The city of Pekin, IL, is receiving housing grants from the Illinois Housing Development Authority with the intention of helping to bring many of its houses up to standard when it comes to heating and other structural issues.
The grant money is federal money that’s being distributed through the Authority. Pekin is receiving $253,000, which they hope to use to help renovate at least three to six homes through improvement loans in the next two years. That may seem like a small number, but that’s because the qualifications of the loan require the entire home to be looked at and taken care of as necessary. In one instance, though the home’s main issue was with heating from old radiators, the home also ended up getting new ductwork, new windows and doors, and had the walls tested for lead, which proved to be positive. The family also had to have the bathroom revamped and had insulation added to the house.
Loans are capped at $40,000, and if a homeowner uses the entire amount and stays in the house for at least 10 years, the loan is forgiven. If less than $15,000 is used, the loan is forgiven after five years.
Other cities throughout the state of Illinois will also be receiving funds, as the Authority will be given more than $15 million this year. The loans are for low and middle income families, and depending on how much each home needs spent will determine just how many homes and families will actually be helped in the long run.
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Mitch writes on real estate, finance, and many other things. 
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