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Cook County launches $20 million mortgage assistance program for suburban residents

Cook County announced on Thursday, Oct. 8, the launch of the $20 million Cook County COVID-19 Recovery Mortgage Assistance program to help suburban residents experiencing financial insecurity due to the COVID-19 pandemic.

The program is funded by the federal Coronavirus Aid, Relief and Economic Security (CARES) Act. It will pay one to three months of overdue or future mortgage payments for income-eligible households. The program is expected to assist between 2,500 and 3,000 homeowners. Payments will be made directly to mortgage servicers up to a total of $10,000.

“The pandemic is far from over. This mortgage assistance program will provide much-needed relief to families in suburban Cook County impacted by COVID-19,” said board President Toni Preckwinkle. “We must do whatever it takes to help people stay in their homes and keep their families safe. This plan will offer protection to homeowners and empower them to keep making mortgage payments.”

The program serves as a complement to the Emergency Rental Assistance Program, launched in August. Under that program, $20 million in rental assistance is being distributed to income-eligible renters throughout suburban Cook County.

Residents can review their eligibility and apply for mortgage assistance at www.cookcountyil.gov/recovery. The application period opened on Oct. 9, and will close on Oct. 16. The online portal is available in many languages, including Spanish, Polish, Russian, Korean, Chinese, Arabic, and Hindi.

Payments will go out on a rolling basis as quickly as possible to provide timely relief.

The Housing Authority of Cook County (HACC) will administer the funds.

The Mortgage Assistance Program is a part of Cook County’s COVID-19 Recovery Initiative, which includes zero-interest loans for small businesses and contractors, emergency housing for shelter residents, and those re-entering from the justice system, and tax relief for businesses. For more information, visit www.cookcountyil.gov/recovery.

Sixth District Commissioner Donna Miller, who represents Homewood, joined Preckwinkle and other officials at the launch event.

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