Edly-Allen highlights success of SmartBuy Program, reducing student debt and increasing housing accessibility

GRAYSLAKE - With almost one-fifth of individuals with student loan debt being denied a mortgage due to their debt-to-income ratio, State Senator Mary Edly-Allen highlighted the importance of Illinois' SmartBuy program in increasing housing accessibility and affordability.

SmartBuy is a first-of-its-kind initiative that, through its recent round of funding, helped 533 Illinoisans eliminate $16 million in student loan debt while also achieving the dream of homeownership in only 12 weeks. Through SmartBuy, homeowners were able to purchase a home eight years earlier than traditional IHDA borrowers.

"As chair of the Senate Higher Education Committee and an educator, I've seen how easing student loan debt is more than financial relief - it's the key to unlocking homeownership for a generation burdened by higher education costs," said Edly-Allen (D- Grayslake). "The SmartBuy program will help first-time buyers achieve their homeownership dream sooner while also building a better economy for generations to come."

After being relaunched in December 2024, SmartBuy has offered applicants an affordable 30-year, fixed-rate mortgage with $5,000 in deferred down payment or closing cost assistance, alongside up to $40,000 in direct student loan relief for borrowers purchasing a home in Illinois.

Notably, SmartBuy has assisted more than 1,160 Illinois households so far, paying down nearly $33 million in student loan debt, and reducing the average age of IHDA-assisted homebuyers by nearly a decade.

Residents interested the SmartBuy program can visit https://www.ihdamortgage.org/homebuyers to get started on the journey of homeownership.