IHDA Loan Officer of the Month
LoanOfficer
IHDA's Homeownership Department is pleased to name Chris Eastman, Branch Manager of Academy Mortgage in Rolling Meadows as "Loan Officer of the Month." With 19 years in the real estate finance industry, Chris has the experience and insight to help even the most challenged borrowers. And with the flexibility of IHDA's @HomeIllinois and 1stHomeIllinois mortgages, he has the ideal solution to responsibly make homeownership possible for his clients who need an extra boost. Thanks, Chris!
Illinois Receives $269 Million to Help Struggling Homeowners and Fight Blight
 HHF
The U.S. Treasury announced on April 20 that IHDA secured an additional $151 million in federal Hardest Hit Funds under the second phase of the program's 5th allocation round, bringing Illinois' total Round 5 funding to more than $269 million.

IHDA is proposing to use the Round 5 funding to reopen the Illinois Hardest Hit Program to homeowners who have fallen behind on their mortgages due to a drop in income. They will be able to apply for temporary mortgage assistance this fall.  The additional funding is also expected help underwater homeowners who are current on their mortgage payments to refinance their homes, continue funding the 1stHomeIllinois program to reinvigorate local housing markets with $7,500 in down payment assistance for first-time buyers, and extend the Blight Reduction Program to help local governments eliminate vacant properties.

Funds will be available to assist homeowners and communities following the Treasury's approval of IHDA's expenditure plan this summer. 
See IHDA's press release and the Treasury's announcement for the full details on the latest round of HHF allocations.
Eleven Developments Receive Federal Tax Credits to Boost Affordable Housing Across Eight Counties
 LIHTC
IHDA Program News Congratulations to the 11 affordable housing developments that received awards of Low-Income Housing Tax Credits on April 15.

The IHDA Board of Directors awarded $12.2 million in Low-Income Housing Tax Credits for the creation and preservation of 955 affordable apartments under the first allocation round of 2016 The credits will help the state's development partners raise an estimated $124.4 million in private financing for units that serve families, seniors and persons with disabilities in 10 cities across eight counties.

Developers who received funding include Related Midwest, Bickerdike Redevelopment and Heartland Housing for the revitalization of the historic Julia C. Lathrop Homes in Chicago; IFF for the transformation of 23 foreclosed properties in Bellwood, Berwyn, Forest Park and Maywood into supportive housing for persons with disabilities; and Gorman & Co. to remake a former elementary school in Moline into affordable apartments for seniors.

More details on all the approved developments are available in the IHDA News Room.
Saving for a Down Payment Remains Among the Biggest Hurdles for First-Time Buyers
 DPA
IHDA Program News A National Association of Realtors survey recently found that 13 percent of all buyers last year reported saving for a down payment was the most difficult step in the home buying process, a hurdle that typically delayed their purchases for four years.

But buyers continue to see purchasing a home as a good financial investment, and the vast majority believe that now is a good time to buy. Lenders and Realtors have a significant opportunity to help more people achieve homeownership in a safe and sustainable way with IHDA's 1stHomeIllinois and @HomeIllinois programs. With a combination of up to $7,500 in down payment assistance, tax benefits and homebuyer education, borrowers get the extra boost they need to overcome the final hurdle and the support to be successful homeowners in the long term.  

IHDA's lending partners provided 7,200 buyers with more than $46 million in down payment assistance last year, and more funding is available this year. Visit www.ihda.org today to see how lenders and Realtors help more buyers in 2016.
Illinois to Receive $4.3 Million through the Nation's New Housing Trust Fund
 TrustFund
IHDA Financial News
The U.S. Department of Housing and Urban Development (HUD) for the first time allocated $174 million through the National Housing Trust Fund on May 4, eight years after the fund was created by the Housing and Economic Recovery Act of 2008.

The $174 million is split between 50 states, the District of Columbia and six U.S. Territories. Illinois will receive $4.3 million in funding to target the creation of housing for very-low-income and extremely-low-income residents - including homeless families - with a primary focus on rental housing.  IHDA will submit a Housing Trust Fund Allocation Plan to HUD this summer as a part of its 2016 Action Plan to describe the state's proposed distribution of funding.

See HUD's press release for a full list of state allocations.
Hardest Hit Fund Job Fair Draws Hundreds
 JobFair
The registrations have been counted, and the Hardest Hit Fund (HHF) Job Fair attracted approximately 200 applicants on Tuesday, May 3 in Chicago.

With additional HHF funding coming to Illinois this summer, the HHF team will reinstate its flagship mortgage payment assistance program and is seeking applicants for a variety of full time positions.  The hard work and interviewing paid off. After 120 one-on-one meetings, IHDA expects to make job offers to applicants interested in more than 25 positions. 

A special thanks to IHDA's Human Resources and Hardest Hit Fund staff, and to all the visitors who attended the job fair on May 3!
IHDA Meets with South Suburban Mayors about Housing and Economic Development
 Mayors
IHDA Executive Director Audra Hamernik met with members of the South Suburban Mayors and Managers Association (SSMMA) on May 4 to discuss the developments, programs and services the state has undertaken in the south suburbs, as well as the resources that will continue to make the region a better place to live and work.

The SSMMA represents 44 municipalities in Cook and Will Counties that have been dramatically impacted by community development issues that span municipal borders. The session opened a dialogue between local governments and several state agencies that focused on strategic planning and the best use of limited resources to  prevent avoidable foreclosures, demolish or rehabilitate vacant properties, increase the supply of affordable rental housing and promote affordable homeownership for working families.
Renovated Senior Apartments Open in East Peoria
 LHDC
The Laborers' Home Development Corporation was joined by State Senator Dave Koehler, State Representative Mike Unes, East Peoria Mayor Dave Mingus, IHDA Multifamily Financing Director Christine Moran and others on April 29 to celebrate the completed renovations to the Mel Hasty Retirement Center in East Peoria.

Built in 1989, the five-story, 60-unit senior development underwent extensive renovations with the help of federal tax credit financing, including an energy efficient reflective roof coating, card-reading entry system, kitchen and appliance upgrades and the installation of a new sprinkler system throughout the property.

Congratulations to the Laborers' Home Development Corporation and the City of East Peoria on the ribbon cutting!
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.