Illinois News

Wells Fargo settlement includes $15,000 grants for homeowners

Wednesday, October 03, 2012
Illinois Attorney General Lisa Madigan speaks at a conference  in Springfield. (AP)

Illinois Attorney General Lisa Madigan speaks at a conference in Springfield. (AP)

More than $8 million will be soon be available to help Chicago area residents buy homes as part of a settlement with Wells Fargo Bank.

Attorney General Lisa Madigan announced Wednesday that those who qualify could receive $15,000 grants to be used toward the down payment on a home.

The program, called 'City Lift,' is the result of a fair lending settlement between Wells Fargo, The U.S. Department of Justice and the Illinois Attorney General's Office.

"This is a unique opportunity, it is a rare opportunity. We applaud Wells for bringing this to the Chicago area. And we would be delighted if other financial institutions would recognize the importance of programs of this nature," Illinois AG Lisa Madigan said.

Prospective homeowners will have their first chance to apply for these grants later this month. Find out about workshops and who qualifies at http://illinoisattorneygeneral.gov/pressroom/2012_10/ChicagoCityLIFT.pdf

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