Current single-family program rates as low as 3.750 percent. See
Homeownership for more info.
IHDA Loan Officer of the Month
LoanOfficer
IHDA's Homeownership Department recognizes Val King, Senior Mortgage Banker at The Federal Savings Bank as its "Loan Officer of the Month." Val understands how important purchasing a home can be and provides every client with the priority they deserve. With her wide range of experience in the mortgage business, including a wholesale operations center, she has the knowledge to help her clients find the mortgage that fits their needs. Thanks, Val!
IHDA Upcoming Dates


UpcomingDates
June 14
9 a.m. - 1 p.m.
Elgin Community College
1700 Spartan Dr.
Elgin, IL 60123
 
 
July 12
9 a.m. - 1 p.m.
Prisco Community Center
150 Illinois Ave.
Aurora, IL 60506
 
9% Tax Credit Application Deadline (LIHTC Round II - 2014)
July 25, 5 p.m.
See the Multifamily financing program calendar
For more immediate updates, please join us on IHDA's Facebook page and follow us on Twitter:

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Governor Quinn Honors Military Families on Memorial Day
 WHH
IHDA Program News
To ensure the sacrifices of America's veterans do not go unrecognized, Governor Pat Quinn visited cities across Illinois on Memorial Day Weekend to promote the Welcome Home Heroes program and to stress the need for a budget that adequately funds critical veterans services. 
 
Visiting with veterans and their families in Chicago, Rockford, Peoria, Rock Island and Decatur, Governor Quinn announced the Welcome Home Heroes program has helped 1,300 Illinois veterans, active military personnel, reservists and Illinois National Guard members buy a home with $10,000 in down payment assistance. The program also provides a 30-year fixed rate mortgage with an affordable interest rate and a mortgage tax credit that reduces the buyer's income tax liability by as much as $20,000 over the life of the loan.
 
Please see the news release and visit www.WelcomeHomeIllinois.gov for more details. 
New Housing for Veterans Breaks Ground in Cook County
 FreedomPath
The construction of Freedom's Path began on May 22 with a groundbreaking ceremony at the site of the Edward Hines, Jr. VA Hospital, launching the transformation of four acres of land at the Hines Medical Campus into 72 permanent apartments for struggling veterans and their families.
 
The development is one of the first of its kind to be made possible through the Building Utilization Review and Repurposing (BURR) initiative, the U.S. VA's strategic effort to identify and repurpose underutilized VA property with the potential to develop new housing opportunities for homeless or at-risk veterans and their families. Freedom's Path at Hines was one of the first in the nation to close under the VA initiative, bringing together resources from IHDA, the Housing Authority of Cook County, the VA and other partners to end veteran homelessness across the state.
 
On behalf of the administration of Governor Quinn, IHDA has financed approximately 2,100 community-based supportive housing units across the state since 2009 with 433 affordable apartments specifically targeted to veterans in that same timeframe. 
  
Please see the news release for more details.
IHDA No Longer Accepting Applications for HOME Funding
 HOME
IHDA Program News
The federal Home Investment Partnerships Program (the "HOME Program") is a key funding resource utilized by IHDA in a range of affordable housing projects and programs. As you may know, beginning with the 2012 allocation, funding for the HOME Program at the federal level was cut drastically, reducing the funds IHDA received on an annual basis by almost 40 percent. Today, the U.S. Congress is considering an additional 30 percent cut to the HOME Program.
 
Despite the reduction in available funding, IHDA has continued to receive a significant number of requests for HOME financing and currently has a sizeable pipeline of multifamily projects. In light of the additional cuts on the horizon, in combination with IHDA's existing pipeline of projects seeking HOME Program dollars, IHDA will not be accepting any additional requests for HOME Program funds to finance multifamily projects during the remainder of 2014. 
 
Please keep this in mind as you prepare any new applications to IHDA.
Governor-Approved 2014 Qualified Allocation Plan is Now Available
QAP 
IHDA Program NewsIHDA's final 2014 Qualified Allocation Plan (QAP) as approved by Governor Quinn is now available.
 
The approved QAP describes the criteria IHDA considers when evaluating developments applying for tax credits. The Authority has approximately 28 million in 9% tax credits available for allocation in 2014 - 22 million in per capita credits allocated directly to IHDA and 6 million allocated directly to the City of Chicago.
 
Please see IHDA's QAP Documents for more information.
Attend IHDA's Peer-to-Peer Webinar on Strategic Demolition on June 25
Demolition

IHDA Program News
In an effort to best serve Illinois communities and address community revitalization strategies, IHDA, in partnership with the Center for Community Progress, is offering a free peer learning and best practices webinar focused on the targeted demolition of vacant residential properties on June 25 at 1 p.m. (CST). The Center for Community Progress will bring their expertise offering best practices from around the country while IHDA will bring examples from communities in Illinois.
 
We hope that you are able to take advantage of this opportunity to learn and share knowledge from your own experiences. Please follow the instructions below to log-in to the presentation.
 
Go to the following site: www.connectmeeting.att.com
Meeting Number: 888-494-4032
Access Code: 5658964843
Chicagoland Habitat for Humanity Builds 13 Homes in Four Days
Habitat

On May 29 through June 1, the Chicagoland Habitat for Humanity hosted "Raise Your Hand Chicagoland," an unprecedented home building event outside of IHDA's offices in downtown Chicago.
 
IHDA staff joined over 400 dedicated volunteers and partner families to construct the exterior of one home and wall frames for 12 others during the four day event. Immediately after, the new homes were delivered to local Habitat affiliates where they will be finished and become stable, affordable homes for 13 Chicago-area families.
 
IHDA also announced an award of $375,000 to Habitat for Humanity Illinois to help low- to moderate-income families afford mortgage or rehabilitation costs. Starting this summer, Habitat for Humanity affiliates throughout the state will provide 28 families with up to $15,000 in subsidy to buy down the sales price or offset construction costs.
 
See IHDA's Homebuyer & Homeowner page for more details. 
Celebrate Homeownership Month with IHDA
Homeownership

Governor Pat Quinn proclaimed June as Homeownership Month in Illinois, kicking off a campaign to promote the economic and social benefits that homeownership brings to communities throughout the state.  
 
Now is an excellent time for aspiring homeowners to weigh the benefits of homeownership and take advantage of the historic below-market interest rates available through the Welcome Home Illinois program. Watch for an announcement on June 16 that will help Realtors expand the pool of qualified home buyers and add to the 2,200 first-time home buyers who have reserved financing through the program since April 1.
 
Like us on Facebook and follow us on Twitter to be eligible for tips, prizes and program updates that can help your clients buy their first home. 
 
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The Grant at Woodlawn Park, Pullman Wheelworks, Heritage Woods of Freeport and Buffett Place Nominated for AHF Readers' Choice Awards
AHF 
IHDA Awards & RecognitionIHDA would like to congratulate our development partners on the nomination of four developments as finalists for the Affordable Housing Finance 2014 Readers' Choice Awards.
 
Developed by Preservation of Affordable Housing (POAH), The Grant at Woodlawn Park is a 420-unit community that replaced the Grove Parc Apartments, a severely distressed complex of 26 buildings built in the 1960s. With the completion of The Grant, POAH has replaced three full blocks of the former Grove Parc Apartments and preserved the property's federal housing subsidies.
 
Pullman Wheelworks Apartments, developed by Mercy Housing Lakefront and the National Housing Trust - Enterprise Preservation Corp., is a rehabilitation of 210 affordable apartments in a former automobile factory. Mercy launched a "rolling rehab" that allowed nearly all tenant families to stay on site during construction.
 
Heritage Woods of Freeport, developed by The Laubacher Co., houses 76 apartments designed to serve older adults of all incomes, including those on Medicaid and those who need some help to maintain independence.
 
Brinshore Development's Buffett Place opened its doors in January at the site of the former Diplomat Hotel in Chicago's Lakeview neighborhood. The development features 51 fully furnished studio apartments with access to services from Thresholds to help residents with mental illnesses and those at risk of homelessness achieve stability and independence.
 
Visit Affordable Housing Finance starting July 14 to vote for your favorite finalists.
Developers, Remember to Include IHDA When Planning Your Groundbreakings and Grand Openings
Events

Every new development provides a valuable platform to reach out to the communities we serve and showcase the work we do. Not only are these events important milestones, but they help to establish new partnerships that lead to more support for new developments in the future.

Please contact Samantha Slawinski in IHDA's Marketing & Communications Department when you start planning for your next event. She will be able to help identify the best dates, times, speakers and media opportunities that make these events a success. 
 
We look forward to hearing from you!

IHDA New Developments
 
NewDevelopments
Congratulations to our public-private partners on the following groundbreaking:

(May 22, 2014)

IHDA In The News
InTheNews 
(June 2, 2014) HGTV Front Door

(June 2, 2014) Herald-Review
 

 

(May 12, 2014) WUIS
 
(May 7, 2014) The McDonough County Voice