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BMO Harris Bank Partners with Illinois Housing Development Authority to Assist Homeowners Who Owe More than the Home's Value

IHDA's I-REFI Program offers up to $50,000 in federal assistance to low/moderate income families

Marketwired

CHICAGO, ILLINOIS--(Marketwired - Jan 19, 2017) - BMO Harris Bank announced today its participation in the I-Refi refinance program designed to assist homeowners who owe more than the appraised value of their home. Administered through the Illinois Housing Development Authority (IHDA), the I-Refi refinance program provides up to $50,000 in assistance to eligible homeowners to reduce the balance owed on their mortgage and refinance into a new affordable loan based on the current appraised value of their home.

"We want to encourage our customers who owe more on their mortgage than what their home is worth to speak with one of our BMO Harris Mortgage Bankers to learn more about this program," said Alexandra Dousmanis-Curtis, Group Head, U.S. Retail and Business Banking, BMO Harris Bank. We are pleased to participate in this program, which will benefit families and individuals across Illinois."

BMO Harris Bank plans to partner with IHDA and other non-profit agencies to conduct informational events throughout Illinois and Chicagoland. The events will educate the public on eligibility requirements and offer assistance with submitting an application for review. The schedule of events is as follows:

Partner Agency

Date / Time

Event Location

Event Address

South Suburban Housing

SAT, Jan 21 (10:00-12:00)

South Suburbs (Village of Dolton)

Village of Dolton
14122 Chicago Road, Dolton, IL, 60419

Spanish Coalition for Housing

SAT, Jan 28 (10:00-12:00)

Chicago (Hermosa)

Spanish Coalition for Housing
1922 N. Pulaski Road, Chicago, IL, 60639

Chicago Urban League

WED, Feb 1 (6:30-8:30)

Chicago (Bronzeville)

Chicago Urban League
4510 S. Michigan Avenue, Chicago, IL, 60653

Latin United Community Housing Association (LUCHA)

WED, Feb 1 (6:30-8:30)

Chicago (Humboldt Park)

Latin United Community Housing Association
1152 N. Christiana Avenue, Chicago, IL, 60651

Spanish Coalition for Housing

SAT, Feb 4 (10:00-12:00)

Chicago (South Chicago)

Spanish Coalition for Housing
9010 S. Commercial Avenue, Chicago, IL, 60617

Consumer Credit Counseling Service (CCCS) of Northern Illinois

SAT, Feb 4 (10:00-12:00)

Far NW Suburbs (Woodstock)

Woodstock Library
414 W Judd St, Woodstock, IL, 60098

DuPage Homeownership Center (DHOC)

MON, Feb 6 (6:30-8:30)

West Suburbs (Wheaton)

DuPage Homeownership Center
1600 E. Roosevelt Road, Wheaton, IL, 60187

HomeStart and City of Rockford

WED, Feb 8 (6:30-8:30)

Rockford

Katie's Cup
502 7th Street, Rockford, IL, 61104

Joseph Corporation

SAT, Feb 11 (10:00-12:00)

SW Suburbs (Aurora)

Joseph Corporation
32 S. Broadway, Aurora, IL, 60505

Affordable Housing Corporation of Lake County (AHCLC)

WED, Feb 15 (6:30-8:30)

North Suburbs (Libertyville)

Libertyville Civic Center
135 W. Church Street, Libertyville, IL, 60048

Northwest Side Housing Center

WED, Feb 15 (6:30-8:30)

Chicago (Belmont Cragin)

Northwest Side Housing Center
5233 W. Diversey Avenue, Chicago, IL, 60639

"The I-Refi program continues our holistic approach to curbing foreclosures and revitalizing struggling communities," said IHDA Executive Director Audra Hamernik. "Even though the housing market is gaining strength nationwide, there are still families across Illinois struggling. There is no comparable program like it and we encourage underwater homeowners to reach out and apply."

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The I-Refi program is free to apply for and there is zero cost to attend the informational sessions.

To learn more about the I-Refi program, please visit:
https://www.ihda.org/my-home/irefi/

About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through nearly 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are subject to bank and credit approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,500 branches, and CDN $688 billion in assets (as of October 31, 2016).