New initiative gives homebuyers up to $24K

CHICAGO (AP) — Hundreds of Illinois homebuyers may be eligible for financial assistance to cover down payments and closing costs through a new state-run program.

Gov. Pat Quinn on Thursday announced the initiative called SmartMove Trio.

The initiative offers eligible first-time homebuyers a 30-year fixed rate mortgage and up to $6,000 in cash for down payment and closing costs.

Homebuyers can also receive a federal income tax credit of up to $18,000 over the life of the mortgage.

The Illinois Housing Development Authority is managing the initiative.

Quinn also announced the state's first ever homebuyer expo. The event will take place in late March in Chicago.

Interested buyers will be able to apply for the SmartMove program during the expo.

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Online: http://www.ihda.org