IHDA Loan Officer of the Month
LoanOfficer
IHDA's Homeownership Department is pleased to name Ricky Vazquez, Mortgage Engineer at iLoan Home Mortgage in Chicago as "Loan Officer of the Month." Ricky has been helping homeowners achieve the American Dream for 21 years, and takes his clients' long-term goals seriously. As a mortgage professional he prides himself on educating his buyers on all loan products, including IHDA's 1stHomeIllinois and @HomeIllinois down payment assistance programs, and placing them in the best possible loan for their unique situation. He's available seven days a week to answer questions from clients and Realtor partners, and is committed to being a trusted advisor throughout the entire home buying process. Thanks, Ricky!
August 18, 2016
6 p.m.
Lincoln Park - Waveland Ave. Softball Field

September 16, 2016

November 4, 2016
A Note from Audra's Desk
 ED
IHDA has had a very exciting month - thank you for all your efforts to expand affordable housing throughout the state!

On August 1, we launched two new programs funded through the Treasury's Hardest Hit Fund. IHDA is now utilizing $269 million in federal assistance to fund the following four programs:
Within hours of opening the HHF application portal, we have had hundreds of applications from homeowners in need. Visit IllinoisHardestHit.org for more information.

The very successful Illinois Affordable Housing Tax Credit program is scheduled to sunset at the end of this year. This program encourages private investment into affordable housing deals by providing transferrable state tax credits. IHDA will be a part of subject matter hearings - most likely in September. You are invited to attend these hearings to share your achievements. We will keep you posted on the dates and times.

A few specific notes for our multifamily partners. We want to hear from you!
  • We hope to see you at the QAP summits. Please come prepared with specific examples from our Architectural Standards of what we may be unintentionally doing to increase construction costs. The first half of each summit will be dedicated to QAP policy. The second half will be dedicated to construction costs. Feel free to send your construction manager, architect and/or contractor.
  • IHDA is committed to providing innovative financing structures. See the below summary of a recent transaction approved by the Board known as Cole Park. IHDA is one of the first housing finance agencies in the country to utilize a monthly payment pass-through structure on a new construction project, using FHA Risk-Share insurance.
    • 220-unit development in North Chicago.
    • First new construction development in nearly 10 years using IHDA's pass-through Risk-Share Bond Program.
    • IHDA is providing a 4% tax credit public bond-financed loan over a term of 42 years to finance the construction and permanent periods.
    • The low interest rate and reduced issuance costs make the transaction viable and sustainable over the long term, creating a structure that can be replicated in other projects.
  • We received 36 LIHTC applications in July. They are being reviewed now. We plan to have the applications on the September Board agenda.
  • I hate to mention fall due dates now, but Round I 2017 PPAs are due on November 4, 2016.
  • Expect to see a new Permanent Supportive Housing round announced soon for smaller deals with less than 25 units.
  • We would love to talk to you about adding Section 811 rental assistance to your building. Now more than ever, we need to find more housing options for people with disabilities. Interested? Give us a call. 
Audra
Executive Director
Illinois Hardest Hit Program Reopens for Struggling Homeowners
 HHF
IHDA was joined by U.S. Senators Dick Durbin and Mark Kirk, Cook County Commissioner Bridget Gainer and Chicago homeowner Torian Anderson on July 22 to announce the reopening of the Illinois Hardest Hit program.

Starting August 1, homeowners who have suffered a hardship and experienced a drop in income can apply for as much as $35,000 in reinstatement assistance, monthly mortgage payment assistance, or a combination of both. Funded by the U.S. Department of the Treasury, the program provides help for families who have experienced an income reduction of 15 percent or more, helping them avoid foreclosure while they work to get back on their feet.

Under the previous round of the Illinois Hardest Hit program, IHDA provided $345 million in mortgage assistance to help 14,000 households avoid foreclosure, including Torian Anderson of North Lawndale. Ms. Anderson lost her job unexpectedly in 2008 while she was pregnant with her youngest child and was facing foreclosure until she learned about the program. With the mortgage assistance provided by the Illinois Hardest Hit, she had the time and support she needed to get back on her feet, regain employment and save her home.

Free applications for the program are available at www.IllinoisHardestHit.org.
Register Today for the 2016 QAP Summits
 Summits
IHDA Program NewsIHDA is excited to host a new round of Qualified Allocation Plan Summits in August and September to discuss QAP policy and scoring, as well as IHDA's architectural standards. To register for one of the summits listed below, please complete the 2016 QAP Summit Survey. Space will be reserved on a first-come, first-served basis, so register today to reserve your seat.

10:30 a.m. - 2 p.m.
Lincoln Library - Carnegie Room North
326 S. Seventh Street
Springfield, IL 62701

10 a.m. - 1:30 p.m.
Rockford Public Library Nordloff Center - Sullivan Theatre
118 N. Main Street
Rockford, IL 61101

9:30 a.m. - 1:00 p.m.
Marion Carnegie Library - McCoskey Room
206 S. Market Street
Marion, IL 62959

10 a.m. - 1:30 p.m.
Belleville Public Library
121 E. Washington Street
Belleville, IL 62220

12 p.m. - 3:30 p.m.
Illinois Housing Development Authority - Main Board Rooms
401 N. Michigan Avenue, Suite 700
Chicago, IL 60611

The survey deadline is August 12, 2016 at 5 p.m.
New I-Refi Program Offers $50,000 to Underwater Homeowners
 Homeownership
IHDA Program NewsStarting August 1, IHDA began accepting reservations under the I-Refi program, a new product designed to help homeowners who are current on their mortgage payments but owe more than their home is worth due to declining property values in their community. Funded by the Treasury's Hardest Hit program, I-Refi provides up to $50,000 to help underwater borrowers reduce the balance owed on their mortgage and refinance into a new affordable loan. Illinois is one of just two states in the nation to launch a refinance program using federal HHF resources.

Over 20 percent of borrowers in Chicago owe more than their home is worth and 14 percent of all homeowners in the state are underwater, a trend that discourages home sales and drives down property values. Refinance loans are in demand as home values remain below their peak throughout Illinois, and by offering IHDA's I-Refi Mortgage, lenders can offer more options than ever to homeowners still struggling with the effects of the housing market downturn.

Visit www.ihda.org/irefi today or email [email protected] to become a participating lender.
Glendale Commons Expansion Creates New Opportunities for Homeless Individuals, Couples and Families in Peoria
 Glendale
The South Side Office of Concern (SSOC) was joined by State Representatives David Leitch and Jehan Gordon-Booth, State Senator Dave Koehler and the City of Peoria Chamber of Commerce at a dedication ceremony on June 30 to celebrate the expansion of its Glendale Commons supportive housing development in Peoria.

Glendale Commons has provided affordable housing and supportive services for homeless individuals and families in the region since 2005. But when the original owner abruptly closed in 2012, SSOC stepped in to save the supportive housing program and buy the property. The redevelopment and expansion increased the number of units at the site from 12 to 28, and provides the first housing units specifically developed to serve homeless couples in Peoria.
Elected Officials and Residents Celebrate the Grand Opening of the Milwaukee Avenue Apartments
 Milwaukee
On July 1, Senator Iris Martinez, State Representative Jaime Andrade, the City of Chicago and local residents joined Full Circle Communities to celebrate the grand opening of the Milwaukee Avenue Apartments, a Chicago development built for persons with disabilities.

The development consists of 32 one- and two-bedroom apartments, all designed to be fully accessible for individuals and families with motor and sensory disabilities. Each unit is built for maximum livability, with adjustable cabinets and countertops, roll-in showers, adjustable closet organizers, and audio-visual devices to help residents hear and see who is at the door. The $9.8 million development was made possible through Low-Income Housing Tax Credits and a Permanent Supportive Housing grant from IHDA, as well as rental subsidies from the Authority's Section 811 Rental Assistance program.
Cook County Housing Authority's Oldest Resident Cuts Ribbon on Evanston Renovations
 Evanston
Lucille Childress, who at 103 is the oldest resident of a Cook County Housing Authority building, cut the ribbon during a ceremony on July 7 celebrating renovations at the apartments where she has lived for more than 30 years.

Lucille was joined by the Housing Authority of Cook County (HACC), Cook County Board President Toni Preckwinkle, State Senator Daniel Biss and Evanston Mayor Elizabeth Tisdahl to open the newly renovated Jane R. Perlman and Victor Walchirk Apartments in Evanston. Originally built in 1978, each building received extensive upgrades including roof repair, new elevators and fire sprinkler systems while 201 total units were gutted and renovated to like-new conditions. The rehabilitation was the first in Cook County to utilize the federal Rental Assistance Demonstration Program, which allowed the HACC to access Low-Income Housing Tax Credits and Illinois Affordable Housing Tax Credits from IHDA to extend the affordability of the buildings for the next 20 years.
State Tax Credits Fund Employer Assisted Housing in Rock Island
 EAH
The Rock Island Economic Growth Corporation (GROWTH) announced the ninth phase of its Employer Assisted Housing program on July 26.

Known as Live-Work Rock Island, the program assists employees of local businesses who are purchasing a home within the city limits with down payments and closing costs. Donations from the program's participating employers, which include the Rock Island-Milan School District, the City of Rock Island, Augustana College, and John Deere, generated Illinois Affordable Housing Tax Credits from IHDA that allowed GROWTH to leverage nearly $300,000 in additional funding for the program.

Since it began in 2003, Live-Work Rock Island has assisted nearly 300 households with  $1.5 million in direct homebuyer assistance, with an average household receiving $5,500 in assistance. The program has initiated over $27 million in real estate transactions, with half of participating households relocating to Rock Island from other communities.
Two Rock Island Developments Receive National Recognition for Innovation in Affordable Housing
 RIHA
IHDA Awards & Recognition
The Rock Island Housing Authority (RIHA) received two awards from the National Association of Housing and Redevelopment Officials for the development of the 3rd & 11th Townhomes and the Lynden Lane subdivision, two affordable developments making Rock Island a better place to live and work.

The 3rd & 11th Townhomes replaced an uninhabitable, eight-unit public housing development with seven new townhomes built on a separate site. Just two miles south, Lynden Lane is a mixed-income subdivision of 55 single-family homes and duplexes built on the former site of RIHA's Manor Homes, an obsolete barrack-style public housing complex. Both developments are a part of Rock Island's plan to redefine public housing.

Congratulations to the Rock Island Housing Authority on their recognition!
Developers Look to Repeat as Softball Champions on August 18
 Softball
The annual IHDA vs. Developers softball game is scheduled for Thursday, August 18 at Lincoln Park's Waveland Avenue field in Chicago. Be there for the game at 6 p.m. and stay for the post-game celebration at the Clock Tower Cafe.
Developers... We Want to Hear From You
 Events
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, speakers and media opportunities that make these events a success. 
 
IHDA In The News