Northwest Chicagoans Can Benefit From Low Interest Home Equity Loans Under New Pacione-Zayas Act



late taxes 083021CHICAGO – The Northwest Home Equity Program will be able to provide housing assistance loans at low or interest-free income to homeowners struggling to pay property tax under the new law signed into law today as a result of the law passed by State Senator Cristina Pachone-Zayas (D – Chicago).

“We need to use all the tools at our disposal to help homeowners who are at risk of default, especially in light of a historically difficult year that has impacted all finances,” said Pachone-Zayas. “With this legislation, homeowners on the Northwest side will get the extra help they need to pay their property taxes.”

There are over 52,000 properties in Cook County whose unpaid taxes would be sold to investors in the event of a tax sale. For nearly half of these properties, owners owe less than $ 1,000. Those who cannot afford to pay property taxes run the risk of losing their homes.

Under the new law, the Northwest Home Equity Program will be able to create a new type of assistance loan, similar to the loans it already makes for things like home improvement and foreclosure prevention. The purpose of the new loan is to help homeowners avoid non-payment of property taxes.

“Homeowners are now able to get a 0% loan instead of a high-interest predatory loan to help save their home. This gives us additional tools to deal with bias. We need to create as many new tools as possible to keep residents in their homes, ”said Ernie Lukasik, a housing organizer at the Northwest Side Housing Center. “The community is grateful to State Representative Eva Dina Delgado and State Senator Cristina Pachone-Zayas for supporting this cause and implementing this law.”

The new law will enter into force on January 1, 2022.


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