Current single-family program rates as low as 3.750 percent. See
Homeownership for more info.
IHDA In This Issue

 

 
 
 




 
IHDA Awards & Recognition

Moran
Congratulations to Christine Moran who has accepted the position of Managing Director of IHDA's Multifamily Financing group. Christine has done an excellent job steering the Authority's multifamily business and we are excited to make her appointment official!
IHDA Loan Officer of the Month
LoanOfficer
IHDA's Homeownership Department recognizes Juan Loya, Senior Loan Officer at Prospect Mortgage as its "Loan Officer of the Month." In his eighteen years of mortgage lending, Juan has been a trusted adviser to first-time buyers, making sure they find the loan program that fits their unique financial situation. With the help of IHDA's homeownership products, he helps his clients meet and exceed their short-term expectations while promoting their long-term financial success. Thanks, Juan!
IHDA Awards & Recognition
Rankings
Congratulations to Busey Bank, IHDA's most productive lender of 2014 (so far)! Through the first nine months of this year, IHDA has funded more loans through Busey than any of our nearly 100 participating lending partners. Keep up the good work, and stay tuned for changes in the Lender standings!
IHDA Upcoming Dates


UpcomingDates
September 18
5 p.m. - 7:30 p.m.
Cliff Dwellers Club
200 S. Michigan Avenue
Chicago, IL 60604

September 27
9 a.m. - 1 p.m.
2500 N. Annie Glidden Rd.
Dekalb, IL 60115

October 18 - 21
Sheraton Boston Hotel
39 Dalton Street
Boston, MA 02199
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
IHDA Provides Another New Program for First-Time Home Buyers - Introducing SmartMove with MCC
 MCC
IHDA Program News
On September 3, IHDA launched a new homeownership product for first-time home buyers: SmartMove with MCC. The product provides a 30-year fixed-rate mortgage with a competitive interest rate and a federal tax credit that reduces the buyer's income tax liability by as much as $20,000 over the life of the loan.

IHDA is excited to offer another option so buyers can choose the mortgage that best fits their needs. Participating lenders can find more information and a set of program documents in the Partner section of the IHDA website.
$30 Million Available to Eliminate Blighted Properties
 BRP
IHDA Program News
IHDA is currently accepting applications for funding to target blighted, vacant residential properties for demolition, greening and eventual reuse or redevelopment. Up to $30 million from the Blight Reduction Program will be available to help local governments (cities, municipalities and counties) eliminate blight in neighborhoods hit hard by foreclosures.

The application and more information can be found on IHDA's Blight Reduction Program page. The deadline to submit an application for funding is December 8, 2014.
As Millennials Enter the Market, Welcome Home Illinois is the Key to a Growing Demographic
 Homeownership
IHDA Program News
Homeownership continues to be the preferred housing choice of a majority of young households; however, millennials in particular have been slow to enter the housing market in locations across the country. That is not the case in Illinois, where the Welcome Home Illinois program has attracted young home buyers in record numbers. Approximately 70 percent of WHI buyers are 34 or younger, allowing this crucial demographic the opportunity to purchase their first home.

Lenders and Realtors should act now to take advantage of this renewed interest by connecting their customers with Governor Quinn's Welcome Home Illinois program. With $7,500 in down payment assistance, a minimum credit score requirement of 640 and a below-market interest rate (currently at 3.750 percent, you can make homeownership possible for a group that is key to a stronger housing recovery.
 
Visit WelcomeHomeIllinois.gov for local IHDA-approved lenders, current interest rates, income limits and information about IHDA's many homeownership programs.
Illinois Affordable Housing Trust Fund to Celebrate 25th Anniversary
 TrustFund
IHDA Program News
Since 1989, the Affordable Housing Trust Fund has been one of Illinois' most important resources to finance the creation and preservation of safe and affordable homes for working families.

At a time when the need for homeownership opportunities and affordable rental housing is greater than ever before, advocates continue to look to the Illinois Affordable Housing Trust Fund as a solution. For the past 25 years, the Trust Fund has been a flexible source of gap financing crucial to developers, non-profit organizations, municipalities and homeowners across the state, allocating more than $700 million to finance 59,200 affordable homes and apartments for low-income families.
New Property Tax Program Provides Incentives for the Rehab of 1-6 Unit Properties
 TaxFreeze
IHDA Program News
Neighborhoods distressed by vacant and deteriorating properties are now eligible for property tax relief, providing greater incentive for redevelopment under the Community Stabilization Property Tax Assessment Freeze Pilot Program. 

With approval from Governor Quinn in July, the program will return vacant homes to productive use by providing a property tax assessment freeze for redeveloping residential properties. Properties eligible for the incentive must undergo significant rehabilitation and be located in targeted distressed communities. 

IHDA worked closely with the Preservation Compact, State Rep. Arthur Turner, Sen. Donne Trotter and other public private partners to develop the program. 

Home buyers and investors in participating communities can apply for the freeze starting January 1, 2015 by contacting their local County Assessor's office. 

For more information, read the full text of the bill here.
IHDA Joins The Community Builders and Public Officials for Oakley Square Ribbon Cutting
 Oakley
IHDA joined The Community Builders, Inc. (TCB), Chicago Aldermen Robert Fioretti and Walter Burnett, HUD's Chicago Multifamily Hub Director Daniel Burke and other public-private partners on August 20 to celebrate the ribbon cutting for Oakley Square, a $48 million redevelopment of St. Stephen's Terrace Apartments on Chicago's Near West Side.

Originally built in 1979, the property was in desperate need of repair and better management when it was acquired by TCB. The redevelopment preserved and renovated 247 mixed-income apartments - 221 of which receive rental subsidies under HUD's project-based Section 8 program - and added 20,000 square feet of community space. The transformation of the once blighted space also includes a new playground built in June 2014 by Oakley Square residents, staff and community partners.

Under Governor Quinn's administration, IHDA has made the rehabilitation of aging rental housing a priority, extending project-based rental subsidies in existing developments across the state. Since 2009, IHDA has approved financing to preserve approximately 10,600 affordable rental homes in 124 developments across the state.
Attend the Chicago Rehab Network's Annual Training Series
 CRN
Now in its 18th year, the Chicago Rehab Network's Community Development and Empowerment Series has provided timely and practical training for hundreds of community development partners across the region.

Designed for staff and board members of community-based affordable housing development organizations, participants will learn development skills, discuss strategies for community reinvestment and share best practices with others in the field. 

Participants can register for the entire series or any one of the two day sessions. Please visit the Chicago Rehab Network for registration and a list of session dates.
HUD Issues Guidance on Equal Access Rule
 HUD
HUD's Office of Public and Indian Housing (PIH) recently issued guidance on the Equal Access rule, published on February 3, 2012, which requires that HUD's assisted and insured housing programs are open to all eligible individuals regardless of sexual orientation, gender identity or marital status.

The guidance details how the Equal Access Rule applies to Public Housing Authorities (PHAs), PHA affiliates and instrumentalities, mixed-finance owners and owners of Section 8-assisted properties.

See the Notice and Equal Access Rule for more information.
Come Out This Friday to See IHDA Slam the Developers in the Annual IHDA vs. Developers Softball Game
 Homers
Due to rain and poor field conditions, the annual IHDA vs. Developers softball game has been rescheduled for Friday, September 12 at 5 p.m.

The Developers are hoping to recover after decisive losses in 2012 and 2013, but will have to make it past an IHDA team playing for its third consecutive title and Illinois' first three-peat since 1998.

Support both teams at Lake Shore Park, 808 N. Lake Shore Drive in Chicago on Friday, September 12 at 5 p.m. 
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 ground breaking:

Nehemiah Expansion, Calvary Missionary Baptist Church
(September 4, 2014)