CHICAGO (AP) — Gov. Pat Quinn is touring Illinois to trumpet his program aimed at helping first-time homebuyers.
Quinn spoke in Chicago on Monday in the first of four planned appearances around Illinois to urge people to take advantage of “Welcome Home Illinois.” The program offers homebuyers $7,500 for a down payment and interest rates as low as 3.75 percent for a 30-year fixed-rate mortgage.
Illinois Housing Development Authority spokeswoman Cami Freeman says similar programs have been launched before, but there are key differences between those programs and this one. She says the biggest difference is that this is the first time state money is being used to subsidize the interest rate.
The Chicago Democrat’s Republican opponent Bruce Rauner (ROW’-nur) quickly issued a news release to call the program old news.