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Current program rates as low as 3.99 percent for Homeownership and
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IHDA's Homeownership Department recognizes Jeannie Meronk, Assistant Vice President and Mortgage Loan Officer at First State Bank of Illinois as its "Loan Officer of the Month." Jeannie has been in real estate for 15 years and on the lending end for the last 12. With a son in the military, she especially appreciates the Welcome Home Heroes program and looks to IHDA loans as solutions to put families in homes they can afford. Thanks, Jeannie!
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April 22 - 23
Hyatt Regency Chicago
151 E. Wacker Dr.
Chicago, IL 60601
April 26
9 a.m. - 1 p.m.
Western Illinois University
Riverfront Campus
3300 River Rd. (Rm. 120)
Moline, IL 61265
May 12 - 16
The University Conference Center
525 S. State St.
Chicago, IL 60605
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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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Photo courtesy of the Illinois Association of Realtors
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Governor Quinn Announces $7,500 in Down Payment Assistance and Interest Rates As Low As 3.99 Percent for First-Time Homebuyers
At a meeting with Illinois Realtors on April 1, Governor Pat Quinn announced the Welcome Home Illinois program to make homeownership possible for first-time homebuyers. Supported by Illinois Jobs Now! capital funds, Welcome Home Illinois provides $7,500 in down payment assistance and an interest rate as low as 3.99 percent for a secure, 30-year fixed-rate mortgage.
Under federal tax code, a first-time homebuyer is defined as a person who hasn't purchased or owned a home in three years, meaning the program can be used by people who might have been displaced during the housing crisis.
Nearly $8 million in financing was reserved in just the first few days of the program. Interested homebuyers should act now by accessing information and a list of participating lenders at www.welcomehomeillinois.gov.
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U.S. Treasury Announces Support of Illinois Community Stabilization Program
Community stabilization efforts in Illinois received a boost under a new initiative Governor Quinn announced on March 27. Supporting Quinn's plan to address the issues caused by abandoned and neglected properties, the U.S. Department of the Treasury stated its approval of IHDA's plan to leverage up to $30 million in federal Hardest Hit Fund (HHF) resources to eliminate blight and strengthen communities.
IHDA will partner with eligible municipalities burdened with high levels of vacancy to implement the new Blight Reduction Program. This new effort builds on existing state programs targeted to help communities hit hard by the financial crisis.
With vacant properties dragging down surrounding property values and fostering crime, removing vacant and blighted properties is the critical next step in helping communities rebuild.
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Help Design a New Supportive and Integrated Technical Assistance and Training Program for Illinois
IHDA is seeking your input to shape the delivery of a new Supportive and Integrated Housing Technical Assistance and Training program made possible through a partnership with CSH. This initiative to expand integrated supportive housing in Illinois packages several major components, including training and technical assistance, to engage development teams both experienced and new to supportive housing. The survey will assess the needs of developers, property managers, and supportive services partners who have or plan to develop supportive and integrated housing, as well as ask questions about experiences with the State Referral Network. CSH will also use the information gathered through the survey to modify its pre-development lending products to respond to local needs. |
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Remember to Register for the Illinois Governor's Conference on Affordable Housing
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Bethany McLean
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Join industry insiders and key housing policy leaders to discuss the strategies, opportunities and best practices that are shaping the future of affordable housing.
Don't miss keynotes from Bethany McLean, author of All the Devils Are Here: The Hidden History of the Financial Crisis and Carol Naughton, Senior Vice President at Purpose Built Communities, as well as more than a dozen panel discussions led by our state's leaders in affordable housing.
Be sure to register by 5 p.m. on Friday, April 11 to ensure a printed name tag.
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 IHDA's "Lending a Hand, Delivering Results" Fiscal Year 2013 Annual Report is Now Available
Illinois has made significant progress since the real estate bubble burst in 2007. No longer a liability, housing has become an engine that drives our economy forward, creating jobs, generating wages and contributing to growth across the state.
"Lending a Hand, Delivering Results" highlights the outstanding work of IHDA and our partners in the last fiscal year to stabilize communities, support homeownership and create more options for affordable rental housing. The report also focuses on the personal stories of several Illinois households who benefited from the most aggressive housing revitalization campaign the state has ever seen.
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Photo courtesy of the Illinois Association of Realtors
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Housing Leaders Conference Focuses on Options for Boomerang Buyers
IHDA Executive Director Mary R. Kenney discussed the obstacles and opportunities for boomerang buyers at the Illinois Association of Realtors Housing Leaders Conference on March 31. Kenney highlighted Governor Quinn's efforts to support homeownership, including the launch of five new mortgage products and the elimination of first-time homebuyer requirements so families seeking their second or even third home can access financing.
Kenney also noted that households who have not owned a home in the last three years are considered first-time homebuyers, allowing many boomerang buyers to qualify for down payment assistance from IHDA's first-time homebuyer programs.
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IHDA Down Payment Assistance Helps Families Live Near Work
 The lack of housing near employment opportunities is a problem. Chicago area employees have the fourth longest commute to work in the nation, leading to employee retention issues and decreased productivity. While employers would benefit from having a nearby workforce, many families struggle to afford housing costs in the communities where they work. Launched by IHDA, the Metropolitan Planning Council and the Northside Community Development Corporation, a new Employer-Assisted Housing program will match employer's contributions to provide up to $7,500 in down payment assistance so employees can live near work. Available for up to 12 months, the program will supplement contributions made by companies to reduce employees' lengthy commutes, revitalizing neighboring communities and making Illinois a more attractive place to do business.
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Senate Finance Committee Approves Extension for 9 Percent Housing Credit Rate
 On April 3, the Senate Finance Committee approved the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act to renew a number of expiring tax provisions, including a provision that extends for two years the fixed rate floor for the Low-Income Housing Tax Credit (LIHTC). The LIHTC is the most productive affordable housing finance tool in the nation and a key contributor to our state's economic recovery. An extension under the EXPIRE Act would maintain the financial feasibility for affordable rental housing as households across the state increasingly turn to the rental market. The outlook for the Senate's consideration of the bill appears promising based on strong bipartisan Committee support, though its passage is not guaranteed. IHDA asks that you contact your Senator to voice your support of this bill and its provisions to preserve the LIHTC. Find your Senator's contact information here.
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Congratulations to our public-private partners on the following program announcements:
(April 7, 2014) U.S. News & World Report
(April 4, 2014) Chicago Tribune
(April 4, 2014) Chicago Sun Times
(April 3, 2014) Public News Service
(April 2, 2014) Pekin Times
(April 2, 2014) Peoria Journal Star
(April 1, 2014) Bloomington Pantagraph
(April 1, 2014) Daily Herald
(March 30, 2014) Alton Daily News
(March 28, 2014) Chicago Sun-Times
(March 27, 2014) Chicago Tribune
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