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Sunday, November 24, 2024

Neighborhood Services and Busey Bank Successfully Close Out the Affordable Housing Program Grant

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Mayor Deborah Frank Feinen | Mayor Deborah Frank Feinen (https://champaignil.gov/council/)

Mayor Deborah Frank Feinen | Mayor Deborah Frank Feinen (https://champaignil.gov/council/)

In June 2019 Neighborhood Services partnered with Busey Bank to apply for a highly competitive Affordable Housing Program grant through the Federal Home Loan Bank of Chicago (FHLB). In November 2019 the Neighborhood Services Department received notice that they were approved for the grant for the purpose of providing safety and lighting upgrades to single family homes of low-income households through the Garden Hills SLEEP program.

In addition to the upgrades associated with the Garden Hills SLEEP Program, participants whose project was funded with FHLB grant funds were eligible to apply for a low interest home improvement loan with Busey Bank to make additional upgrades to their home. In May, Neighborhood Services and Busey Bank successfully closed out the Affordable Housing Program grant. Funds from this grant were used to provide outdoor security lighting, yard pole lights and egress window upgrades for 14 homeowner participants of the Garden Hills SLEEP Program. Four low-interest home improvement loans were provided to homeowners who used the funds to improve their homes with upgrades like new windows and the construction of a storage shed.

Original source can be found here.

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