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IHDA Homeownership Program
Our Mission
Our mission is to promote homeownership. Homeownership enables people to be not merely residents, but rather stakeholders in a community. In communities where homeownership is the norm, greater stability, pride of ownership, and sense of public responsibility prevail.
"Expanding home ownership is vitally important for building strong communities and for the financial security of families in Madison County."
Mr. Alan J. Dunstan Chairman,
Madison County Board
MCCD HOMEbuyer
Program Guidelines*
Loan Terms:5-year forgivable loan for $3,000 or $5,000, based on household income, for closing costs and down payment. This loan will be forgiven only after five full years occupancy.
While funding varies in source and amount from year-to-year, MCCD typically has $750,000 available for the HOMEbuyer Program.
Primary Financing:
In addition to the financial assistance provided by MCCD, homebuyers must also obtain market rate financing.
Eligible Homebuyers:
Homebuyers who have favorable credit, and meet the income guidelines are eligible for assistance in the purchase of a home.
A portion of our funding is reserved every year for households who do not have sufficient funds for down payment and closing costs. Funds are also set-aside for special needs buyers, including the disabled and minorities, who are purchasing homes.
Those buyers who have the means may be required to invest at least $1,000 of their own funds in the purchase of the home.
Eligible Properties:
Existing or newly constructed, single family dwellings or condominiums, occupied as homeowner's primary residence in Madison County.
Property Inspection:
A property inspection for HUD's Housing Quality Standards and Lead-based Paint hazards is required on all properties. Conditions which do not meet HQS must be addressed before closing.
Homebuyer Pre-purchase Counseling:
Homebuyers who receive funds must obtain pre-purchase counseling from a HUD-certified agency. A list of agencies may be obtained from MCCD or a participating lender.
* Program guidelines are subject to change without notice.
Madison County Community Development
Income Guidelines
Income Guidelines This program is intended to assist persons whose gross, annual household income falls at or below the guidelines listed below.
| Household Size | Gross Income |
Income guidelines are based on HUD data and are subject to change without notice.
To Apply: Contact Madison County Community Development at the number below for a list of participating lenders and a detailed description of the requirements. Please contact:
Development 130 Hillsboro Avenue,
Suite 100 Edwardsville, IL 62025
(618) 692-8940
Or ask your local lender or real estate professional.