Illinois Governor JB Pritzker has reintroduced the SmartBuy program to expand affordable housing statewide. The program provides fixed-rate mortgages, $5,000 in closing cost assistance, and up to $40,000 in student loan relief for homebuyers. Initially launched in 2020, SmartBuy helped 631 families purchase homes and erased over $17 million in student debt.
Eligible applicants must have $1,000 to $40,000 in student loans, which the state will pay in full. The program is open to first-time and repeat buyers working with Illinois Housing Development Authority-approved lenders.
Pritzker also signed an executive order establishing the Illinois Director of Housing Solutions to promote middle-class housing and rental options statewide.
