Hardest Hit Program Makes Strong Start in Lake County

The Illinois Hardest Hit Program was allotted $345 million in the Autumn of 2011 to help 15,000 Illinois homeowners threatened by foreclosure. This funding a part of the broader 2010 Hardest Hit Fund initiative enacted by the Obama Administration to “help homeowners avoid foreclosure in the areas hardest hit by steep home price declines and unemployment.”

Here at the Lake County Housing Authority (LCHA), our clients have benefitted greatly from this program. To date, the Illinois Housing Development Authority (hereinafter IHDA) has provided $367,638.67 to financially assist 26 Lake County families by bringing their mortgage current and/or assisting them with monthly mortgage payments.

J.G. of Waukegan expressed how the Illinois Hardest Hit Program has benefitted him and his family:

After falling behind on my home payments and eventually losing my job due to corporate restructuring, and my family due to the stress of the quality of life we were having, I turned to the Hardest Hit program on a referral. Once approved, the assistance has helped relieve much of the unknown and provided some sense of normalcy in my life under which I find myself trying to reestablish my family under one roof, and find employment. I do feel a long term solution which the home can be refinanced under current value and current interest rates may be the best option for long term stability, I am very thankful for this assistance. Without this much needed assistance, I would not have a home to live in, I would not have a home for my two children to grow up in and I would not have the drive to be successful once again. I would most likely fall into a spiral of depression and would have to sell all my assets to get by until I found employment of the level in which I worked for the past 11 years.

When Authority leadership requested approval from its Board of Commissioners to pursue sponsorship of the Illinois Hardest Hit Program, Board Members enthusiastically voted in favor of the program as it was a natural off-shoot to the services already being provided to citizens of the county. From its inception, it has seamlessly aligned with the overarching LCHA commitment to serving the Lake County community to the fullest potential and LCHA looks forward to growing this program in the future.