CHICAGO – In an effort to provide better resources for homeownership to working families and communities of color, State Senator Emil Jones (D-Chicago) announced his support of the new SmartBuy mortgage and student loan assistance program.

“Historical disparities in housing opportunities and resources have severely restricted the ability of minority families to become homeowners,” Jones said. “The SmartBuy mortgage and student loan assistance program will help break down barriers for prospective homebuyers who suffer from student loan debt.”

The Illinois Housing Development Authority (IHDA) launched the SmartBuy program Dec. 1, 2020. The program offers a safe, affordable 30-year fixed rate first mortgage with $5,000 in assistance to be used toward a down payment and/or closing costs. In addition, the program will provide 15% of the purchase price, or up to $40,000, in student loan debt relief to borrowers.

To qualify for SmartBuy, potential borrowers must have at least $1,000 in student loan debt and must pay off their full remaining student loan balance at closing. The program also requires a FICO mid-score of at least 640, and applicants must meet certain income and purchase price requirements.

SmartBuy was created using appropriations allocated to IHDA in the historic, bipartisan Rebuild Illinois capital plan, and is expected to assist approximately 500 to 1000 borrowers.

Learn more about SmartBuy and find a list of SmartBuy approved loan vendors at www.ihdamortgage.org/smartbuy.

MARYVILLE – To help local governments cover unexpected costs due to COVID-19, State Senator Rachelle Crowe (D-Glen Carbon) and State Representative Katie Stuart (D-Edwardsville) have secured critical federal funding for Madison County, East Alton, the Caseyville Public Library District and many others through the Local Coronavirus Urgent Remediation Emergency (Local CURE) program.

“The pandemic continues to inflict unexpected financial devastation on many industries,” Crowe said. “By successfully applying and utilizing Local CURE funding, we can ensure COVID-19 expenses don’t fall on the backs of taxpayers.”

Local CURE funds can be used to reimburse a variety of costs associated with COVID-19, including purchasing personal protective equipment, the cost of sanitizing and arranging workspaces and public spaces to follow public safety guidelines, COVID-19-related overtime expenses, and more.

“It is vital that our local governmental entities are able to recoup what they can from this federal funding. Everyone, from our county government to our libraries have been impacted by this virus,” Stuart said. “These funds will help them deal with the costs associated with protecting our public health during this crisis.” 

The Local CURE program is federally funded from the Coronavirus Relief Fund using dollars allocated to Illinois through the CARES Act. These dollars are allocated by the Department of Commerce and Economic Opportunity to downstate local governments to help cover necessary expenditures incurred due to the COVID-19 crisis.

ARLINGTON HEIGHTS – To help young people facing student debt achieve home ownership, State Senator Ann Gillespie (D-Arlington Heights) is encouraging prospective homebuyers to apply for the Illinois Housing Development Authority’s (IHDA) SmartBuy mortgage assistance program.

“Young people have an opportunity to consolidate their student loan debt with a fixed rate mortgage,” Gillespie said. “At a time when home ownership is increasingly difficult to achieve, especially for those just starting out, this is a platform for success.”

IHDA launched the SmartBuy program Dec. 1, 2020. The program offers a safe, affordable 30-year fixed rate first mortgage with $5,000 in assistance to be used toward a down payment and/or closing costs. The SmartBuy program will also provide 15% (up to $40,000) in student loan debt assistance to borrowers.

Borrowers must have at least $1,000 in student loan debt to qualify and must pay off their remaining student loan balance at closing. Income and purchase price requirements also apply. SmartBuy is funded though the Rebuild Illinois capital plan and is expected to help 500-1,000 borrowers.

Learn more about SmartBuy and find a list of participating lenders at www.ihdamortgage.org/smartbuy.

SPRINGFIELD – State Senator Napoleon Harris (D-Harvey), will head a number of hearings later this month to review Illinois’ efforts to increase diversity in pension investment managers.  

Under Illinois law, public employee pension systems must set and work toward diversity goals. They must also increase access to state contracts for investment management firms, brokerages and other vendors owned by minorities, women or people with disabilities. Since 2004, the Senate has held annual hearings to receive updates from the pension systems on their progress in meeting these goals and to discuss ways in which the state can continue to break down barriers for emerging investment managers and other financial professionals. 

ROCKFORD – State Senator Steve Stadelman (D-Rockford) is encouraging drivers to take advantages of the Rockford-Central driver services facility’s drive-thru license plate sticker renewal.

“Many people have expressed concerns about waiting inside during the ongoing public health crisis to renew their license plate stickers or standing in long lines in the cold,” Stadelman said. “I’m happy to see that the secretary of state’s office is offering people a safer and easier way to renew their registrations through the drive-thru service.”

The facility will be open Tuesday from 8 a.m. to 5:30 p.m., Wednesday from 8 a.m. to 5 p.m. and Saturday from 7:30 a.m. to 12 p.m. Credit cards and checks will be the only accepted forms of payment, and customers will be required to wear masks.

Illinoisans with access to the internet can also renew their vehicle registration stickers and benefit from other online services provided at www.cyberdriveillinois.com. All expiration dates for driver’s licenses and ID cards have been extended until June 1, 2021.

“If you can, please try to renew your registration online” Stadelman said. “The more people who do, will mean quicker service for people who have to use the drive-thru service.”

Stadelman would also like to remind Rockford residents the federal government has extended the REAL ID deadline by one year. The new deadline is now Oct. 1, 2021.

BUFFALO GROVE — State Senator Adriane Johnson (D-Buffalo Grove) is encouraging families who want to buy a house but are hindered by student loan debt to take advantage of Illinois’ new SmartBuy mortgage and student loan assistance program. 

“Young people, particularly young people who live in minority communities, are often held back from purchasing a home due to the weight of student loan debt,” Johnson said. “Families deserve the peace of mind that they can have both a quality education and a forever home.” 

The Illinois Housing Development Authority launched the SmartBuy program, which offers a safe, affordable 30-year fixed rate first mortgage with $5,000 in assistance to be used toward a down payment and/or closing costs. In addition, the program allows people to combine their student loan debt into a mortgage in an effort to lower the high interest rate of student loans and get rid of the student loan portion of debt. The program provides 15% of the purchase price, or up to $40,000, in student loan debt relief to borrowers.

A 2018 study by the University of Illinois found that outstanding student loan debt negatively impacts wealth accumulation for all borrowers — regardless of race — but the impact is especially significant for Black and Latinx borrowers.

To qualify for SmartBuy, potential borrowers must have at least $1,000 in student loan debt and must pay off their full remaining student loan balance at closing. The program also requires a FICO mid-score of at least 640, and applicants must meet certain income and purchase price requirements.

SmartBuy was created using funding from the historic, bipartisan Rebuild Illinois statewide construction plan, and is expected to assist approximately 500 to 1000 borrowers.

Learn more about SmartBuy and find a list of SmartBuy approved loan vendors at www.ihdamortgage.org/smartbuy.

HAZEL CREST – During a virtual press conference Tuesday afternoon, State Rep. Will Davis (D-Hazel Crest) and several advocates called upon the Illinois Department of Commerce and Economic Opportunity to enforce a law they helped author to expand opportunities for minority- and female-owned businesses in Illinois.

“The big businesses that are getting a special tax break from the state need to start providing opportunities to Illinois small businesses to work with them,” Davis said. “The Department of Commerce and Economic Development must enforce the law and make that happen.”

An expansion to the EDGE program was passed in 2017, and requires that any company seeking a tax credit must publicly file a report on their voluntary supplier diversity. State Senator Cristina Castro (D-Elgin), Chair of the Senate Revenue Committee, shared her sentiments.

“When we passed the EDGE expansion, we did so under the assumption that if businesses did not comply with the requirement to disclose their supplier diversity, DCEO would step in and force them to,” Castro said. “That has not yet happened, so it is time for the Department to do its job and enforce the law it helped us write in order to ensure that opportunities for minority- and women-owned businesses can continue to flourish.”

Also commenting on Davis’s call to action was State Rep. Barbara Hernandez (D-Aurora), who said “during these difficult times minority-owned-small businesses need more opportunities and resources that would allow them to reach their full potential."

Jorge Perez, of the Hispanic American Construction Industry Association, added "our members pay more state income taxes than these huge companies that get edge tax credits, and it's insulting these companies aren't following the law and filing supplier diversity reports."

Larry Bullock, Executive Director of the United States Minority Contractors Association, as well as representatives of the Federation of Women Contractors and Black Contractors Owners and Executives, applauded Davis’s efforts and echoed the calls for businesses and the Department of Commerce and Economic Development to follow the plain language of the law.

CHICAGO – To discuss updates on the state’s DNA backlog, Senate Public Health Chair Patricia Van Pelt (D-Chicago) will lead a joint Senate committee hearing Thursday morning.

“A lot has been going on this year, but we have not forgotten about those who are waiting for answers for heinous crimes done to their loved ones,” Van Pelt said. “Illinois State Police have made some advances since our last hearing, and it’s time to check in on the task force recommendations.”

The Governor’s Forensic Science Task Force released a report with recommendations for the State Police in June. In August, ISP announced that the Biology backlog for Fiscal Year 2020 Biology backlog was down by 30% from 2019.