The City of Kankakee, Ill., in partnership with Midland States Bank, Effingham, Ill., announced the launch of the Kankakee Homebuyer Incentive Program. The program will help make homeownership possible with assistance for down payment and/or closing costs and will be open to those individuals wishing to purchase a home within the Kankakee City limits.
“I am very excited about this partnership with Midland States Bank as the investment in this program demonstrates Midland’s commitment to community reinvestment and social responsibility,” said Mayor Chasity Wells-Armstrong.
The Kankakee Homebuyer Incentive Program offers qualified buyers a grant of $2,500 to be used toward the purchase of a home. The program is designed to assist a large range of families that include moderate- and low-income households and those interested in purchasing in a moderate-to-low-income census tract. Those interested in utilizing the program must complete a homebuyer education course, a service also provided by the city.
The City of Kankakee has partnered with Midland States Bank to provide $150,000 in grant funds over the next three years ($50,000 per year) with plans to create a self-sustaining fund at the end of the three-year term. The program will be administered by the City of Kankakee Community Development Agency, which will work with participating lenders for accepting and processing applications on a first-come, first-served basis.
“We are very excited to partner with the City of Kankakee on this important initiative,” said Scott Snavely, market president at Midland States Bank. “Homeownership is a key component of strong communities and we believe the KHIP down payment assistance program will be a catalyst to many deserving Kankakee residents achieving the American dream when before it may have seemed unattainable.”