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The Village of Park Forest has partnered with the Illinois Housing Development Authority (IHDA) to provide roofing repair and replacement loans of up to $21,500 to eligible homeowners.
Village Planner Andrew Brown said Park Forest had been hoping a program like this would be available from the state for some time and last September the Village submitted an application to be awarded funds. He said this is an excellent program for the Village and eligible homeowners.
"This is just one way the Village is trying to provide opportunities for their residents to invest back into their properties and the community," Brown said. "Moreover, the source of the funding from IHDA is the Affordable Housing Trust Fund which is appropriated by the state’s real estate transfer fees."
To qualify, Brown said you must own and occupy a home in Park Forest, cannot exceed 80% of the area median income (AMI), and preference will be given to households at or below 50% AMI. Brown said residents could apply from May 30 through June 2 and applicants must call or visit the Office of Economic Development and Planning at Village Hall to submit their pre-application form and be added to the waiting list. No applicants will be added to the wait list prior to May 30. Pre-application forms are available online by clicking here.
"The roof repairs or replacements can include work on rafters, soffits, gutters, fascia, and downspouts," Brown said.
Brown said the loan terms are 0% interest and no monthly payments. He said loans must be repaid in full if the house is sold within a three to five-years of the work being completed.
For more information on if you qualify and how to apply, click here.