Affordable Loan Program Has Helped 1,600 Veterans Purchase a Home
CHICAGO–(ENEWSPF)–September 12, 2014. Governor Pat Quinn today announced more than 1,600 veterans, active military personnel, reservists and Illinois National Guard members have accessed more than $200 million through his Welcome Home Heroes homeownership program. The down payment assistance and affordable fixed-rate mortgages under the program are funded with a $20 million investment from Governor Quinn’s Illinois Jobs Now! construction program.
Today’s announcement is part of Governor Quinn’s agenda to help Illinois’ military families transition to civilian life, and to strengthen and stabilize communities by making homeownership more affordable.
“Those of us on the homefront have a duty to protect those who have borne the battle,” Governor Quinn said. “After they return from duty, we need to make sure our servicemembers and their families can carry on with their lives and have a safe place to call home. That is what Welcome Home Heroes is all about. This program has helped hundreds of military families across Illinois make homeownership a reality and is one small way we can say ‘thank you’ for your service and your sacrifice.”
A day after Patriot Day, Governor Quinn made the announcement to support members of the armed forces and to remind veterans and their families to take advantage of the $10,000 down-payment assistance the Welcome Home Heroes program offers. The program through the Illinois Housing Development Authority (IHDA) eliminates excessive housing costs that burden military families throughout the state.
The program also provides a 30-year fixed rate mortgage with an affordable interest rate and a mortgage tax credit that reduces the buyer’s federal income tax liability by up to $20,000 over the life of the loan. Since the program’s launch three years ago, 1,600 Illinois veterans, active military personnel, reservists and Illinois National Guard members have accessed more than $200 million to buy their homes.
Governor Quinn visited a homeowner today who has used the Welcome Home Heroes program to purchase a home:
Maurice Taylor, 43, bought his home on Aug. 27, 2014. Maurice served in the Navy for 20 years and now works as a line hall coordinator for FedEx. Maurice wanted a home close to his aging parents where his three children could stay when they visit. His loan officer at Inland Home Mortgage recommended Welcome Home Heroes, which helped Maurice afford a beautiful home in a safe neighborhood near his parents.
“While we know veterans’ employment is a key component of reintegration, getting them into homes helps them with upward mobility,” Illinois Department of Veterans’ Affairs Acting Director Rodrigo Garcia said. “Not only is Welcome Home Heroes an impressive benefit for veterans and their families, but it supports communities statewide, invests in the future and transitions veterans’ homes. This also clearly demonstrates Governor Quinn’s long-standing leadership and commitment on veteran issues, and we are grateful for his continued leadership.”
“Returning veterans and military families face a special set of obstacles to home ownership,” IHDA Director Mary R. Kenney said. “Under Governor Quinn’s administration, the Welcome Home Heroes program gives our veterans the leverage they need to buy a home safely, affordably and responsibly.”
In addition to making homeownership more affordable, Welcome Home Heroes and IHDA’s catalog of homeownership assistance programs benefit the economy at the local and state level. According to the Illinois Association of Realtors, every home sold generates two jobs and $60,000 in ripple effects to the local economy. This impact has already been realized statewide with other IHDA programs. So far in 2014, more than 3,500 families purchased homes through one of IHDA’s programs, generating 1,750 jobs and infusing $82 million into Illinois’ economy. For more information on home ownership assistance programs, visit www.ihda.org.
Governor Quinn has made his commitment to veterans, servicemembers and their families a top priority throughout his career. Along with the Welcome Home Heroes program, he led the Illinois Warrior Assistance Program that helps veterans transition back to their daily lives. As Lieutenant Governor, Quinn championed the Illinois Military Family Relief Fund Act, which established a fund to provide grants to families of Illinois National Guard members and Illinois residents serving in the U.S. Armed Forces Reserve who are called to active duty. These investments help servicemembers and their families with the costs of food, housing, utilities and other expenses when the wage-earner has left civilian employment for active military duty.
Governor Quinn has continued to invest in new and innovative programs to help our veterans such as Operation Hero Miles, which uses donated frequent flyer miles to provide free round-trip airline tickets to military families, and the Veterans Cash lottery ticket, the first lottery game in the United States to earmark 100 percent of net proceeds for veterans.
The Governor initiated the Illinois Veterans Grant and Illinois National Guard Grant, which cover tuition at all Illinois public universities and community colleges for eligible veterans and serving National Guard members. He also required colleges to post all benefits available to Illinois veterans and assign a staff member to serve as the point of contact for student-veterans who need information and assistance. In 2012, Governor Quinn and the Departments of Veterans and Military Affairs spearheaded the statewide public-private partnership Illinois Joining Forces, which has been a model for other states to follow.
For more information about the Governor’s programs for our veterans, visit OperationHomefront.org or call the Illinois Department of Veterans’ Affairs at (217) 782-6641 or (312) 814-2460.
Source: illinois.gov
