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Emergency Mortgage Assistance (EMA)

Published on September 2, 2020

State Agency	Illinois Housing Development Authority
Program Name	Emergency Mortgage Assistance (EMA)
Program Description	A new program established to provide financial relief for homeowners who have experienced a loss of income resulting from the COVID-19 pandemic.
Program Website	ihda.org
Program Status	Closed to New Applicants
Start Date	08/24/2020
Eligibility Criteria	• Household income must be at or below 120 percent of AMI prior to March 1, 2020. • An adult member of household had a loss of income due to COVID-19 on or after March 1, 2020. • Must reside in a property consisting of no more than two units, whose mortgage was current as of February 29, 2020, and the balance for which does not exceed $425,000. • Must be for a first lien mortgage on a primary residence. • The home mortgage lender must be willing to accept payments on mortgages that are delinquent or in active forbearance beginning on or after March 1, 2020. • Must not have received other forms of COVID-19-related mortgage assistance.
Eligible Activities	Mortgage (may include principal and interest) Mortgage arrearages Mortgage insurance Property Tax
Direct Recipient of Assistance	Mortgage Servicer
Administration Structure	IHDA, in partnership with Community Outreach and Assistance organizations
Maximum Length of Assistance	March through December 2020, or until $15,000 is exhausted.
Maximum Assistance Available Per Household	$15,000 per household
Household Contribution Requirements	None
Total Applications as of Date	18,000
Total Household Recipients of Assistance as of Date	9,476
Funding Source	Coronavirus Relief Funds (CARES Act)
Total Funding Amount of Program	$98,500,000.00
Remaining Funds as of Date	$14,500,000.00
Date of Entry or Changes	12/17/2020