Greetings Barry:
I would strongly encourage you to contact your local USDA Service Center office in Watseka, IL. Yes, there are federal cost-share programs available through the USDA to establish native hardwood trees on highly erodible and floodplain sites.
Here in central Illinois, we almost always plant bareroot seedlings in the spring. Local soil types will dictate tree species selection. Therefore, your local NRCS district conservationist or your local ILDNR district forester will assist you in the selection of preferred native hardwood species based on soil survey data.
Again, please contact your local USDA Service Center to inquire about forestry-related cost-share programs for this particular parcel of land.
IL USDA Service Center Directory:
http://www.il.nrcs.usda.gov/contact/directory/ilcntys.html
Best of luck to you!