June Is Homeownership Month

 

SPRINGFIELD, Ill.– As a leading advocate for homeownership, the Illinois Association of REALTORS® celebrates June as National Homeownership Month and continues to support REALTORS® who work daily to hand over the keys to thousands of Illinois residents who have long-dreamed of owning their own home.

 

“REALTORS® understand the effect that owning a home can have on a community,” said Robert Zoretich, president of the Illinois Association of REALTORS®. “REALTORS® not only bring experience and resources to the home-buying process, but they make an important impact on the foundation by which families throughout Illinois build their futures.”

 

According to the U.S. Census Bureau, the homeownership rate in Illinois was 69.5 in the first quarter of 2007, a full percentage above the national average. Even with homeownership rates at record levels, there are thousands of families still longing for a chance to achieve that part of the American Dream. 

 

The Illinois Association of REALTORS® established the Partnership for HomeOwnership, Inc. (PFHO) in 1996 to help low-income first-time buyers achieve homeownership in Illinois. Since its introduction, the PFHO has helped more than 2,700 individuals in low-income rural areas in Illinois find homes, primarily via its award-winning Rural Housing Initiative. The Rural Housing Initiative provides low-interest-rate mortgages with minimum down-payments and grants up to $1,500 for closing costs to qualified borrowers so that they may gain access to affordable single-family homes.

 

The PFHO also developed the HomePower Mortgage Assistance Program, which gives mortgage counseling and assistance to individuals or families with income at or below 80 percent of county median income throughout 34 Cook County neighborhoods. The foundation received a 2005 national HOPE (Home Ownership Participation for Everyone) Award for its innovative Quincy Initiative, which now serves as a model for employer-assisted housing programs administered by Illinois Housing Development Authority. Qualifying potential homebuyers in the Quincy area for low-interest mortgage loans through pre-purchase counseling and education sessions, the Quincy Initiative helped 41 families find housing in 2006.

 

According to a survey by the National Association of REALTORS®, nine out of 10 Americans say affordable housing is a top priority, and a majority believe U.S. housing policy fails to address this issue. With this in mind, the PFHO has developed a public Web site at www.TheHousingSite.org where Illinois citizens and professionals in the real estate industry can find the state and federal laws, regulations and a variety of resources related to homeownership gathered in one place. The site is also available in Spanish.

 

IAR also offers various housing resources online at www.illinoisrealtor.org/iar/buy_sell/consumer.htm. First-time homebuyers can find financing tips, homeowner Q & A and links to the latest information regarding homeownership in Illinois including a real estate glossary in English and Spanish, a REALTOR® search tool and information on loan programs such as those provided by IAR and the Federal Housing Administration and the Veterans Administration.

 

“Homeownership is a great investment and a safe and secure way to build long-term wealth,” said Zoretich. “We are fortunate to currently have a positive economic backdrop and low mortgage interest rates, which provide a great opportunity for first-time buyers to not only achieve the dream of homeownership, but to see an increase in equity over time as well.”

 

The Illinois Association of REALTORS® is a voluntary trade association whose 60,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.

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