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WJBD - Local News - $5-Million Going to Military Family Homeownership Effort

$5-Million Going to Military Family Homeownership Effort

CHICAGO (AP) - A program supporting homeownership for military families is getting $5 million from the state of Illinois.

Gov. Pat Quinn announced the funding on Sunday for the state's Welcome Home Heroes program. Quinn also announced that the program has helped 1,000 military families get financing to buy homes since it launched in December 2011.

The Illinois Housing Development Authority administers the program. Eligible veterans get affordable loans, a $10,000 grant toward a home purchase and a mortgage tax credit worth up to $20,000.

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