The U.S. Department of Housing and Urban Development announced Friday more than $42 million in grants to local, regional and national groups, including about $517,000 to Illinois organizations, to help home purchase and home retention efforts.
Most of the funds awarded to HUD-approved groups in Illinois will go toward comprehensive counseling efforts related to rental and purchase assistance. However, three Chicago groups — S&S Development Group, Latin United Community Housing Association and Smart Money Housing — received a second grant to offer counseling on Home Equity Conversion Mortgages, the only reverse mortgage product insured by the federal government.
Nationally, more than $36 million in grants will directly support housing counseling programs.
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