IHDA In This Issue

IHDA Loan Officer of the Month
IHDA's Homeownership Department recognizes Ron Haddad, Senior Mortgage Banker at Key Mortgage/Baird & Warner Financial Services in Schaumburg as its "Loan Officer of the Month." Ron has more than 14 years of experience in mortgage lending and has been recognized as being among the top 5% of the most productive mortgage bankers in the nation. As an expert in first-time homebuyer financing and IHDA's down payment assistance programs, he regularly appears on radio interviews and web blogs to offer financial solutions for borrowers looking to break into the housing market. Thanks, Ron!
IHDA Awards & Recognition
Lenders and Realtors - IHDA would like to share the success stories of your new homeowners throughout the state. Send us a photo of your new homeowner, either at their new home or with their lender or Realtor, and we'll feature them on IHDA's Facebook page.

Send your photos to IHDA's Communications team and we'll get them posted!
IHDA Upcoming Dates

September 18
1:30 p.m.
IHDA Board Room
401 N. Michigan Ave.
Suite 700
Chicago, IL 60611
September 25

September 29
Gleacher Center
450 N. Cityfront Plaza
Chicago, IL 60611
IHDA Executive Director Announces Resignation
Illinois Housing Development Authority Executive Director Mary R. Kenney announced that she will step down from her position on September 18, 2015 to become Director of U.S. Government Affairs at BMO.

For more than four years as Executive Director, Kenney served as the Authority's guide in both challenging and exciting times, shaping the strategies that promote affordable housing and community development throughout Illinois. During that time, IHDA took on new roles and fought tirelessly on behalf of the state's partners to protect the resources that support homebuyers, homeowners and renters. After some of the most difficult years in our state's history, she will leave the Authority stronger than ever, with an upgraded credit rating and new tools that spur the development of affordable housing opportunities in every market.

Please join IHDA in thanking Director Kenney for her commitment to affordable housing and in wishing her the best of luck in her new role.
Developers and Advocates - We Want to Hear From YOU
IHDA Program News
The 2016-2017 Draft Qualified Allocation Plan (QAP) has been released for public comment. Thank you to everyone who participated in the QAP Summits. 
IHDA encourages developers and advocates to provide input. Written comments are due by October 2 at 5 p.m. and may be emailed to multifamilyfin@ihda.org or directed to the following address:
Multifamily Finance Department
Illinois Housing Development Authority
401 N. Michigan Ave., Suite 700
Chicago, IL 60611
A public hearing for comments will be held at IHDA on September 18 at 1:30 p.m. Please note this hearing will be for comments only, IHDA will provide feedback at the conclusion of the 30-day comment period.
Please contact Kathy Terry at (312) 836-7403 to register. 
Impact of the Low-Income Housing Tax Credit in Illinois (1986 - 2013)LIHTC
  • 80,355 homes developed or preserved
  • 90,801 jobs supported for one year
  • $8.65 billion in local income generated
  • $3.41 billion in tax revenue generated

Additional information on the impact of the housing credit can be found in the attached fact sheet. Stay tuned for impact by congressional district.

Millennials are Moving Out of Their Parents' Basements and Into Their Own Homes
According to a recent report from Moody's Investors Service, the nation will likely see an increase in home ownership by 25-34 year-olds due to wage growth, lower unemployment and a trend toward greater household formation.

This is great news for state housing finance agencies. Why? Because most millennials lack the funds for down payment assistance. 

Millennials in Illinois should visit www.ihda.org for a list of qualified lenders who can connect them to IHDA's
1stHomeIllinois and @HomeIllinois mortgages products which provide up to $7,500 in down payment assistance. There is no better time to buy than now... just ask mom and dad.    
Freedom's Path at Hines
Housing for Homeless Veterans Opens at Hines VA Hospital
Freedom's Path at Hines opened on August 20, marking a critical step in the transformation of four acres of vacant, underutilized land on the Hines VA campus into permanent supportive housing for veterans facing homelessness.

IHDA board members and staff joined Communities for Veterans, the Department of Veterans Affairs and representatives several branches of the military to celebrate the completion of 72 apartments specifically designed to serve the changing needs of today's veterans. Thanks to the resources available from the Edward Hines Jr. Hospital, Freedom's Path will link residents with the tools that improve stability, employment and health. 

IHDA thanks Communities for Veterans, the USVA and the state's public-private partners for this significant step toward ending homelessness among veterans in Cook County.
Future site of Woodridge Horizon
Woodridge Welcomes First Affordable Housing Development for Seniors  
Seniors in Woodridge will soon have a place to call home.

On August 28, the Alden Foundation began construction on Woodridge Horizon, a 93-unit affordable housing development for seniors. The development is the result of years of planning by the Village of Woodridge which purchased the property in 2012 with the intention of developing the area specifically for senior housing.

Congratulations to the Village of Woodridge, the Alden Foundation and the state's public-private partners who made this milestone possible.
Reservoir Estates, Peoria
$40 Million Renovation is the Largest Ever Outside Chicago
A $40 million renovation of four Peoria apartment complexes wrapped up on September 3, ending the largest ever rehabilitation effort in Illinois outside of Chicago.

Wallick Communities began construction in May 2014, returning nearly 500 apartments for seniors and families to like-new conditions inside and out. The renovations not only provided new homes to 50 families and 430 seniors, but the work ensured the rental subsidies attached to the apartments will be extended, keeping them affordable for an additional 20 years.
Want to Boost Cash Flow Across Your Portfolio of Multifamily Housing Properties? 
Attend the National Housing & Rehabilitation Association's
Preservation Through Energy Efficiency Road Show on September 29 to discover the knowledge, tools and connections you need to conduct water and energy retrofits on your properties. In addition to the resources provided at the event, Road Show attendees will have access to a private social networking tool where they can ask questions, share experiences and learn from their fellow attendees and faculty on energy and utility efficiency initiatives.
See the upcoming dates section for more details and visit the National Housing and Rehabilitation Association to register.
Jerry Wallack, Trusted IHDA Adviser, Passes Away at 63 
On September 3, Jerry Wallack, a prominent Chicago-based public finance lawyer, passed away at 63. With 36 years of experience in public and structured finance, Mr. Wallack served as lead attorney or co-lead attorney for his firm's work with IHDA, the Illinois Finance Authority and many others. His expertise in government, development and housing allowed him to find an ideal solution for every deal and he quickly become a valued colleague and trusted adviser to the Authority. He will be missed by many in the affordable housing development community.
Former Employees Wallop IHDA in the Annual Developer Softball Game
IHDA Awards & Recognition It's bad enough when key IHDA staff leave our family and go work for one of our developers (ahem), but it's rubbing salt in the wound for those same former employees to then trounce us in the annual Developers vs. IHDA softball game.

But that is exactly what happened on August 20 at the Waveland Avenue softball fields in Chicago. In an exciting and well-played game, the Developers took an early lead and ultimately won the 2015 trophy with a final score of 16-8, reclaiming the title after three consecutive IHDA wins.
Thanks to the large group of spectators who cheered on both sides. It was a great game, but IHDA intends to reclaim the trophy next year. Game on! 
Hello Hello... We Want to Hear From You
Developers, please remember to reach out to IHDA when planning your groundbreakings and grand openings. Contact Max Mueller in IHDA's Marketing & Communications Department when planning your next event. He will help identify the best dates, times, speakers and media opportunities that make these events a success.