The Illinois Housing Development Authority's “Opening Doors” grant is for anyone looking to buy a home in Illinois. It helps combat the increasing interest rates which are around 7%. That’s the highest in 20 years. This includes housing inventory dropping at a large rate. 23% lower than last year and 63% from three years ago.
The question is How many people will be able to stay in their homes because of the excessively high property taxes in Rockford? There are and will be many programs for first time homeowners even with rising rates but will they get into trouble with rising taxes. Right now the mortgage is equal or just above the property tax. For a long time you paid more in taxes than the mortgage but now both are high. Not a good scenario.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
The question is How many people will be able to stay in their homes because of the excessively high property taxes in Rockford? There are and will be many programs for first time homeowners even with rising rates but will they get into trouble with rising taxes. Right now the mortgage is equal or just above the property tax. For a long time you paid more in taxes than the mortgage but now both are high. Not a good scenario.