In a speech on Wednesday, Illinois Gov. Pat Quinn stated that the money allocated toward the Welcome Home Heroes project would help around 500 military families. With the new influx of cash, the program will be funded through the end of 2014.
“We have a duty of permanent gratitude to make sure our men and women in uniform, when they come home, they come back to civilian life, we take good care of their education, their health care, their opportunity to get a job and also an opportunity to buy a home,” Quinn said Wednesday in Springfield.
As part of the program, veterans and active duty military would receive $10,000 to go toward making a down payment on a h ome, as well as a 30-year mortgage at a rage of 4.5% and a mortgage tax credit worth up to $20,000 over the loan’s life span.
“It really, really can lower the cost of financing on a house,” said Mary Kenney, executive director of the Illinois Housing Development Authority. “For a lot of veterans, it’s been the difference between getting into a home or not. The down-payment assistance can really be key for a homeowner that is purchasing their first home.”