IHDA's Homeownership Department would like to recognize Jason Accola, senior mortgage consultant for Wintrust Mortgage, as its "Loan Officer of the Month." Jason's customer service is exemplary, and he always helps to connect buyers to IHDA's affordable loan programs. Thanks, Jason!

 

Sincerely,





Mary R. Kenney

Real relief is available now to Illinois homeowners who are struggling to pay their mortgage thanks to the Illinois Foreclosure Prevention Network.

Governor Pat Quinn launched the Network to give Illinois homeowners access to a trusted and reliable source where they could receive one-on-one counseling, legal advice and even financial assistance to ensure that every Illinois family has the support they need to avoid foreclosure and keep their family at home--where they belong. All of the services and resources provided through the Network are free.

The Network is supported by a website, a toll-free hotline and over 80 counseling agencies located throughout the state. Since its launch, over 350,000 Illinois families have accessed information through the Network. More than 35,000 have received one-on-one counseling and more than 6,100 Illinois families have received financial assistance to help them sustain their mortgage.

In addition, more than 3,000 Illinois homeowners have attended one of the regional events hosted by the Network. At these events, homeowners receive counseling or legal advice, apply for financial assistance and can even receive an on-site loan modification from participating lenders. Look for more information on our next regional events planned for Peoria and Rockford in the first half of 2013.

In the meantime, Illinois homeowners can find counselors and the other resources referenced at our website www.keepyourhomeillinois.org and through the toll-free helpline (1.855.KEEP.411). If your organization works with individuals who might need assistance, please help them access these resources by posting this information to your website or call us for brochures, posters and other materials at 312.836.7425.

On Dec. 26, 2012, IHDA issued its 2013 Qualified Allocation Plan (QAP). A special thanks to the development community, advocacy groups and other housing organizations who helped to finalize this document by providing comments, concerns and other insights.

Those who seek to apply for Low-Income Housing Tax Credits should familiarize themselves with the new QAP, which contains significant changes including:

• 100-point scoring scale for ease of review and comparison
• Revised incentives for green initiatives and enhanced accessibility based on industry standards and best practices
• Significant incentives for projects that involve the rehabilitation of vacant, foreclosed, and abandoned single-family homes
• New standards for the proximity of neighborhood assets that differ by geographic set-aside
• Alignment of criteria among multiple categories to compound the scoring for 30 percent AMI units with the State Referral Network
• Additional incentives for veterans housing that provide services and/or rental assistance

IHDA congratulates its legislative and housing partners for their advocacy work in supporting the passage of key legislative initiatives in 2012.

• Shorten the foreclosure process for abandoned properties by 18 months, significantly reducing the time a property sits vacant and contributes to blight;
• Provide an estimated $28 million to local governments to maintain and secure abandoned residential properties; and
• Provide support to an additional 18,000 households struggling to keep their homes by providing an additional $13 million in housing counseling assistance.

At the same time, the governor announced the commitment of up to $40 million in Illinois Jobs Now! capital funds for developers of permanent supportive housing to create additional affordable housing units for this important population.

Welcome Home Heroes

Last year, in honor of our servicemen and women returning from Iraq and Afghanistan, Governor Quinn announced an exciting new homeownership program for the members of our military, past and present. The Welcome Home Heroes program offers the most lucrative homeownership financing package ever provided by IHDA, including:  a 30-year fixed rate mortgage (currently at 3 percent), $10,000 in down payment assistance and a federal tax credit worth up to $20,000 over the life of the loan.  

Over 600 military families have accessed this program to date. On Veterans Day, the governor announced the commitment of an additional $5 million in state funds to meet the continued demand for this program. This new Illinois Jobs Now! capital funding will allow an additional 500 military families to access this program and make homeownership a reality.

Standing outside the home of newlyweds Army Sgt. 1st Class Eric Sereda, 34, and Sharon Sereda, 27, Governor Quinn emphasized his commitment to help veterans, active military personnel, reservists and Illinois National Guard members transition to civilian life. Welcome Home Heroes enabled the couple to buy their first home -- a three-bedroom ranch home in suburban Westchester. IHDA's Realtor and lender partners also joined in the announcement. More information is available at www.ihda.org/homeowner/heroes.

Illinois Building
Blocks Program 

 
The Illinois Building Blocks program launched this past spring incorporates a targeted, multi-faceted approach to the challenges faced by communities as a result of the foreclosure crisis. The program is currently a pilot and targets five hard-hit suburban Chicago communities -- Berwyn, Chicago Heights, Maywood, Park Forest and South Holland. Communities were selected based on the level of local support, job creation, vacancy levels, existing home sales and the ability to leverage existing resources.

The program utilizes a three-pronged approach. First, it targets foreclosure prevention resources to current homeowners within the community to keep them in their homes.  Second, it stimulates the local market by providing a lucrative financing package, including $10,000 in down payment assistance, to buyers who purchase a vacant home in a targeted community. Finally, a $10 million revolving fund was created to enable developers to purchase, renovate and sell vacant homes in the targeted communities to return them to productive use.

Since the program launch, 109 families have applied to purchase a vacant home through the program, with more than $11 million in loans being issued. By leveraging existing investment and pledging these new resources, IHDA and its partners have committed $50 million in assistance, touching 595 units of housing in these communities. That is over 100 units of housing assisted in each of the targeted suburbs in just nine months! 

As noted above in this newsletter, the program won a national award for its innovative approach and the governor is currently considering ways to expand the program to more communities.