Current single-family program rates as low as 3.750 percent. See
Homeownership for more info.
IHDA Loan Officer of the Month
IHDA's Homeownership Department recognizes Susan Brown, Mortgage Banker at PHH Home Loans as its "Loan Officer of the Month." Susan has been in the mortgage business since 2002 and understands the importance of providing a model that suits her clients' needs by offering competitive rates and a variety of loan programs. Whether serving first-time buyers or Veterans, IHDA has been an asset to her customers, providing them with the opportunities they need to buy their new home. Thanks, Susan!
IHDA Upcoming Dates

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:

Like us on Facebook Follow us on Twitter

Illinois Home Buyers Reserve $500 Million in Mortgage Financing
IHDA Program News
In the first six months of 2014, more than 4,500 first-time home buyers have reserved over $500 million in mortgage financing using IHDA loan programs, a record in IHDA's 30 years of mortgage lending.
The re-emergence of first-time home buyers is a critical step to ensure a broad-based housing recovery. Their purchases allow existing homeowners to move up the housing ladder. When they are absent, current homeowners are left without a sufficient number of potential buyers to sustain a competitive marketplace.
Despite their critical role in the housing market, it remains difficult for credit-worthy first-time borrowers to get approved for a mortgage, causing Realtors and lenders across the state to take advantage of Governor Quinn's Welcome Home Illinois program in record numbers. With $7,500 in down-payment assistance, a minimum credit score of 640 and an interest rate as low as 3.750 percent for a 30-year, fixed rate mortgage, Welcome Home Illinois will expand the pool of qualified home buyers and make sure that 2014 is the year the housing market makes comeback. 
Visit for local IHDA-approved lenders, current interest rates, income limits and information on IHDA's many homeownership programs.
State Invests Tax Credits to Create and Preserve 700 Units of Affordable Housing
IHDA Program News
The IHDA Board of Directors on June 27 approved the allocation of federal Tax Credits that will generate an estimated $89 million in private equity to create nearly 700 affordable rental units in 13 developments across the state. 
Demonstrating Governor Quinn's commitment to improving the quality of life for people with disabilities and special needs, nearly half of the 700 units will be coupled with supportive services that enable residents to achieve long-term housing stability in the community of their choice.
As the state housing finance agency under Governor Pat Quinn, IHDA awards the federal Tax Credits through a competitive process to finance affordable housing. Since Governor Quinn took office, 16,450 units have been built and an estimated 16,000 jobs have been generated as a result of the Tax Credit program. With approval from the IHDA Board, developers will now seek private investment for their developments.
See the news release for more details and visit IHDA's Recently Approved Projects page for a complete list of approved developments. 
Round II Low-Income Housing Tax Credit Application Update
IHDA Program News The application date for Round II of IHDA's Low-Income Housing Tax Credit (LIHTC) program has been extended to July 25, 2014 at 5 p.m. The Round II Approved Preliminary Project Assessments can be found here.
As a reminder, IHDA will not be accepting applications for HOME funds for the remainder of the calendar year. If the lack of IHDA soft funds causes a financial gap in your Round II LIHTC application, your application should indicate that financing gap and include an explanation of the steps your team is currently taking to identify other sources of funding to fill the gap. This explanation may include a request for a basis boost if your property is located in a Qualified Census Tract as defined in the QAP or a request to deviate from your previously approved PPA in order to make the project financially feasible.
Please direct your questions to IHDA's Multifamily Department at
Treasury and HUD Partner to Support the Multifamily Risk-Sharing Program
IHDA Financial News The U.S. Treasury and the Department of Housing and Urban Development (HUD) announced a new partnership that will increase the affordability of multifamily lending on June 26. Under the new partnership, the Treasury will reduce the cost of borrowing for affordable multifamily developments by allowing the Federal Financing Bank (FBB) to finance multifamily loans insured under the Federal Housing Administration's (FHA) Risk-Sharing program. 
The Risk-Sharing program allows state housing finance agencies to underwrite multifamily FHA loans while agreeing to share the risk of losses on those loans. The Obama administration has called on Congress to allow Ginnie Mae to securitize the loans made under the Risk-Sharing program which would reduce the cost of financing for rental housing developments by as much as two percent, making it possible to achieve lower rents and reach tenants with even lower incomes. But until Congress acts, the FBB will use its existing authority to finance FHA-insured mortgages.
IHDA is excited about this announcement which will allow us to finance Risk-Share loans with rates indicative of the Ginnie Mae AAA execution, which in today's market is estimated to be less than 3.5 percent. 
Treasury and HUD are working with the New York City Housing Development Corp. (HDC) to close the first development under the initiative this fall.
If you have deals that would benefit from this execution, please contact Christine Moran at (312) 836-5273.
IHDA Launches Statewide Energy Savers Initiative
IHDA Program NewsThe Illinois Energy Savers Program was launched on June 27, creating a statewide, one-stop energy efficiency shop for multifamily building owners throughout Illinois.
Offered in partnership by IHDA, DCEO, Enterprise Community Partners, Inc. and Elevate Energy, the program provides building owners with free energy audits and low-cost financing to install audit-determined energy-saving recommendations. The audit providers, Elevate Energy, will conduct a building assessment that includes an examination of utility bills and a thorough inspection of your building to find where you are wasting energy, water and money. Once the audit is complete, Enterprise will use a $2 million allocation from IHDA to identify, underwrite and approve loans at below-market interest rates to help building owners retrofit an estimated 1,500 units across the state.
Building owners who implement the recommended changes commonly see their annual energy bills reduced by 30 percent, or $10,000 for a typical 24-unit building. 
Information on how to apply will be available soon at
Ten HFA Executives Discuss QAP Changes, Preservation Efforts and Market Trends
The Low-Income Housing Tax Credit accounts for most of the country's new rental housing affordable to low- and moderate-income families. The program has financed more than 2.4 million affordable rental homes since its creation 28 years ago, a record made possible by developers and agencies at the state level that develop annual allocation plans based on the evolving needs of each state.
With IHDA's current LIHTC application approaching on July 25, Executive Director Mary R. Kenney joined HFA Executives from around the country to discuss IHDA's Housing Credit program, including changes to the 2014 QAP, concerns for tax reform and market trends all developers should be watching.
Read Affordable Housing Finance's Inside the HFAs to learn more about the policies and changes that are shaping the future of the Tax Credit in Illinois.
Funding Available for Rural Housing Repair
The U.S. Department of Agriculture announced on June 11 that it is seeking applications for grants to preserve and repair housing for low and very low-income families living in rural areas. Up to $3.9 million is available to help homeowners and landlords make repairs and improve living conditions in towns with populations of 20,000 or less.
The funds are being made available through the USDA Rural Development's Housing Preservation Grant (HPG) program. Eligible applicants include town or county governments, public agencies, Native American Tribes and non-profit and faith-based organizations. Applications are due July 28, 2014
Interested applicants should see the Notice of Funding Availability and contact Bonnie Edwards-Jackson (202-690-0759) for more information. 
Become IHDA's First Realtor of the Month
Realtors, tell us in 100 words or less how you use IHDA's first-time home buyer programs to create opportunities for your clients and become IHDA's first-ever Realtor of the Month.
The winner will receive a feature in IHDA's August newsletter, a posting of your photo, contact information and a brief bio on the website and recognition on IHDA's Facebook and Twitter pages throughout the month of August.
All submissions should be sent to IHDA will accept submissions until July 18 and there is no limit to the number of entries allowed.
Like us on Facebook and follow us on Twitter to be eligible for tips and program updates that can help your clients buy their first home. 
      Like us on Facebook Follow us on Twitter     
Four Illinois Developments Announced as Finalists for AHF Readers' Choice Awards
IHDA Awards & RecognitionIHDA would like to congratulate Preservation of Affordable Housing (POAH), Mercy Housing Lakefront, National Housing Trust-Enterprise Preservation Corp., The Laubacher Co. and Brinshore Development on their selection as finalists of the 10th annual Affordable Housing Finance Readers' Choice Awards for the nation's best developments of 2013 and 2014. 
The Grant at Woodlawn Park, Pullman Wheelworks Apartments, Heritage Woods of Freeport and Buffett Place were selected out of approximately 130 nominations on an assessment of key characteristics, including adding to the affordable housing stock, neighborhood revitalization, innovative construction practices and improving the quality of life for priority populations.
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
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
Congratulations to our public-private partners on the following grand opening and Tax Credit awards:

IHDA In The News
(July 10, 2014) Crain's Chicago Business

(July 8, 2014) Chicago Daily Herald

(July 8, 2014) MSNBC 

(July 8, 2014) The Bugle

(June 23, 2014) WGEM

(June 22, 2014) The Times of Northwest Indiana

(June 19, 2014)

(June 17, 2014) Quad City Business Journal

(June 15, 2014) WGN TV

(June 12, 2014) Chicago Tribune

(June 11, 2014) Chicago Tribune