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Kane County Office of Community Reinvestment

Foreclosure Redev​elopment Program

Under Kane County’s Foreclosure Redevelopment Program (FRP), foreclosed houses up-and-down the Fox Valley are being beautifully renovated and are available for purchase (at very attractive prices!) to eligible homebuyers. Outlined below are the homebuyer eligibility criteria, FRP financing terms, and steps in the home-buying process.

National Foreclosure Settlement Program:

As part of this program, Kane County's Office of Community Reinvestment is also working in partnership with the Community Foundation of the Fox River Valley under the National Foreclosure Settlement Program to purchase and redevelop foreclosed homes under a grant funded by the office of the Illinois Attorney General. 


Click here to View Available Homes, and find program guidelines, application forms and information about homes redeveloped under both the Foreclosure Redevelopment Program and the National Foreclosure Settlement Program. 
 

  • Homebuyers must not exceed certain income limits in order to purchase a home under the Foreclosure Redevelopment Program; certain guidelines and limits are specific to each home. Click the "View Available Homes" link to see the guidelines for each home.
  • The Foreclosure Redevelopment Program is not just for first-time homebuyers, but program rules require that homes purchased serve as the primary residence of the homebuyer. (Sorry, no investors.)
  • In order to participate in the program, homebuyers must follow the steps outlined below, including completi​ng a homebuyer education course with a HUD-Approved Housing Counseling Agency. The Agency must be able to provide a certification that the homebuyer completed 8 hours of education/counseling. Click here to find an agency convenient to you: https://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=IL
  • Homebuyers are required to have a minimum investment in the purchase equal to 1% of the purchase price, and must obtain a first mortgage from a lender of their choice.
  • Zero-interest, deferred payment loan. Homebuyers are eligible to receive a soft-second mortgage of up to $15,000. No interest accrues on the soft-second loan, and no payments are due until the home is sold, the title is transferred, or the home is no longer used as the homebuyer's principal residence.
  • Homebuyers must submit an application and be deemed "QUALIFIED" before they are able to submit an offer to purchase one of the available homes.

  
NSP Quarterly Performance Report 01-01-2011 thru 03-31-2011
NSP Quarterly Performance Report 03-31-2011 thru 06-30-2011
NSP Quarterly Performance Report 07-01-2011 thru 09-30-2011
NSP Quarterly Performance Report 09-30-2011 thru 12-31-2011
NSP_Quarterly_Performance_Report_01-01-2012_thru_03-31-2012
NSP_Quarterly_Performance_Report_03-01-2012_thru_06-30-2012
NSP_Quarterly_Performance_Report_07-01-2012_thru_09-30-2012
NSP_Quarterly_Performance_Report_09-01-2012_thru_12-31-2012
NSP Quarterly Performance Report 01-01-2013 thru 03-31-2013
NSP Quarterly Performance Report 04-01-2013 thru 06-30-2013
NSP Quarterly Performance Report 09-30-2013 thru 12-31-2013
NSP Quarterly Performance Report 04-01-2014 thru 06-30-2014
NSP Quarterly Performance Report 07-01-2014 thru 09-30-2014
NSP Quarterly Performance Report 10-01-2014 thru 12-31-2014
NSP Quarterly Performance Report 01-01-2015 thru 03-31-2015
NSP Quarterly Performance Report 04-01-2015 thru 06-30-2015
NSP Quarterly Performance Report 07-01-2015 thru 09-30-2015
NSP Quarterly Performance Report 10-01-2015 thru 12-31-2015
NSP Quarterly Performance Report 01-01-2016 thru 03-31-2016
NSP Quarterly Performance Report 04-01-2016 thru 06-30-2016
NSP Quarterly Performance Report 07-01-2016 thru 09-30-2016
NSP Quarterly Performance Report 10-01-2016 thru 12-31-2016
NSP Quarterly Performance Report 04-01-2017 thru 06-30-2017
NSP Quarterly Performance Report 4-01-2010 thru 06-30-2010
NSP Quarterly Performance Report 07-01-2010 thru 09-30-2010
NSP Quarterly Performance Report 10-01-2010 thru 12-31-2010
NSP Quarterly Performance Report 10-01-2017 thru 12-31-2017
NSP Quarterly Performance Report 01-01-2018 thru 03-31-2018

Questions?
Contact Karen Zilly
zillykaren@co.kane.il.us
630-444-3027

Fair Housing Logo
It is the policy of the Kane County Office of Community Reinvestment to provide services without regard to race, color, religion, national origin, ancestry, age, sex, familial status, physical handicap or disability.