Lake County Homeowners Rehab Program - Affordable Housing Corporation of Lake County

A HUD-certified
nonprofit housing agency
dedicated to helping
homebuyers and homeowners
purchase, improve and maintain
their home in
Lake County Illinois

Lake County Homeowners Rehab Program

To Apply or Get Pre-Qualified:
Click Here or call 847/263-7478.

How the Financing Works
Your financing package will be determined by your particular circumstances, but will include one or a combination of the below:

An amortized fixed rate loan with a guaranteed interest rate of 3%, maximum loan amount of $25,000, with a maximum term of 15 years.
A 0%-interest deferred loan, maximum loan amount of $50,000, with no payments due until you sell the home, transfer title or get a cash-out refinance.
A grant of up to $25,000 for lead-based paint remediation.
There are no out-of-pocket costs to the borrower. Third party fees (i.e., appraisal, credit report, title report and recording fees) are typically less than $400 and can be rolled into the loan.
Borrowers must be current on their mortgage(s) and have adequate equity to qualify for financing.

Eligible Repairs and Improvements

Repairs to major systems and structures, such as electrical, heating plumbing, windows, roofs, cabinets, etc.
Widen doorways & install ramps
Make exterior & interior handicap accessible
Repair water & sewer problems
Improvements to kitchens & bathrooms
Removal of lead-based paint & mold hazards
Bring properties up to code

Income Eligibility
Your gross household income (income from all sources) cannot exceed the below guidelines, based on your family size.

Family Size	1	2	3	4	5	6	7	8
80% MFI	$42,500	$48,550	$54,600	$60,650	$65,550	$70,400	$75,250	$80,100
Above effective as of 1/2012. Guidelines are determined by HUD and are adjusted annually.

Property Eligibility
Your home must be owner occupied and may be located anywhere in Lake County, Illinois with the exception of Waukegan or North Chicago. (Waukegan homeowners may call 847/599-2530 for assistance; North Chicago homeowners, call 847/596-8670).

How the Process Works
To insure quality work at a fair price, AHC employs a Rehab Specialist that oversees the rehab process and provides technical assistance. This includes assessing the property, obtaining bids from approved contractors, overseeing the completion of the work, and conducting follow-up inspections. The homeowner is involved at every step. Below is a step-by-step summary:

Homeowner submits loan application.
Upon loan approval, AHC conducts an inspection of the home.
A list of improvements and their estimated costs is complied and reviewed with the homeowner.
A work write-up is sent to AHC’s approved contractors to obtain bids.
Upon selection of the contractor, contracts and loan papers are signed.
A pre-construction conference is held.
Rehabilitation work proceeds.
AHC conducts inspections throughout the work. Payment to the contractor is released only upon approval of both the homeowner and AHC.
Final inspection is conducted.
The homeowner and neighborhood have a safe, sound and beautiful home.

Getting Started

Call AHC at 847/263-7478 and ask to speak with someone about obtaining a rehab loan. Although not required, we strongly encourage you to speak with an AHC representative before submitting an application for a home improvement loan.