McHENRY – Habitat for Humanity of McHenry County this week received a $1.36 million grant from Attorney General Lisa Madigan, the largest grant the organization has ever collected.
Madigan – along with attorney generals from other states, the U.S. Justice Department and the U.S. Department of Housing and Urban Development – secured a $25 billion settlement with the nation’s largest banks to provide assistance to homeowners harmed by fraudulent foreclosure and mortgage servicing practices. Madigan allocated $70 million to counseling services for housing.
Habitat for Humanity of McHenry County qualified for the $1.36 million grant, which will buy foreclosed and distressed properties in the county and turn them into affordable housing.
“This grant is almost the sum total of all the grants we’ve ever received from HUD,” said Jerry Monica, executive director of Habitat for Humanity of McHenry County. “It’s a very exciting time for us.”
Monica said the grant, which was received Wednesday, will allow Habitat to buy and rehab six to 10 houses each year for the next three years, tripling what the organization normally produces.
“Affordable housing is in short supply in McHenry County. Forty percent of our residents can’t afford to buy 90 percent of the property that’s available,” said Monica, citing a study conducted by the county.
Habitat will rehab homes almost immediately, Monica said, and families interested in affordable housing can email email@example.com or call 815-759-9002.