IHDA In This Issue
IHDA Loan Officer of the Month
IHDA's Homeownership Department recognizes David Hochberg, Vice President of Lending at Perl Mortgage in Deerfield as its "Loan Officer of the Month." With 15 years of experience, David's extensive knowledge of the mortgage business and attention to detail enable him to consistently deliver outstanding information and low rates to his clients. He is a regular contributor on WGN radio and hosts a weekly real estate radio show where he talks mortgage lending, answers listener questions and discusses IHDA's down payment assistance for first-time and repeat buyers. Thanks, David!
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

October 22
10:30 a.m. - 12:30 p.m.
Illinois State Library
300 S. 2nd St.
Rooms 403 & 404
Springfield, IL 62701

November 18 - 20
Fairmont Millennium Park
200 N. Columbus Dr.
Chicago, IL 60601

Illinois Governor's Conference on Affordable Housing
March 29-30
Hyatt Regency Chicago
151 E. Upper Wacker Dr.
Chicago, IL 60611
Save the Date for the 2016 Illinois Governor's Conference on Affordable Housing
The 2016 Illinois Governor's Conference on Affordable Housing is scheduled for Tuesday, March 29 and Wednesday, March 30 at the Hyatt Regency Hotel in Chicago!

Co-hosted by the Illinois Housing Council and IHDA, this annual event draws affordable housing owners, developers, investors and others from across the state to address important industry issues and make new connections. Mark your calendars and stay tuned, the conference website and more details will be coming soon!
Tim Veenstra Named IHDA's New Director of Asset Management
We are excited to announce that Tim Veenstra has joined IHDA as the Director of Asset Management.

Tim comes to IHDA with 20 years of experience from the Chicago Housing Authority. Most recently, he held the position of Deputy Chief Housing Officer of Asset Management and was responsible for the operations of 22,900 housing units and the supervision of 77 employees. He also served as Development Manager and Real Estate Division and Management Analyst during his time at the CHA.

Please join us in welcoming Tim to IHDA!
13 Developers Receive $12.4 Million in Federal Tax Credits to Create or Preserve 860 Units Statewide
IHDA Program News
Congratulations to the 13 affordable housing developers who received awards of Low-Income Housing Tax Credits on October 16.

The $12.4 million in LIHTC will help the state's development partners raise an estimated $121.2 million in private financing to create 860 affordable apartments for veterans, working families, seniors and persons with disabilities. Developers that received funding include Communities for Veterans and Affordable Housing Solutions to build housing for homeless veterans with families in Cook County; the Michaels Development Company and the Better Tomorrows organization to preserve the affordability of an aging SRO building in Chicago; and the Montgomery County Housing Authority to build affordable homes for independent seniors in three neighboring cities in central Illinois.

Read about every development that was awarded LIHTC in the IHDA news room.
NCSHA Recognizes Two Illinois Initiatives with National Awards
IHDA Awards & Recognition IHDA's @HomeIllinois marketing materials and innovative administration of the LIHTC program received national recognition on September 28 when they were showcased as industry best practices at NCSHA's annual conference in Nashville.

The @HomeIllinois program was recognized for its consumer-oriented marketing materials that help Realtors and lenders reach younger homebuyers. The flyers have played an important role to help maintain interest in IHDA's down payment assistance programs and drive the number of first-time buyers throughout the state.

IHDA's use of the LIHTC program as an incentive for targeted neighborhood stabilization efforts was also recognized as replicable and effective use of resources. With the help of Brinshore Development, IHDA became the first HFA in the nation to use the LIHTC to transform foreclosed and vacant single-family homes into affordable rental housing near jobs, schools and transportation.

Read about winning programs from throughout the country at NCSHA.
Hope Manor II Named the Nation's Best Urban Development of 2014 and 2015
IHDA Awards & Recognition Congratulations to the Volunteers of America of Illinois' and Hope Manor II on their recognition as the best urban development of 2014 and 2015.

Hope Manor II is the first large scale supportive housing development in the country specifically designed for veterans with families and just one way Illinois, the Volunteers of America and the City of Chicago are working together to ensure veterans find the support they need as they transition to civilian life.

Visit Affordable Housing Finance to read about Hope Manor II and each of the category winners.
Barrier Free Apartments Offer Independent Living in Matteson 
The Over the Rainbow Association opened Southwick Place on September 29, offering mobility-impaired adults a healthy alternative to institutional settings in Matteson.

Southwick Place is Over the Rainbow's ninth community that enables residents who rely on wheelchairs to direct their own care and their second in Matteson. The development is home to more than 40 people, eight of whom are now living independently after transitioning from more restrictive settings.

Congratulations to the Over the Rainbow Association, the Corporation for Supportive Housing, BMO Harris Bank and the Federal Home Loan Bank of Chicago for making Southwick Place possible.
Study Highlights the Significance of Race and Location in the Housing Boom 
Researchers at Johns Hopkins University who analyzed the impact of the rise and fall of the housing market during the 2000s found that borrower outcomes hinged largely on race. While white first-time homebuyers saw their net worth grow by 50 percent between 2005 and 2007, African American homebuyers saw theirs fall by 47 percent.

The study found that the disparity is primarily a result of location. As white homeowners tended to buy in areas where values appreciated over time, black households were more likely to buy homes in more disadvantaged neighborhoods that continued to deteriorate. The authors say their findings question the view of homeownership as a universal wealth building strategy, and emphasis should instead be placed on responsible loans in stable neighborhoods.

Read more about the report in the Baltimore Sun.
Spencer Skinner, IHDA's Architecture and Construction Manager
Make Your Property More Viable with Green Design and Construction 
Investments in water and energy efficiency can realize significant savings over the life of a property, reducing operating costs and offering a better return on investment to developers and owners of affordable housing.

IHDA, along with the Illinois Housing Council and the MacArthur Foundation, were proud to support the National Housing & Rehabilitation Association at the Preservation Through Energy Efficiency Road Show in Chicago on September 29. IHDA presented on a number of energy efficiency incentives and initiatives for developers and owners in Illinois, including the competitive LIHTC application, collaboration with the Department of Commerce and Economic Opportunity and participation in the Preservation Compact's Energy Savers Program.

Contact the Multifamily Finance department to learn more about the energy efficiency incentives available to affordable housing developers and owners in Illinois.
Lower Utility Costs Across Your Multifamily Portfolio with a Free Energy Benchmarking Service 
If you are spending too much of your budget on utilities and maintenance, a great starting point is to benchmark your portfolio. Tracking your utility usage over time helps identify inefficient buildings to prioritize improvement efforts. Elevate Energy, a nonprofit that has helped over 25,000 Illinois units with energy improvements, is currently offering FREE one-year subscriptions to WegoWise for affordable multifamily buildings in Illinois. WegoWise automatically imports data from hundreds of utility companies across North America, giving you useful knowledge right away that prepares you to take advantage of future energy efficiency opportunities. This is a limited time offer, so act quickly.

For questions or to sign up, please contact Ryan Wolber at Elevate Energy.
Funding Available for Veteran Housing in Rural Areas 
The Home Depot Foundation is currently seeking proposals for veteran housing initiatives in rural areas. Projects may be new construction or rehabilitation, with priority given to renovation and rehab projects, and must be either in progress or scheduled to begin within the next 12 months. The Home Depot Foundation anticipates funding several projects with awards ranging from $25,000 to $40,000.

Eligible applicants must be a nonprofit organization or a housing authority serving the housing needs of low- and moderate-income veterans in rural areas. Fundable projects include support for veteran homeowners with repair and rehab needs, housing homeless veterans, veteran homebuyer programs and programs that create affordable rental housing for veterans.

Visit the Housing Assistance Council for more information.
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.