community development. The ECDA administers programs that serve the neighborhoods and residents of the City of Kankakee provided by federal, state and local funding. For more information, contact ECDA at 815-933-0506, Monday – Friday between 8 a.m. to 4 p.m. Visit our website at https://ecda.citykankakee-il.gov/.

 

About the City of Kankakee, Illinois:

The City of Kankakee is dedicated to protecting, building and nurturing the community while enhancing lives. We are a historic, vibrant and active riverfront community. We continue to transform into an extraordinary place to dream, grow and thrive. Embracing our diversity, we strive to be progressive, inclusive and innovative. For more information on the City of Kankakee, please visit the website at www.citykankakee-il.gov.

Download the Press Release - Illinois Housing Development Authority (IHDA) Accepting Applicants for Emergency Mortgage Assistance (EMA) Program Starting Today