New funds available for revitalizing vacant homes

The Illinois Housing Development Authority (IHDA) recently announced an important new resource for municipalities looking to reduce the negative impacts of vacant residential buildings on their communities.

Municipalities and counties can apply for up to $75,000 from the Abandoned Property Program to secure, maintain, demolish, or rehabilitate vacant homes. Applications are due by 3pm CST on December 6, 2013 and will be disbursed in annual funding cycles going forward.

The Abandoned Properties Program was created in 2010 and expanded by the passage of SB 16 in 2012. Among other provisions, SB 16 generates significant funds for foreclosure prevention and neighborhood stabilization by creating a fee on foreclosure filings. It is estimated that the new fees will generate $28 million for neighborhood stabilization and $13 million for housing counseling. Regional Housing Partnership (RHP) lead partners Business and Professional People for the Public Interest, Woodstock Institute, and Metropolitan Mayors Caucus advocated for SB 16.

Importantly, municipalities and counties can collaborate on the application for Abandoned Property Program funds. RHP has long advocated for private and public funders to reward collaboration in their grantmaking processes. The experience of the housing collaboratives in south, west, and northwest Cook County demonstrate that communities can achieve much more when working together to address vacant properties than by going it alone.

For more information on application requirements and acceptable uses for the funds, read IHDA’s application, FAQ, and program rules. IHDA will be holding an informational webinar on November 22.
The Illinois Housing Development Authority (IHDA) recently announced an important new resource for municipalities looking to reduce the negative impacts of vacant residential buildings on their communities. Municipalities and counties can apply for up to $75,000 from the Abandoned Property Program to secure, maintain, demolish, or rehabilitate vacant homes. Applications are due by 3pm CST on December 6, 2013 and will be disbursed in annual funding cycles going forward.

The Abandoned Properties Program was created in 2010 and expanded by the passage of SB 16 in 2012. Among other provisions, SB 16 generates significant funds for foreclosure prevention and neighborhood stabilization by creating a fee on foreclosure filings. It is estimated that the new fees will generate $28 million for neighborhood stabilization and $13 million for housing counseling. Regional Housing Partnership (RHP) lead partners Business and Professional People for the Public Interest, Woodstock Institute, and Metropolitan Mayors Caucus advocated for SB 16.

Importantly, municipalities and counties can collaborate on the application for Abandoned Property Program funds. RHP has long advocated for private and public funders to reward collaboration in their grantmaking processes. The experience of the housing collaboratives in south, west, and northwest Cook County demonstrate that communities can achieve much more when working together to address vacant properties than by going it alone.

For more information on application requirements and acceptable uses for the funds, read IHDA’s application, FAQ, and program rules. IHDA will be holding an informational webinar on November 22.