VeriGreen Development Closes First Loan Under IHDA's Credit Advantage Program

Save the Date for the 2016 Illinois Governor's Conference on Affordable Housing

Wintrust Mortgage Named IHDA's Top Performing Lender of 2015

Congress Approves Permanent Minimum Rate for the Low-Income Housing Tax Credit

CSH Develops Supportive Housing Integrated Models Toolkit

Developers... We Want to Hear From You

Loan Officer of the Year

Lenders and Realtors - Help Us Celebrate Your IHDA Homebuyers

Upcoming Dates

IHDA in the News

IHDA's Homeownership Department is pleased to name Jason Accola, Senior Mortgage Consultant with Wintrust Mortgage in Chicago as its Top Performing Loan Officer of 2015, marking his fourth consecutive year as IHDA's most productive mortgage originator. Jason works closely with Realtors, builders and others to connect his clients with opportunities rarely available in today's marketplace, including the tax incentives and down payment assistance provided by IHDA's 1stHomeIllinois and @HomeIllinois programs. He has been a true advocate for responsible lending, connecting working households with the financial resources that make affordable homeownership possible, and we are thankful to have him as a partner. Thanks, Jason!

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!

Round I 2016 LIHTC Applications Due

February 29, 2016

Round II 2016 PPA Deadline

March 14, 2016

Illinois Governor's Conference on Affordable Housing

March 29-30, 2016

Hyatt Regency Chicago

151 E. Upper Wacker Dr.

Chicago, IL 60611

For more immediate updates, please join us on IHDA's Facebook page and follow us on Twitter:

VeriGreen Development Closes First Loan Under IHDA's Credit Advantage Program

IHDA closed its first loan under the new Credit Advantage program on December 18, providing a $2.9 million loan to VeriGreen Development to transform the former St. Charles Hospital into 60 affordable apartments for seniors in downtown Aurora. Under the new program launched in May 2015, IHDA provides first position construction and permanent loans with aggressive interest rates and terms to developments funded by Low-Income Housing Tax Credits. The program is one of three new loans introduced by IHDA last year to provide more options to affordable multifamily developers with the lowest cost of financing.

The development includes a combination of public and private financing along with state and federal tax credits pieced together by VeriGreen and the City of Aurora. It will transform the long-vacant hospital into an affordable community with a mix of studio, one- and two-bedroom apartments for independent seniors. The rehabilitation is expected to restore the historic building under the requirements of the National Register of Historic Places, create 216 construction jobs and help stabilize an economically distressed neighborhood.

Congratulations to VeriGreen Development and the City of Aurora for their dedication that made this development possible.

Save the Date for the 2016 Illinois Governor's Conference on Affordable Housing

Save the date for the Illinois Governor's Conference on Affordable Housing, scheduled for March 29 - 30 at the Hyatt Regency Hotel in downtown Chicago. The annual conference offers one-and-a-half days packed with keynote speakers, networking opportunities and multiple tracts of educational sessions on the current trends and key issues for affordable housing in Illinois and across the nation.

Conference updates, session details and registration information will be available soon at www.ilgovernorsconference.org.

Wintrust Mortgage Named IHDA's Top Performing Lender of 2015

For the fourth consecutive year, Wintrust Mortgage was recognized as IHDA's top performing lender of 2015, originating the most funded IHDA loans out of a group of more than 180 lending partners. Over the course of 2015, Wintrust funded 450 IHDA loans for $61 million in mortgage financing, creating new affordable housing opportunities for working households throughout the state.

These opportunities were made possible through IHDA's 1stHomeIllinois and @HomeIllinois programs which provide up to $7,500 in down payment assistance to expand access to mortgage credit for first-time and repeat homebuyers. As new buyers increasingly point to the down payment as the most difficult step in the home buying process, Wintrust Mortgage provided options and solutions that drove home sales across Illinois, especially among first-time buyers.

Congratulations to Wintrust Mortgage on another award-winning year!

Congress Approves Permanent Minimum Rate for the Low-Income Housing Tax Credit

A tax bill passed by Congress on December 18 includes a number of provisions that will make affordable housing development more predictable and financially feasible. This is welcome news as tightening rental markets across the nation make it increasingly difficult for low-income households to find rents they can afford.

The legislation authorizes the permanent extension of the minimum 9 percent rate for the Low-Income Housing Tax Credit, providing investors with more certainty and incentive to finance the construction of affordable housing while increasing the amount of equity tax credit developments are eligible to receive. Additionally, the bill funds the HOME program at $950 million, a $50 million increase over last year.

See NCSHA for more details.

CSH Develops Supportive Housing Integrated Models Toolkit

While developments exclusively serving extremely low-income populations with service needs in a single-site setting are most commonly associated with supportive housing, there are a number of strategies to create supportive housing in a community. In response to trends that promote an integrated approach where fewer supportive housing units are placed among a greater number of developments, CSH - with funding from IHDA - developed the Supportive Housing Integrated Models Toolkit. This resource shares valuable information and guidance on what integration of supportive housing looks like in a number of settings that promote independent living and consumer choice.

The Toolkit is designed to help developers, policy makers, service providers and community residents learn about the range of permanent supportive housing solutions that address local needs, end long-term homelessness and help residents live in community-based settings with the fewest restrictions possible. The Toolkit provides detailed information to determine which model is best for a given community and serves as a guide that will help the development community answer questions, inform planning and seek out partnerships that advance supportive housing integration.

Visit CSH for more information.

Developers... We Want to Hear From You

Please remember to reach out to IHDA when planning your next groundbreaking or grand opening. Contact Max Mueller in IHDA's Marketing & Communications Department to help identify the best dates, times, speakers and media opportunities that make these events a success.