Northwest Chicagoans Could Benefit from Low-Interest Home Equity Loans

Lawndale News Chicago's Bilingual Newspaper - Business

The Northwest Home Equity Program will have the ability to provide low- or no-interest home assistance loans to homeowners struggling to make their property tax payments under a new law signed, the result of legislation by State Senator Cristina Pacione-Zayas (D-Chicago). In Cook County, there are more than 52,000 properties whose delinquent taxes would be sold to investors if the tax sale were held. For almost half those properties, owners owe less than $1,000. Those who cannot afford to pay their property taxes are at risk of losing their homes. Under the new law, the Northwest Home Equity Program would be able to create a new type of assistance loan modeled after loans it already issues for things like home improvements and foreclosure prevention. The purpose of the new assistance loan would be to help homeowners avoid becoming delinquent on their property taxes. The new law is effective Jan. 1, 2022.

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