Urbana HOME Consortium Homebuyer Assistance Program

Urbana HOME Consortium Homebuyer Assistance Program is a deferred second loan for homebuyers in Urbana, Illinois, administered by City of Urbana Community Development Services / Urbana HOME Consortium (Lead Entity: City of Urbana; members: City of Champaign, Champaign County Regional Planning Commission). 0% interest deferred second mortgage. Covers Champaign, Urbana, and unincorporated Champaign County. HOME-funded with active FY2026-27 allocation. Funding comes from HOME Investment Partnerships Program.

Urbana HOME Consortium Homebuyer Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale, refinance, or transfer; non-occupancy. The assistance is recorded in second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Urbana HOME Consortium Homebuyer Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through HUD-approved housing counseling agency. Residency requirement: Property must be located within Champaign, Urbana, or unincorporated Champaign County. Specific loan amounts, income limits, and purchase price limits are set annually; contact City of Urbana Grants Division for current program year parameters. Program covers three jurisdictions under one HOME consortium. [orig: dpa_interest_rate: 0%].

Urbana HOME Consortium Homebuyer Assistance Program limits household income to 80% of the area median income, which varies by county and household size. Households must be at or below 80% of Area Median Income (AMI) per HUD guidelines for the Champaign-Urbana MSA. Specific dollar amounts set annually by HUD. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Urbana HOME Consortium Homebuyer Assistance Program caps the purchase price as follows: Property must be located in Urbana, Champaign, or unincorporated Champaign County; HOME purchase price limits apply. New construction is eligible. Manufactured homes are not eligible.

Urbana HOME Consortium Homebuyer Assistance Program serves homebuyers purchasing in Urbana, Illinois.

Applications for Urbana HOME Consortium Homebuyer Assistance Program go through City of Urbana Community Development Services / Urbana HOME Consortium (Lead Entity: City of Urbana; members: City of Champaign, Champaign County Regional Planning Commission), which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.