IHDA Loan Officer of the Month
LoanOfficer
IHDA's Homeownership Department recognizes Stacy Borho Byrd, Vice President and Loan Officer at First State Bank of Illinois in Peoria as its "Loan Officer of the Month." After more than 16 years in the mortgage industry, Stacy has the experience and knowledge to make the home loan experience smooth and stress free for her clients. She regularly hosts home buyer workshops for first-time and repeat buyers, helping her clients access down payment assistance from IHDA's @HomeIllinois program and guiding them through every step of the process. Thanks, Stacy!
May 11 - 13
Chicago Marriot
540 North Ave.
Chicago, IL 60611

June 16
10:30 a.m. - 12:30 p.m.
Illinois State Library
Gwendolyn Brooks Bldg.
300 S. Second St.
Springfield, IL 62071

June 19
1 p.m. - 3 p.m.
Illinois Housing Development Authority
401 N. Michigan Ave.
Suite 700
Chicago, IL 60611
Governor Rauner Appoints New Chairman of the Illinois Housing Development Authority
 Galvan
Governor Bruce Rauner's office announced on May 10 the appointment of Joseph P. Galvan as Chairman of the Illinois Housing Development Authority.

Galvan currently serves as Principal of Galvan and Associates, a housing development and consulting practice located in Chicago and Washington, D.C. His prior work includes eight years at the U.S. Department of Housing and Urban Development where he oversaw HUD operations in the Midwest. 

His experience also includes consulting with Olmeca Planning Consultants and city planning for the City of Country Club Hills, the Village of Franklin Park and the Village of Maywood. 
New Financing Options Available for Multifamily Developers
 Advantage
IHDA Program News
Developers of affordable rental housing in Illinois now have more financing options with the launch of IHDA's Credit Advantage and Affordable Advantage programs, two new first position loan products with aggressive interest rates that reduce borrowing costs for developers who are building, rehabilitating or refinancing multifamily rental properties.

Credit Advantage provides low cost construction and permanent mortgage financing for developments funded by 9% Low-Income Housing Tax Credits, while Affordable Advantage provides permanent first mortgage financing for stabilized new construction, refinance or rehabilitation of properties that do not involve tax credits. The maximum loan amount under either program is $10 million, with loans over $3 million insured by the FHA-HFA Risk-Sharing program.

For more information on these products, see the term sheets and indicative rates on IHDA's Taxable Programs page.
Sheridan Park Apartments (Related Apartment Preservation)
Illinois Strategy Recognized as a Model for Serving Extremely Low-Income Households
 Weinberg
IHDA Program News
The Technical Assistance Collaborative published a report on April 9 that highlights an innovative financing strategy from Illinois designed to create permanent supportive housing (PSH) for extremely low-income households.

The Harry and Jeanette Weinberg Foundation established a partnership with IHDA in 2013 to test a new approach to funding PSH through the Low-Income Housing Tax Credit (LIHTC) program. IHDA used Weinberg Foundation grants as an incentive for developers to establish deeply affordable rents, with funds committed specifically to enable the development to reduce permanent debt and apply the savings to support lower rents in targeted units.

The first Weinberg Foundation development was the Related Companies' Sheridan Park Apartments in Chicago, which used grant funds to support four apartments for extremely low-income residents over a term of 30 years. Though small in scale, the authors argue the strategy can serve as a cost-effective model for financing PSH using National Housing Trust Fund capital when resources are made available in 2016.

Visit the Technical Assistance Collaborative for the full report.
Register for the 2016 Low-Income Housing Tax Credit Qualified Allocation Plan Summits
 Summits
IHDA Program NewsIHDA will host the first-ever QAP Summits on June 16 in Springfield and June 19 in Chicago, providing an opportunity for discussion between IHDA and the development community before the QAP is issued for public comments. At the Summits, IHDA will share preliminary thoughts regarding the changes being considered for the 2016 QAP and will ask for input and suggestions before those changes are proposed.

To register for one of the Summits, please complete the 2016 QAP Summit Survey by May 20 at 5 p.m. As spacing for the Summits is limited, registration will be limited to two persons per organization. Seats will be reserved on a first-come, first-served basis.

The survey also asks for your input prior to attending. To maximize the effectiveness of the Summits, we ask that you identify the topics you wish to discuss. If you cannot attend one of the Summits but would like to provide input, please do so on the survey.

See the Upcoming Dates section for more details and direct any questions to multifamilyfin@ihda.org.
NeighborWorks America Awards $1.2 Million to 29 Illinois Counseling Agencies
 NeighborWorks
IHDA Program News On April 17, IHDA accepted $1.21 million from NeighborWorks America to support 29 HUD-certified counseling agencies throughout the state that provide free counseling to households facing foreclosure. 

Awarded under the ninth round of the National Foreclosure Mitigation Counseling Program (NFMC), a congressionally appropriated program created to support foreclosure intervention counseling, the grant will enable non-profit agencies statewide to provide free foreclosure prevention and debt management counseling to approximately 4,350 households in Illinois communities impacted by foreclosures. 

The program has been tremendously successful in Illinois, connecting over 43,000 households with the resources they need to save their homes during the first eight rounds. Homeowners who receive counseling through NFMC are 70 percent more likely to cure their foreclosure than those who do not and 45 percent more likely to receive a modification. The Northwest Side Housing Center in Chicago - one of IHDA's sub-grantees under NFMC Round 9 - helped 81 percent of their clients save their home from foreclosure in 2014.

Visit KeepYourHomeIllinois.org or call (855) 873-7405 to find a counselor near you.
FICO Makes Credit Scores Available to Consumers through Financial Counselors
 FICO
IHDA Financial News FICO announced on April 21 that housing counselors participating in the FICO Score Open Access for Credit & Financial Counseling Program will soon be able to provide their clients with copies of the credit scores purchased on their behalf, along with other credit education materials to help consumers understand credit scoring and financial health management. Counselors will also have free access to share Experian credit reports with financially struggling consumers.

Until now, counselors have been able to access their clients' scores and reports, but have been prohibited by their contracts with the credit reporting agencies from turning copies over to the consumer. The Consumer Financial Protection Bureau argues that the policy change will allow counselors to do their jobs more effectively, supporting their clients' progress and helping over one million struggling households improve their financial situation each year.

Visit KeepYourHomeIllinois.org to find a counselor near you and see FICO for details on how to join the Open Access program.
FHFA Introduces MyCity Modification Program in Cook County
 MyCity
IHDA Program News More foreclosures may be prevented with new federal assistance from the Federal Housing Finance Agency (FHFA) specifically tailored to address the unique circumstances of the Cook County housing market.

The FHFA's MyCity Modification program began on April 1 as part of a pilot program designed to help to stabilize the neighborhoods that have been hardest hit by foreclosures. Offered to borrowers who are delinquent on their mortgage or facing foreclosure, the goal of a MyCity Modification is to reduce a borrower's monthly mortgage payments by up to 60 percent by lowering the interest rate and extending the length of the modified loan.

Borrowers in Cook County with mortgages owned by Fannie Mae or Freddie Mac on properties valued at $250,000 or less may be eligible for a MyCity Modification, even if they are in bankruptcy or were unable to qualify for other loan modification programs.

See the MyCity Modification Fact Sheet for more details.
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 Max Mueller in IHDA's Marketing & Communications Department when you start planning for your next event. He 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 grand openings:

The Landings on Villa Open House (Trinity Services, Inc.)
(April 27, 2015)

Emerald Ridge Grand Opening (Rise Community Development, Southwestern Illinois Development Authority)
(April 20, 2015)


IHDA In The News
InTheNews 
(May 11, 2015) Suburban Life Publications

(May 6, 2015) The Journal-Standard

(April 30, 2015) The Gazette-Democrat

(April 30, 2015) Illinois Real Estate Journal

(April 29, 2015) Affordable Housing Finance

(April 21, 2015) The Herald-News

(April 21, 2015) Peoria Journal Star

(April 17, 2015) Chicago Tribune

(April 13, 2015) Mashable