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Program Helps Veterans Buy Homes
A state program is helping veterans and their families find new homes. An additional $5 million has been announced to Illinois' Welcome Home Heroes home buyer financing package.
It will help make home ownership more affordable. The funding is estimated to allow an additional 500 military families to access a $10,000 forgivable grant toward the purchase of a new home as well as a mortgage tax credit worth up to $20,000 over the life of the loan.
"The veterans, instead of going out and getting good jobs and saving and being able to make down payments on homes, they have made the sacrifice for very little pay," Chuck Giger, a veteran, said.
Over the past year, Welcome Home Heroes has helped more than 550 million military families buy a home. The program is administered by the Illinois Housing Development Authority. It's open to all qualified Illinois veterans. Active military personnel, reservists, and Illinois National Guard members may participate, but must be first-time buyers.