The state of Illinois is set to receive $151 million in federal funding to revitalize communities that have been hardest hit by the foreclosure crisis.
The funding is part of the second phase of the Hardest Hit Fund, for which Congress allocated $2 billion. The fund was created in February 2010 as a means to provide aid for communities that were most impacted by the great recession and housing crisis.
Specifically, the fund "provides funding for state housing finance agencies to develop locally-tailored foreclosure prevention and neighborhood stabilization solutions in areas that have been hard hit by home price declines and high unemployment," according to an announcement from U.S. Sen. Dick Durbin (D-IL). Illinois received more than $118 million during the program's first phase. With the latest allocation, the state is set to receive just shy of $270 million between the program's two phases.
"The foreclosure crisis meant more than just declining property values - it also damaged neighborhood spirit. Almost ten years later, our national economy has rebounded, but many communities across America are still struggling to recover from those losses," said Durbin, who sits on the Senate Appropriations Committee and lobbied for additional funding for the program. "This funding is an investment in the future of those communities, and in the Illinois families who call them home."