Housing Continuum Inc. purchases properties, rehabilitates, and sells homes to income eligible families. Funding for this type of program has been provided by the Kane County Office of Community Reinvestment and the Illinois Housing Development Authority.
In partnership with the funder Housing Continuum purchases a property in the service area. These properties are usually in foreclosure or in sub-standard condition. Once properties are obtained they are renovated and made available for purchase to eligible homebuyers. In some cases the funder of the program may offer homebuyer assistance as part of the program.
Program requirements vary depending on the funding source rules. The following would apply in all cases.
- Household income must meet program requirements.
- Homes purchased must be used as the principle residence of buyer.
- Buyers must be able to obtain a mortgage from a private lender and must be a fixed rate loan.
- Buyers must be able to provide funds for down payment and closing costs.
Below are some examples of homes purchased and sold by Housing Continuum Inc.