Illinois to get $114M from feds for housing help
Illinois will receive $114 million to help homeowners still struggling from the 2008 recession.
The Chicago Sun-Times reports (http://bit.ly/1WyP87B ) the money is on top of nearly $450 million the federal government has given the state since 2010 from an $8 billion account called the Hardest Hit Fund.
Illinois Housing Development Authority spokeswoman Cami Freeman says officials have not yet determined how to use the funds. The U.S. Treasury Department must approve the state’s plans. Money may be used to help fix underwater mortgages, raze homes or help first-time home-buyers.
Freeman says the state’s options include continuing existing programs "as well as exploring innovative uses" through new projects.
Eighteen states have received Hardest Hit funds. Only California, Florida and Michigan have received more than Illinois.