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Housing expo opens possibilities to homebuyers

Brock A. Stein | 3/16/2016, 10:20 p.m.
The city of Joliet along with the Will County Center for Community Concerns will be holding a home expo for ...

The city of Joliet along with the Will County Center for Community Concerns will be holding a home expo for prospective homebuyers.

The expo will also help “promote the city of Joliet as a great place to become a homeowner” said Gideon Blustein of the Three Rivers Association of Realtors, one of the sponsors of the event.

The event will include representatives from local realty offices and banks with presentations from housing experts and opportunities to answer questions.

“Basically anybody who helps along the process” of buying a home said Blustein. In addition, representatives from the park district, library, and schools will be there to talk about the amenities available in Joliet.

There will also be a shuttle to give tours of various Joliet neighborhoods with looks at some available properties.

The expo will give future homeowners a chance to gather all of the resources they need as they progress through the process of purchasing their first home.

Recently, the city has added a valuable resource to assist those buyers.

Last fall, the city committed over $650,000 for the Joliet Down Payment Assistance Program for low-income home buyers looking to purchase a home within the city limits.

Alfredo Melesio, Director of Neighborhood Services for the City of Joliet said that the program will help encourage home ownership and serves as an investment in the community.

“With the selling season coming upon us, it’s really starting to take off,” he said.

The program covers all of Joliet, including those parts in Kendall County as well as parts in Plainfield, Lockport, and New Lenox said Melesio.

With the funds committed, the program could have a wide-ranging impact on getting families in their own homes.“This potentially could help 40 plus families,” he said.

The program helps families with assistance on their overall, long term payments for the house and includes loan forgiveness options that last 5, 10, and sometimes 15 years, depending on the amount of the loan.

The down payment program gives first-time home buyers help in the form of a zero interest, deferred payment loan secured by a second mortgage, note and recapture agreement according to a news release from the city.

Down payment assistance ranges from a $1,000 minimum to a maximum based on 17% of the home’s purchase price.

The homebuyer is required to contribute $2,500 of their own funds toward the purchase.

Properties eligible for the assistance program include single-family homes, townhomes, condominiums and manufactured housing on a fixed foundation.

The maximum purchase price for an existing home in Joliet in Will County is $209,000 and $171,000 in Kendall County. The limit for a new home in Will County is $250,000 and $234,000 in Kendall under the program.

The subsidies available for home buyers include up to $15,000 that can be forgiven over the course of 5 years and up to $40,000 over 10 years.

A single person household making $42,000 per year can qualify for the program up to an 8-person family making up to $80,000.

The expo will run from 9 a.m. until noon at Joliet West High School, 401 N. Larkin Avenue in Joliet. Website with information about the loan assistance program, http://www.visitjoliet.org/departments/community-economic-development/neighborhood-services-division/housing-program

More information about the Housing Expo can be found online at https://www.facebook.com/joliethousingexpo/

The application for the Joliet Down Payment Assistance Program can be found online at http://www.visitjoliet.org/home/showdocument?id=4666

Applications and questions about the program can be submitted to the Will County Center for Community Concerns, 2455 Glenwood Ave, Joliet, IL 60435 directed to Patricia Venziano (815) 722-0722 x 217, Email: contactus@wcccc.net.