Current single-family program rates as low as 3.500 percent. See
Homeownership for more info.
IHDA Loan Officer of the Month
LoanOfficer
IHDA's Homeownership Department recognizes Theresa Jones, Loan Originator with Inland Home Mortgage in Rock Island as its "Loan Officer of the Month."  As an adviser in the home financing process, Theresa provides a variety of programs to meet her clients' individual needs. With over 27 years of experience in the mortgage industry and the backing of IHDA's affordable loan programs, Theresa guarantees professional service and outstanding results. Thanks, Theresa!
IHDA Upcoming Dates


UpcomingDates
IHDA vs. Developers Bowling Tournament
January 16
6 p.m. - 9 p.m.
Fireside Bowl
2648 W. Fullerton Ave.
Chicago, IL 60647

9% LIHTC PPA Deadline (Round II - 2015)
March 27
5 p.m.

9% LIHTC Application Deadline (Round I - 2015)
March 27
5 p.m.

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:

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Fannie and Freddie to Finance the Affordable Housing Trust Fund
 NAHTF
IHDA Program News
We are very pleased to announce that the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to begin setting aside a portion of their revenue to fund the National Affordable Housing Trust Fund and the Capital Magnet Fund, establishing a dedicated source of funding for the development of much-needed affordable housing.

The Housing and Economic Recovery Act of 2008 requires Fannie and Freddie to transfer a percentage of their new business to finance the Trust Fund and Capital Magnet Fund, but their contributions were suspended when the FHFA determined they were undercapitalized. Now that both entities have returned to profitability, FHFA Director Mel Watt instructed the companies to resume payments starting in the GSEs' fiscal year 2015 which began on January 1, 2015.

See the FHFA statement and NCSHA's fact sheet for more information.
FHA to Cut Federal Mortgage Fees
 FHA
IHDA Legislative News President Obama announced on January 8 that the Federal Housing Administration (FHA) will significantly lower the fees it charges borrowers to guarantee mortgages, making home loans more affordable for creditworthy families and providing a substantial boost to the housing market as it continues its recovery.

By the end of January, the FHA will reduce annual mortgage insurance premiums by 0.5 percent, from 1.35 percent of the loan balance to 0.85 percent. The White House estimates that the lower premiums will enable 250,000 new buyers to purchase a home over the next three years, and the typical first-time buyer will save an average of $900 each year.

By making mortgages more affordable, thousands of aspiring homeowners across Illinois will break into the market in 2015. And with the help of IHDA's down payment assistance, lower credit score requirements and tax savings for first-time and repeat buyers, IHDA lenders will have the solutions that make homeownership possible for more buyers throughout the state.

See the White House Fact Sheet and IHDA's Homeownership page for more information.
HUD's RAD Program Extended and Expanded
 RAD
IHDA Legislative News An extension of HUD's Rental Assistance Demonstration program (RAD) was included in the FY 2015 Omnibus Appropriations Bill, raising the cap on the number of public housing units that can participate in the program from 60,000 to 185,000 and extending it through 2018. The bill also makes single-room occupancy (SRO) buildings eligible to participate in RAD.

The additional 125,000 units will likely be absorbed by units already on the program waiting list, including over 15,000 units in Illinois waiting to convert from obsolete public housing to rehabilitated, affordable rental units for low-income households.

See NCSHA for more information on what the bill means for affordable housing in 2015.
IHDA's Power of Affordable Housing Fiscal Year 2014 Annual Report is Now Available
 AnnualReport
Hot off the press! IHDA's latest fiscal year report, the Power of Affordable Housing, is now available. Learn about the accomplishments we've made with our partners during Fiscal Year 2014.

Read the Power of Affordable Housing online in the IHDA News Room or contact communications@ihda.org for additional copies.
Book Your Room for the 2015 Illinois Governor's Conference on Affordable Housing
 Conference
A dedicated website is now available for attendees to book their hotel rooms at the Hyatt Regency at a discounted rate starting at $159/night before March 10, 2015. 

Reservations can be made, modified or canceled here or by calling (888) 421-1442. Make sure to mention the Illinois Governor's Conference on Affordable Housing at the Hyatt Regency Chicago and your preferred dates of stay.

Sponsorship opportunities are now available at www.ilgovernorsconference.org. Conference registration is not yet open, but information on how to register will be coming soon.
The First Annual IHDA vs. Developers Bowling Tournament is Set For January 16
 Fireside
The first annual IHDA vs. Developers bowling tournament is scheduled for January 16 at the Fireside Bowl in Chicago. Following several delays due to rain and poor field conditions, the two teams were unable to play the annual softball game and will bowl for the 2014 title instead. 

Support both teams at the Fireside Bowl, 2648 W. Fullerton Ave. in Chicago on Friday, January 16 at 6 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 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 ribbon cuttings:

Pana Towers Ribbon Cutting (Christian County Integrated Community Services)
(December 16, 2014)

Lynden Lane Ribbon Cutting (Community Housing Services of Rock Island)
(December 9, 2014)

IHDA In The News
InTheNews 
 
(December 14, 2014) Peoria Journal Star

(December 9, 2014) KWQC-TV

(December 9, 2014) Quad-City Business Journal

(December 8, 2014) Quad-City Business Journal