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

 


 

 


 
IHDA Loan Officer of the Month
LoanOfficer
IHDA's Homeownership Department recognizes Fabiola Candlish, CRA Loan Originator with U.S. Bank Home Mortgage in Chicago as its "Loan Officer of the Month." Fabiola has experience with a diverse clientele and always connects her customers with IHDA loans to make homeownership a reality in every market. With the help of her colleagues and area non-profits, she makes sure her clients find the product that is right for them. Thanks, Fabiola!
IHDA Awards & Recognition
Lenders
With two months to go, Wintrust Mortgage stays in the lead as IHDA's top mortgage originator of 2014.

Here are the top eight IHDA Lenders of 2014:
  1. Wintrust Mortgage
     
  2. Busey Bank
     
  3. Mortgage Services Ill, LLC.
     
  4. Inland Home Mortgage Co.
     
  5. Prospect Mortgage, LLC.
     
  6. Key Mortgage Services, Inc.
     
  7. Marine Bank
     
  8. Standard Bank & Trust Company
IHDA Upcoming Dates


UpcomingDates
2015 Qualified Allocation Plan Workshop & Market Analyst Meeting
November 12
10:30 a.m. - 1:30 p.m.
Lincoln Library
Carnegie Room North
326 S. 7th St.
Springfield, IL 62701

November 12
10 a.m.
Click here to register

Preservation Resources Workshop
November 18
8:30 a.m. - 11 a.m.
Click here to register

2015 Qualified Allocation Plan Workshop & Market Analyst Meeting
November 19
9 a.m. - 12 p.m.
IHDA Main Board Room
401 N. Michigan Ave.
Suite 700
Chicago, IL 60611

November 19 - 21
Fairmont Chicago, Millennium Park
200 N. Columbus Dr.
Chicago, IL 60601

November 22
9 a.m. - 1 p.m.
Wright College
4300 N. Narragansett
Chicago, IL 60634

Illinois Governor's Conference on Affordable Housing
April 1 - 2
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:

Like us on Facebook Follow us on Twitter
First-Time Home Buyers Access a Record $1 Billion in Affordable Mortgages in 2014
 OneBillion
IHDA Program News
IHDA announced on November 1 that more than 10,000 first-time home buyers have accessed $1.2 billion in affordable loans and down payment assistance through the state's home loan programs in 2014, the highest annual total in IHDA's more than 30 years of mortgage lending.

Data from the Joint Center for Housing Studies shows that more than half of renters aged 25 to 34 can afford the monthly costs of owning a home, but a tight credit market continues to lock them out of the housing market. While homeownership is still a goal for millennial households, many need an extra push to make it a reality.

IHDA's homeownership programs have been the answer for thousands of new home buyers, attracting young borrowers in record numbers at a time when most states are still struggling to bring these buyers back to the market. With up to $10,000 in down payment assistance, below-market interest rates and tax incentives to buy a home, lenders, Realtors and home buyers should act now, while funding is available, to find the mortgage that is right for them.

See the news release for more details and visit www.WelcomeHomeIllinois.gov for current interest rates and a list of local IHDA-approved lenders.
Illinois Celebrates Investment to End Homelessness Among Veterans
 HopeManor
IHDA joined the Volunteers of America of Illinois, community leaders, Veterans of the U.S. Military and their families to open Hope Manor II Apartments on October 17, one of the first large-scale developments in the nation designed to address the needs of female Veterans and Veterans with families at risk of homelessness.

Women Veterans, often with children, are the fastest growing segment of the homeless population. To address the challenges these military families face in transitioning to civilian housing and employment, IHDA has made Veteran housing a priority, launching or modifying proven programs that create more housing opportunities for the servicemen and women of Illinois.

The 73-unit Hope Manor II will be home to nearly 100 heroes and family members who were previously homeless or at risk of homelessness. The campus-style community in Chicago's Englewood neighborhood will provide affordable rents and supportive services that help them change and improve their lives over the long term. After IHDA provided financing for Hope Manor I in East Garfield Park to provide housing and services to single Veterans in 2012, a community to serve families was the next appropriate step.

See the news release for more details.
State's Investment of Tax Credits Will Create or Rehab Over 1,000 Affordable Apartments
 LIHTCAwards
IHDA Program News As both the number and share of renters facing affordability problems increases, the IHDA Board of Directors awarded tax credits under the latest round the federal LIHTC program on November 21 to increase the supply of affordable rental homes for working families, seniors, persons with disabilities and Veterans.

The credits help developers secure private investment that will support the construction of 1,032 apartments in 14 developments throughout the state. Based on the current market, the credits will generate an estimated $128 million in private equity, lowering development costs and passing the savings to low-income tenants through lower rents.

Visit IHDA's Multifamily Developer Page for a complete list of approved developments and see the news release for more details.
2015 Qualified Allocation Plan Updates
 QAPupdates
IHDA Program News IHDA will hold two QAP workshops to address questions and comments received during the 30-day QAP public comment period: November 12 at the Springfield Public Library and November 19 in IHDA's offices in Chicago. To register for either workshop, please RSVP to Kathy Terry.

IHDA's Strategic Planning and Research department will be available immediately following the two-hour QAP workshops to answer questions about IHDA standards for Site and Market Studies as well as recent changes and clarifications to these standards. This is an optional one-hour workshop that will only focus on the Site and Market Study Standards.
 
Please note the 2015 LIHTC Program application deadlines are below:

9% LIHTC Program Timeline
PPA (Round I - 2015)12/19/2014
PPA (Round II - 2015)3/27/2015
9% Tax Credit Application (Round I - 2015)3/27/2015
9% Tax Credit Application (Round II - 2015)7/24/2015

Visit IHDA's Multifamily Developer Page for the complete multifamily financing program calendar.
National Foreclosure Mitigation Counseling Program Achieves Positive Results For Struggling Homeowners
 IFPN
IHDA Program NewsIn September 2014, the Urban Institute released a report on the National Foreclosure Mitigation Counseling (NFMC) program stating NFMC clients experience far better outcomes than homeowners who do not receive housing counseling.

NFMC, a federally funded program administered in Illinois by IHDA, is one of the programs available through the Illinois Foreclosure Prevention Network (IFPN). The report concluded that the odds of receiving a loan modification are 2.83 times greater when a household receives counseling assistance and the odds of redefaulting on a loan were 72 percent less for participating homeowners.

Households should not wait until their loan is delinquent to seek housing counseling and no-one should ever pay for counseling services. Services offered through IFPN are free and include access to NFMC program counselors, legal advice, mortgage assistance programs and other tools to avoid foreclosure.

Visit www.KeepYourHomeIllinois.org or call (855) KEEP-411 to find an experienced housing counselor near you.

Pictured: Noreen Russo, Program Director at the City of Chicago King Neighborhood Service Center with the IFPN flyer on display.
Extend Your Subsidy Contracts with a Preservation Resources Workshop
 Preservation
Project-Based Rental Assistance (PBRA) enables tens of thousands of Illinois households to afford safe and decent apartments through contracts with private owners who rent to low-income families. These affordable units are often lost as the contracts expire, but there are incentives available to owners who extend their existing subsidy contracts.

On November 18, the Preservation Compact will host a workshop in Chicago for owners and managers of Project-Based Section 8 properties. Presenters from IHDA, HUD, Cook County and the City of Chicago will focus on the financial resources that can help preserve HUD-assisted properties.

For more information and to register, please visit the Preservation Compact or contact Shemeka Atkins.
Attend a Chicago Housing Authority Waiting List Lottery Webinar
 CHAwebinar
The Chicago Housing Authority (CHA) opened the wait lists for public housing, housing choice vouchers and private property rental assistance on October 27 to help fill CHA owned and assisted rental units as they become available. After the November 24 deadline, names will be randomly drawn for inclusion on each of the three lists.

The Corporation for Supportive Housing will host a 45 minute informational webinar on November 12 at 10 a.m. for service providers on how to sign low-income households up for the lottery. Each session will review how to help clients register for all three waiting list lotteries with one application, frequently asked questions and what steps to take to host a registration event with the support of CHA staff members. 

Please visit the Corporation for Supportive Housing to register.
Stay Connected with Industry Leaders at AHF Live in Chicago
 AHFlive
There is still time to register for AHF Live: The Affordable Housing Developers Summit on November 19 - 21 at the Fairmont Millennium Park in Chicago.

Network with the nation's top developers and industry leaders, learn the latest policy and finance strategies from state and local housing finance agency representatives, and find the resources that can help you grow your business.

Be sure to join IHDA, AHF's Editorial Advisory Board members and others for the State of the Industry panel. You'll get the inside track on what the future holds for the tax credit market, tax and housing reform, and other issues that will shape the future of the housing industry.

Visit AHF Live for more information.
Save the Date: The Illinois Governor's Conference on Affordable Housing is Set for April 1 - 2, 2015
 GovConference
Stay tuned for an official "Save the Date" notice for the 2015 Illinois Governor's Conference on Affordable Housing. Scheduled for April 1 - 2 at the Hyatt Regency Hotel in Chicago, this will be the third conference to be co-hosted by IHDA and the Illinois Housing Council. Directions on how to register will be available in the coming months.
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

IHDA In The News
InTheNews 
(November 3, 2014) My Stateline

(October 30, 2014) DNAinfo Chicago

(October 30, 2014) The Daily Northwestern

(October 28, 2014) DNAinfo Chicago

(October 28, 2014) Our Urban Times

(October 26, 2014) Southtown Star

(October 25, 2014) Paris Beacon News

(October 23, 2014) Crain's Chicago Business

(October 22, 2014) Sauk Valley

(October 21, 2014) The Herald-News

(October 17, 2014) DNAinfo Chicago