Urbana HOME Consortium Homebuyer Assistance Program

What is 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.

Do you have to pay it back?

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.

Who qualifies?

Urbana HOME Consortium Homebuyer Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved housing counseling agency.

2. 2

   Contact City of Urbana Community Development Services / Urbana HOME Consortium (Lead Entity: City of Urbana; members: City of Champaign, Champaign County Regional Planning Commission) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.