Skip Ribbon Commands
Skip to main content
Kane County Office of Community Reinvestment

Foreclosure Redevelopment 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.
 
 

  • Homebuyers must meet certain income limits in order to purchase an FRP home. (Select the View Available Homes link above to see income limits.)
  • 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 completing a homebuyer education course with a HUD-Approved Housing Counseling Agency.

Five Easy Steps to Purchasing an FRP Home:

STEP ONE:
Complete the FRP Application

STEP TWO:

Complete a Homebuyer Education Course sponsored by the HUD-Approved Housing Counseling Agency of your choice. Below is a list of such agencies located in Kane County:

For additional agencies, go to www.hud.gov and search “HUD-Approved Housing Counseling Agencies.”

STEP THREE:
Get preapproved for a first mortgage with the lender of your choice: Mortgage Guidelines

STEP FOUR:

Find the Realtor of your choice and begin looking at available FRP homes.

STEP FIVE:

Select a home and submit an offer.

Questions?
Contact Josh Beck
beckjosh@co.kane.il.us
630.444.2960


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.

FRP Financing Terms:

Zero-interest, Deferred-payment Loan. Homebuyers are eligible to receive a soft second mortgage up to 17% of the sales price. 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.

Foreclosure Redevelopment Program Financing Assistance Summary


 

 Quarterly Reports

 
  
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 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