Hundreds of Illinois homebuyers may be eligible for financial assistance to cover down payments and closing costs through a new state-run program.

Gov. Pat Quinn on Thursday announced the initiative called SmartMove Trio.

The initiative offers eligible first-time homebuyers a 30-year fixed rate mortgage and up to $6,000 in cash for down payment and closing costs.

Homebuyers can also receive a federal income tax credit of up to $18,000 over the life of the mortgage.

The Illinois Housing Development Authority is managing the initiative.

Interested buyers will be able to apply for the SmartMove program during the expo.