Gov. JB Pritzker and the Illinois Housing Development Authority (IHDA), the state’s housing development agency, have announced investments worth $156 million. The money will go toward housing initiatives.
According to the governor’s office, the funds are part of the Building Up Illinois Developments (BUILD) program, Pritzker’s plan to address the state’s housing crisis and support working families. “Housing prices have soared, and families are finding it harder and harder to make ends meet, and the BUILD program is part of our plan to change that,” said Lt. Gov. Juliana Stratton. “Thanks to these investments, the dream of owning a home will become a reality for a growing number of Illinoisans,” she added.
The governor’s office noted that Illinois is short roughly 142,000 housing units, and that more than 225,000 units will need to be built over the next five years to meet growing demand. In addition, nearly one-third of Illinois households spend more than 30% of their income on housing, which, under the definition of the U.S. Department of Housing and Urban Development, means they are cost-burdened.
Pritzker’s office also cited data from the Illinois Association of REALTORS showing that the average home price rose by nearly 8% year over year, limiting opportunities to buy. Of the $156 million in total investments, $103 million is new money secured in the fiscal year 2027 budget under the BUILD initiative. The funds support two existing programs, Opening Doors and Low-Income Housing Tax Credit Financing, and also make it possible to launch or relaunch three more programs in fiscal year 2027: New Homes Illinois, Permanent Supportive Housing and SmartBuy.
Opening Doors offers assistance with down payments, closing costs and loans, and the funds provided under the program can be forgiven. The governor’s office estimates that about 3,000 Illinoisans will benefit from the program. The initiative received $25 million from BUILD funds, and on Thursday IHDA began accepting applications from interested individuals. According to the governor’s office, IHDA offers a 30-year fixed-rate mortgage paired with $9,000 for a down payment or closing costs under Opening Doors. After five years, the $9,000 is forgiven and does not have to be repaid. Pritzker’s office said this provides immediate financial relief and encourages families to settle in Illinois.
The governor’s office also said the program is not limited to first-time homebuyers and can be combined with other outside down payment assistance programs, allowing property buyers to receive even more help. “BUILD is a comprehensive plan to fight rising housing costs on multiple fronts and to support Illinoisans in every possible situation,” Pritzker said. “These programs are concrete investments that create homes the market is not delivering and help families the market is not reaching. But public investment alone will not be enough to meet Illinois’ full housing needs. Looking ahead, we must also address the regulations that make it harder and more expensive to build housing, so that the door to homeownership opens to more Illinoisans,” Gov. Pritzker stressed.
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Source: Polski.FM
