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Current program rates as low as 3.5 percent for our Homeownership, and 4.85 percent for Multifamily. See Homeownership or Multifamily for a complete list.
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Congratulations to Heritage Woods of Sterling
on being named as one of the top 20 assisted living communities in Illinois by Assisted Living Today, an online publication. Developed by Yost Management Company, LLC and managed by BMA Management, Ltd., Heritage Woods of Sterling was recognized for offering services and amenities that "promote active and enjoyable retirement living." IHDA is proud to have financed this development that allows seniors to live independently with access to the care they need.
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IHDA's Homeownership Department would like to recognize Kathy McGinnis, senior loan officer at Inland Home Mortgage, as its "Loan Officer of the Month." With two decades of experience, Kathy understands the needs of buyers and how they can benefit from IHDA's programs featuring down payment assistance. Thanks, Kathy!
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9 Percent Tax Credit Application (Round I)
Due 3 p.m. March 22
Round II Preliminary Tax Credit Applications
Due 3 p.m. March 22
The State of Illinois Homebuyer Expo
9 a.m.-4 p.m. March 23
Illinois Institute of Technology Potential buyers should register at
www.ihda.org
Illinois Governor's Conference on Affordable Housing
April 23-24
UIC Forum
725 W. Roosevelt Road Chicago Registration open at
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For more immediate updates, please join us on IHDA's Facebook page: |
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New Mortgage Product, Homebuyer Expo
Governor Pat Quinn is doing his part to spur recovery in the housing market. He recently announced the first ever state-sponsored homebuyer expo where 300 qualified buyers will receive up to $10,000 cash for down payment and closing costs. This announcement supports his proclamation of 2013 as the "Year of Homeownership."
The Expo, hosted by IHDA, will showcase a variety of loan programs that combine affordable mortgages with up to $10,000 cash for down payment and closing costs.
SmartMove Trio SmartMove Trio is IHDA's latest offering. Available for a limited time, SmartMove Trio offers first-time homebuyers an affordable 30-year fixed rate mortgage; up to $6,000 cash for down payment and closing costs; and a federal income tax credit worth up to $18,000 over the life of the loan. This is one of the most lucrative products ever offered by IHDA.
The State of Illinois Homebuyer Expo Interested buyers can apply for IHDA's mortgage programs, including SmartMove Trio, at the Expo on Saturday, March 23 at the Illinois Institute of Technology, Chicago. Lenders and housing counselors will be on hand to advise homebuyers of the best loan for them. Registration at www.ihda.org is required.
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Illinois Governor's Conference on Affordable Housing
You should have already received a "Save the Date" for the upcoming Illinois Governor's Conference on Affordable Housing to be held April 23-24 at the UIC Forum, 725 W. Roosevelt Road, Chicago. Register today for this exciting event.
Don't forget to nominate an outstanding and replicable affordable housing developments, programs and initiatives for this year's Illinois Affordable Housing Champion Awards. Nominations must be received by Friday, March 22.
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New Multifamily Preservation Program
On Monday, March 18, IHDA will begin accepting applications for its new program: Preservation Now.
IHDA has created the Preservation Now program to provide subordinate mortgage financing to new IHDA issued tax-exempt bond projects that contain minimum levels of existing project-based rental subsidy.
The objective is to preserve project-based rental subsidy in existing developments by encouraging the acquisition and rehabilitation by owners that will agree to extend by existing rental subsidy contracts related to the development.
The Preservation Now program will be supported by $20 million in Illinois Affordable Housing Trust Fund and other resources, which are anticipated to leverage up to $100 million in IHDA bond volume cap to support preservation efforts. IHDA estimates approximately 1,200 units and $245 million in project-based subsidy may be preserved over the next 20 years as a result of Preservation Now.
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Rental Subsidy Program
IHDA is pleased to announce it currently has funds available for rental subsidy to qualified developments. IHDA expects to begin accepting applications for the funds on Monday, April 15.
The resources will provide long-term rental subsidies for units within existing regulated housing, funded by IHDA or any other agency. The funds will be used to subsidize rents so that persons below 30 percent of the area median income, referred through the State Referral Network, will be able to afford the units. The term of the assistance is variable, but will be a minimum of 15 years.
If you have any questions about this initiative, please email Sam Mordka or call (312) 836-7346.
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New Board Members
IHDA is happy to welcome two new members to its Board of Directors. Governor Pat Quinn on Feb. 25 appointed Cristina Castro and Salvatore Tornatore.
IHDA is pleased to have such distinguished members join the board. Both Ms. Castro and Mr. Tornatore bring a high level of experience, unique perspective, and commitment to public service that will be a great asset to IHDA and to the state.
Cristina Castro, of Elgin, is a member of the Kane County Board, where she serves on the Executive, Finance and Budget and Human Services committees. She earned an MBA from Northern Illinois University and is currently employed as a marketing and public relations specialist at Elgin Community College.
Salvatore (Sam) Tornatore, of Roselle, is a graduate of the John Marshall Law School and DePaul University in Chicago. He is a principal in the Tornatore Law Office located in Bloomingdale and Roselle. He is a former Village of Roselle and Bloomingdale Township Trustee, served on the Roselle Zoning Board of Appeals and currently serves on the DuPage County Board. Ms. Castro will be filling the position of departing Board Secretary Mark Kochan. Mr. Kochan has been a dedicated member of the board since September 2006 and has served as secretary since August 2010. His knowledge and enthusiasm for affordable housing made opportunities for a stable home possible for families across the state. We are thankful for his service. He will be sorely missed.
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