IHDA Lends a Hand to Underwater Homeowners

The new I-REFI program is designed to help homeowners who are current on their mortgage payments but owe more than their home is worth due to declining property values in their community.

Illinois Housing Development Authority (IHDA) offers "underwater" homeowners up to $50,000 in federal assistance to reduce the balance owed on their mortgage and refinance into a new affordable loan based on the current market value of their home, according to City of Elgin officials.

Those interested should start by contacting an I-Refi lender. Additional information and next steps are available on the city's website.