IHDA developed the Emergency Mortgage Assistance Program (EMA) to support Illinois homeowners unable to pay their mortgages due to a COVID-19 related loss of income. If approved, homeowners will receive a grant for up to $15,000 to cover missed mortgage payments beginning as early as March 2020 and prepay mortgage payments through December 2020, or until the $15,000 is exhausted. Not all households will receive $15,000 and an application alone is not a guarantee of assistance. Assistance will be paid directly to the mortgage servicer on the homeowner’s behalf.
Applications for EMA will be accepted August 24th through September 4th. Due to anticipated high volume, the application window may close early. IHDA will use a third-party entity to select a pool of applications to be reviewed for eligibility. Approximately 10,000 homeowners are expected to receive funding.