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Current program rates as low as 4.50 percent for Homeownership and
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As the temperature in Chicago rises to a balmy 0˚, we are reminded of the value of a warm place to call home. Thank you for partnering with us in our mission to provide safe, decent and affordable housing for all. Have a great New Year!
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IHDA's Homeownership Department recognizes Cheryl Wiesneth, Senior Loan Officer at Mortgage Services III as its "Loan Officer of the Month." Cheryl has been in mortgage lending since 1990 and has spent most of her tenure focusing on first time buyers and affordable lending. Her goal is always to facilitate as many borrower options as possible and she says the suite of IHDA SmartMove loans are always first options as they are more inclusive than many other assistance programs. Thanks, Cheryl!
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9% Tax Credit Application Deadline (LIHTC Round I - 2014)
March 31, 3 p.m.
Preliminary Project Assessment Deadline (LIHTC Round II - 2014)
March 31, 3 p.m.
Illinois Governor's Conference on Affordable Housing
April 22-23
Hyatt Regency Chicago
151 E. Upper Wacker Dr.
Chicago, IL 60601
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For more immediate updates, please join us on IHDA's Facebook page and follow us on Twitter:
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Governor Quinn's Year of Homeownership Sets High Expectations for 2014
Governor Quinn's Year of Homeownership was a turning point in the economic recovery of our state. As 2013 came to a close, a record 4,500 households had reserved $483 million in IHDA capital to purchase a home, the highest annual total since our homeownership programs began over 30 years ago. With the cost of homeownership at its lowest level since the 1970s, IHDA's competitive interest rates and up to $10,000 in down payment assistance gave the housing market much needed momentum, allowing families across the state to spend their first holiday season in their own home.
On the Multifamily front, IHDA provided $471 million in financing to create and preserve 5,000 units of affordable rental housing in 2013, creating 3,200 jobs and easing the cost of living for hard working families. These units allow thousands of households across the state pay a reasonable share of their income for safe, decent housing without sacrificing on necessities like food, medicine or education.
Since Governor Quinn took office in 2009, IHDA has provided $2.2 billion in financing to build or preserve more than 19,600 affordable apartments in 131 communities across the state.
The bar has been raised for 2014, but we are confident that IHDA and our affordable housing partners are up to the challenge.
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Save the Date: The Illinois Governor's Conference on Affordable Housing is Set for April 22-23
You should soon receive a "Save the Date" for the upcoming Illinois Governor's Conference on Affordable Housing to be held April 22-23 at the Hyatt Regency Chicago, 150 East Upper Wacker Drive in Chicago. Directions on how to register will be available soon on IHDA's website.
On behalf of Governor Quinn, IHDA and the State's Affordable Housing Task Force will present the 2014 Illinois Affordable Housing Champion Awards at this year's conference. Don't forget to nominate an outstanding and replicable housing development, program or initiative to celebrate the efforts of those who create and sustain affordable housing statewide!
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Governor Quinn Signs Legislation to Extend Protections for Struggling Homeowners
Struggling homeowners now have greater protection and more time to save their homes from foreclosure.
On December 26, Governor Quinn signed legislation that increases protection to Illinois homeowners by extending a law that prevents a lender from selling a home while the homeowner applies for federal mortgage assistance.
Sponsored by State Senator Jacqueline Y. Collins and State Representative Michael J. Zalewski, Senate Bill 1045 extends a current law that enables families who have applied for a loan modification under the federal Home Affordable Modification Program (HAMP) to stop a lender or servicer from selling their home. Created in 2009, HAMP allows qualified homeowners to modify their mortgage payments to 31 percent of their income, making payments more affordable and sustainable. Approximately 47,000 Illinois families have received permanent modifications through HAMP, saving an average of $570 per month.
The legislation furthers the impact of the Governor's Illinois Foreclosure Prevention Network, a free, one-stop resource that coordinates the myriad of foreclosure prevention resources available in Illinois. Visit www.keepyourhomeillinois.org for more details.
Please see the press release or listen to the Illinois Office of Communication and Information radio interview for more information on the new legislation.
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Representatives from local governments learn about the tools available to help create and preserve affordable housing.
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IHDA is a Resource for Developing an Affordable Housing Plan
The Affordable Housing Planning and Appeal Act (AHPAA) encourages local governments to incorporate affordable housing into their communities.
On December 16, 2013, IHDA met with representatives from 68 Illinois communities affected by AHPAA to remind them that IHDA is available to provide guidance and tools to help develop affordable housing plans.
Even as the housing market continues to recover, it remains difficult in many of our communities for low- and moderate-income households to find affordable housing. Workers in key positions, including police officers, nurses and teachers, often do not earn enough to live in the cities where they work. When the people who make our communities run are locked out, our neighborhoods suffer.
Please see IHDA's Government Page for more details on AHPAA and the resources available to local governments across the state.
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Congratulations to our public-private partners on the following groundbreakings and grand openings:
(January 4, 2014) The Carmi Times
(January 1, 2014) The Rock River Times
(December 28, 2013) The State Journal-Register
(December 27, 2013) Chicago Tribune
(December 27, 2013) Daily Whale
(December 27, 2013) WIFR-TV
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