Current program rates as low as 4.375 percent for Homeownership and 
5.15 percent for Multifamily. See Homeownership or Multifamily for more info.
IHDA Loan Officer of the Month
LoanOfficer
IHDA's Homeownership Department recognizes Sheila Walker, Assistant Vice President and Mortgage Loan Officer at First State Bank of Illinois as its "Loan Officer of the Month." Sheila has been in the lending field for 20 years and in residential mortgage lending for the last ten. She is one of IHDA's most experienced advocates and has been a valued partner to the suite of SmartMove products.
Thanks, Sheila!
IHDA Upcoming Dates


UpcomingDates
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
For more immediate updates, please join us on IHDA's Facebook page and follow us on Twitter:

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Governor Quinn Calls for Job Opportunities and Economic Growth in State of the State Address
 SoS
IHDA Legislative News
Governor Quinn said Illinois is making a comeback in his annual State of the State address on January 29, citing the state's improving housing market as a reason for confidence.
 
Quinn pointed to job creation and economic growth as priorities for the future and stressed the critical role the home plays in building a strong middle class. He noted that since he took office in 2009, 1,150 military families have purchased a home under the Welcome Home Heroes program, 2,100 new supportive housing units have been created for persons with disabilities, and 11,000 households in nearly every county of the state have received mortgage payment assistance from the Illinois Hardest Hit program.
  
Illinois has come a long way since 2009, and we believe that the housing market will continue to be the economic engine that drives the recovery of our state. It is an investment that creates jobs, generates taxes, and best of all, gives families a place to call home.
 
See the Governor's Office press release for more details 
IHDA Assistance To Help 148 Seniors and People With Disabilities Stay In Their Homes
SFOOR
 
IHDA Program News
Keeping up with necessary but costly repairs can be a major concern, especially to low income homeowners, seniors and persons with disabilities. 
 
IHDA announced on January 21 that $6.1 million will be allocated to 31 public and not-for-profit organizations under a new round of the Single-Family Owner-Occupied Rehabilitation (SFOOR) program to help an estimated 148 homeowners afford the necessary repairs to stay in their homes. Starting in May, homeowners can apply through these sponsor agencies for forgivable loans of up to $40,000, based on the amount of work needed.
 
Please see the press release for a list of sponsor organizations and more information on the SFOOR program.
 
See IHDA's Homebuyer & Homeowner page for more information on other loans and grants available to Illinois homeowners.
Get Ready to Nominate Your Choice for the 2014 Illinois Affordable Housing Champion Awards
AHC
 
IHDA Awards & Recognition
The Illinois Affordable Housing Champion Awards highlight outstanding and replicable affordable housing developments, programs and initiatives that support the objectives of the Annual Comprehensive Housing Plan and serve low-income families, seniors, people with disabilities, homeless persons and those at risk of homelessness, low and moderate income persons unable to afford housing near work or transportation, and low-income persons whose homes are in danger of becoming unaffordable. The awards will be presented at the annual Governor's Conference on Affordable Housing on Tuesday, April 22.

IHDA will also present awards for housing counselor and legislator of the year to recognize those who have worked to ensure Illinois' families, veterans, and persons with disabilities have access to affordable housing opportunities.

Nomination forms will soon be available. Look out for our upcoming "Save the Date" email for more details. 
Governor Quinn's Preservation Now Program Again Accepting Applications
Preservation
 
IHDA Program News
IHDA is pleased to again be accepting applications under its Preservation Now program.
 
IHDA created the Preservation Now program to finance the rehabilitation of aging multifamily rental housing and extend the project based rental subsidy contracts in existing developments.  
 
After the success of its original launch, IHDA has decided to renew the program for 2014 and will be accepting applications through September 30. Six applications were approved in 2013 comprising over $79.4 million in financing to preserve over 1,000 units of housing serving our state's most needy families, seniors and persons with disabilities.
 
Project-based rental assistance helps tens of thousands of households in Illinois, but when the contracts that ensure these units remain affordable expire, owners may opt out. By extending the affordability periods in aging developments, IHDA maintains the stock of affordable housing while preserving millions of dollars of federal rental subsidy in Illinois.

 

Please see the Request for Applications for more information.
IHDA Simplifies and Lowers Application Fees for Multifamily Developers
Fees
 
IHDA Program News
In advance of its next Tax Credit round, IHDA has lowered the application fee for non-profit development partners and simplified the fee structure for all developers applying for financing. 
 
Effective February 1, non-profit developers are required to pay a $1,500 application fee, a 40 percent reduction compared to the standard rate. 
 
Also starting this year, all developers will pay one flat fee per project, regardless of the number of resources the development applies for.
 
IHDA has financed approximately 240,000 affordable units across the state in developments that are large and small, urban and rural, new construction and preservation. There is no template for the right kind of project, and this updated fee structure will make it simpler for our development partners to increase the stock of affordable living opportunities across the state.
 
Please see IHDA's Multifamily Info Center for more details.
Funding Available for 1,000 Units of Project-Based Voucher Assistance
HUD-VASH
 
The U.S. Department of Housing and Urban Development published a Notice of Funding Availability on February 4 soliciting applications for rental assistance for homeless Veterans. 
 
Approximately $7 million in HUD-VASH funding is available to support approximately 1,000 units of project-based voucher assistance. These vouchers will enable homeless Veterans to access affordable housing with an array case management and clinical services provided by the Department of Veterans Affairs.
 
The deadline to submit applications in response to the notice is May 5, 2014, or 90 days from the date the notice was issued.
 
See the Notice of Funding Availability for more information.
State Capital Funding Creates New Opportunities for Supportive Housing
Buffett
 
Congratulations to Thresholds and Brinshore Development on the grand opening of Buffett Place, Chicago's newest development offering quality, affordable housing for persons with disabilities and those at risk of homelessness.
 
After a major rehabilitation, Buffett Place opened its doors on January 30 at the site of the former Diplomat Hotel in Chicago's Lakeview neighborhood. The development features 51 fully furnished studio apartments with access to supportive services from Thresholds to help residents achieve stability and independence. Services include medical, educational, job training and placement, and community outreach. 
 
IHDA Board Members approved $2.3 million in Illinois Jobs Now! capital funds in June 2012 to renovate the Diplomat Hotel after Thresholds purchased the building from the city for $1. Buffett Place will begin receiving tenants in February.
 
Please see the press release for more details.
 
Pictured from left: Thresholds CEO Mark Ishaug, Brinshore Development President Richard Sciortino, benefactor Pamela Buffett, Alderman Tom Tunney, Chicago Planning and Development Commissioner Andrew Mooney, State Rep. Sara Feigenholtz, IHDA Executive Director Mary R. Kenney, and Chicago Housing Authority CEO Michael Merchant. 

IHDA New Developments
 
NewDevelopments

IHDA In The News
InTheNews
(February 3, 2014) Quincy Herald-Whig
 
(January 27, 2014) New Haven Register
 
(January 24, 2014) Oak Park Leaves
 
(January 23, 2014) Oak Park-River Forest Patch
 
(January 22, 2014) Bloomberg Businessweek
 
(January 22, 2014) WIFR-TV
 
 
(January 15, 2014) Aurora Beacon News