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The IHDAccess Home program, overseen by the Illinois Housing
Development Authority, is part of a larger expenditure program
proposed by Pritzker, called Building Up Illinois Developments.
The proposed 2027 budget would allocate an additional $50
million to the program.
The plan is for the state to support the housing market through
incentives for new construction and financial assistance to home
buyers, reallocating funds from previous programs and bond
proceeds.
The program will provide new home buyers with 6% of the purchase
price, up to $15,000, as a 30-year fixed-rate mortgage. The
mortgage is only available to residents who make under specific
income thresholds, varying by county.
Additional programs by the department have been utilized by
34,000 residents in the past five years, with 87% of borrowers
being first-time buyers, according to the department.
Pritzker highlighted homeownership is important to building
wealth, saying high entry costs limit access for many working
families.
State Sen. Erica Harriss, R-Edwardsville, has a bill that would
similarly address issues of affordability for first time home
buyers.
“This bill provides a $500 non-refundable tax credit to
first-time home buyers. It can be carried forward up to five
years,” Harriss said. “We know that the early years of the
mortgage are sometimes the hardest, so this will help directly
during those times.”
Discussing SB 3959, which she calls the ‘Welcome Home Illinois’
bill, Harriss said that last year the average home buyer was 40
years old, with only 21% of all homes bought by first time
buyers.
In response to the governor’s budget address last month, state
Republicans in the Freedom Caucus were highly critical of
additional taxation and spending, tying it back to issues of
home affordability.
“Young families are struggling to buy their first home. Yet year
after year, meaningful reform is avoided while governments
continue to tax and spend,” state Rep. Brad Hallbrook,
R-Effingham, said.
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