One of the top reasons young adults postpone buying a home: student loans.
The Illinois Housing Development Authority is looking to change this with their new program, SmartBuy, which allows up to $40,000 in student loan forgiveness.
In Cook County, program applicants must have an individual income limit of $109,000 and live in the purchased home for at least three years. The amount of student debt forgiven can not be more than 15 percent of the purchase price of the home, and the total each recipient is granted depends on the amount of debt each person has.
The $25 million program has a goal of helping 500 to 1,000 young adults buy homes. There is no timeline for the program; the program will accept applicants until the funds run out.