Hanover Park offering incentives for homebuyers

Hanover Park officials hope some new financial incentives entice public service employees to permanently change their home address.

The village has launched its Hometown Hero Home Purchasing Program, an initiative aimed at helping certain workers while also curbing adverse foreclosure and property value trends.

"We think this is a good program, and supporting these Hometown Heroes will again serve to put the village's image in a good light," Village Manager Ron Moser said.

Under the program, which runs through October, current and former military personnel, as well as law enforcement, fire, educational, health and medical personnel, can receive incentives to buy a home in the village.

Part- and full-time workers are eligible, as well as village employees.

Although financial assistance will be given for any new or existing home sale, the most lucrative package will go those who purchase a new construction unit in M/I Homes' Church Street Station townhouse complex, located northeast of Lake Street and Barrington Road.

In that case, the village will provide a $5,500 grant toward the purchase price at closing. The grant amount reflects the village's waiver of several new construction fees, including permits and the cost of water and sewer connections.

The complex's Ohio-based developer is offering Hometown Heroes an additional discount of $1 per square-foot of livable space.

"M/I Homes approached us and asked if there was any sort of stimulus the village could provide," Moser said.

"It made sense to try to help move some of the properties."

M/I homes bought the 120-unit complex in 2010, more than two years after Neumann Homes filed for bankruptcy and left the development half finished.

For homes outside Church Street Station, the village will provide eligible new owners with a $1,000 water bill credit. Other program benefits include a free one-year membership at the Hanover Park Park District Health Club and staff assistance.

Village officials also pointed to the North West Housing Partnership's First-time Homebuyer Down Payment Assistance Program and the Illinois Housing Development Authority's Welcome Home Heroes Finance Package, both of which could further cut the purchase price for eligible buyers.

As part of Hanover Park's ongoing advertising campaign with WBBM 780-AM, a new spot has started airing to promote the new Hometown Heroes program.

It changes the tagline from "Where you want to be" to "Where you want to live."