The Village of Machesney Park will soon be distributing the second
half of a $500,000 grant from the Illinois Housing Development
Authority and the application deadline is fast approaching.
The funds will provide forgivable home improvement loans to eligible homeowners for projects like siding, windows, heating systems, electrical, plumbing, and roofing. Eligible properties must be owner-occupied single-family homes and homeowners must live at the home during the five to ten year loan period. If the homeowner moves or sells the home prior to the expiration of the loan period, payback will be necessary. Loan amounts will range from $4,000 to $40,000 and are forgivable over five to ten year period.
Pre-application forms are available at Machesney Park Village
Hall, 300 Roosevelt Road, until Friday, April 26.
Those pre-application forms will then be entered into a lottery, from
which 20 homeowners will be chosen. The first six names drawn will go to
the next level of qualification, which includes income verification,
environmental, title search, and more. The remaining 14 people will be
stand-by candidates. Those who were not selected in previous drawings
must reapply. The lottery drawing will be held on Monday, May 6.
People with total household income of 50 percent or less of the median income for the Rockford Metro Area.
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