IHDA Loan Officer of the Month
LoanOfficer
IHDA's Homeownership Department is pleased to name Chris Whitmire, Loan Originator at Diamond Residential Mortgage in Libertyville as Loan Officer of the Month. Whether he's working with first-time or repeat homebuyers, Chris is with his buyers every step of the way to ensure their loan helps them meet their financial goals. In addition to helping first-time buyers using IHDA's 1stHomeIllinois and @HomeIllinois programs, Chris also has the honor of closing the very first I-Refi loan, saving his customers $150 per month on their new loan and erasing $40,000 from the principal balance of their mortgage. Thanks, Chris!
December 16, 2016

IHDA vs. Developers Bowling Tournament
January 27, 2017
6 p.m.
Fireside Bowl
2646 W. Fullerton Ave.
Chicago, IL 60647

Round I 2017 LIHTC Application Deadline
February 15, 2017

March 3, 2017
A Note from Audra's Desk
 ED
Dear Development Partners,

We are thankful for all of you! Because of your efforts, over 100,000 households in Illinois have an affordable home this fall.

As many of you know, the Illinois Affordable Housing Tax Credit, sometimes known as the Donation Credit, is set to expire at the end of 2016. Legislation has passed in both the House and Senate, and now goes to Governor Rauner's desk for signature! Thanks to all of you who participated in the Senate Subject Matter Hearing and everyone who helped to push it across the finish line.

Do you need market details for supportive housing or SRN units? Call Lore Baker from the IL Department of Human Services at (217) 782-6865. Lore is able to give you real time wait-list data by location.

The Housing Task Force met recently and is working on several focus areas including the cost of development, green initiatives, accessibility, permanent supportive housing and more. If you are interested in helping, please contact me.

GREAT NEWS! Monthly construction draws are now able to be submitted electronically. Email packets to our awesome closing services team and we will review!

We recently had 47 PPAs submitted. Just a reminder, past PPA approvals run with the QAP. Since we are in a 2-year QAP cycle, your 2016 PPA approval is good for 2017. We will reevaluate this again in 2018, but it seems to be working well.

I recently heard the phrase "Housing is where good jobs spend the night." As the election analysis is still rolling in, we at IHDA are already trying to shape federal policy that recognizes housing as a part of our great American infrastructure landscape. If you believe that housing is where good jobs spend the night, join our efforts during the first 100 days of the new presidency.

Audra
Executive Director

PS: We are also thankful that our move is over! We are settled in at 111 E. Wacker and ready for business. Stop by and visit. Better yet, let's talk about your next housing financing!
IHDA Has Moved to a New Office at 111 E. Wacker Drive in Chicago
 Move
We are excited to announce that on Monday, October 31, the IHDA team moved from our former building at 401 N. Michigan Avenue in Chicago to a new office space on floors 10 and 11 of 111 E. Wacker Drive. Our email addresses and phone numbers are unchanged, but remember to update your records with our new mailing address and feel free to reach out to your primary IHDA contact if you have any questions. We look forward to working with you in our new space!
Save the Date for the Illinois Governor's Conference on Affordable Housing
 Conference
The 2017 Illinois Governor's Conference is scheduled for March 13 and 14 at the Hyatt Regency Hotel in downtown Chicago. Co-hosted for the fourth year in a row by IHDA and the Illinois Housing Council, the annual conference offers timely discussions about the issues and opportunities impacting affordable housing development, management and finance in Illinois, as well as new resources for local governments working to revitalize their communities.

Stay tuned for  more details at www.ilgovernorsconference.org
New Funding Available for the Creation and Operation of Community-Based Supportive Housing
 PSH
IHDA Program News IHDA is now accepting applications for two programs to fund the development and operation of Permanent Supportive Housing (PSH).

The fourth round of IHDA's Permanent Supportive Housing Development Program will fund developments serving low-income persons with disabilities, persons experiencing homelessness and other PSH populations. Eligible developments may contain no more than 25 units and are required to set aside a minimum of 10 percent of the units for referrals through the Statewide Referral Network. Applications may be submitted to IHDA until January 30, 2017 at 3 p.m.

IHDA is also seeking applications from property owners for rental subsidies under the Long Term Operating Support Program (LTOS). Owners of existing affordable housing are eligible to apply for LTOS grants that will provide long-term rental subsidies for units serving households referred through the Statewide Referral Network for a term of 15 years.  Eligible properties must be located outside the City of Chicago, meet the accessibility requirements listed in the Request for Application, and commit to accepting residents referred through the Statewide Referral Network to be considered. Applications will be accepted on a rolling basis until further notice.

See the applicable Request for Application on IHDA's Supportive Housing page (for PSH grants) and the Rental Assistance page (for LTOS subsidies) for more details, and direct any questions to PSHRFA@ihda.org .
Rising Rents and Student Debt Delay Home Purchases for First-Time Buyers
 DPA
The share of first-time home buyers in the U.S. reached a three year high of 35 percent in 2016, but rising rents and student debt have become a significant obstacle to homeownership. The National Association of Realtors reports that even those who can afford to pay their bills on time are struggling to save for a down payment, and the majority of non-homeowners expect to be delayed from buying a home for more than five years.

Better awareness of down payment assistance programs offers a unique advantage for lenders and Realtors, allowing them to serve a growing pool of buyers who face down payment hurdles. IHDA's 
1stHomeIllinois and @HomeIllinois programs offer  up to $7,500 in assistance for down payments and closing costs, competitive interest rates, and tax benefits that make affordable and sustainable homeownership possible for both first-time and repeat borrowers. Homeownership remains a goal for most, and with the tools to help your buyers overcome their down payment challenge, IHDA's programs can be the difference that fuels your business.

Visit  www.ihda.org  today to see how IHDA's programs can provide the tools to help every type of buyer.
IHDA Increases Financing Options for Underwater Homeowners
 IRefi
Home values across the U.S. are rising, according to the National Association of Realtors, but the struggle to escape negative equity is ongoing. Prices in Cook County are still 22 percent below their peak, and thousands of underwater homeowners are looking for a lifeline.

An option for many of those households is IHDA's I-Refi program, a $46 million initiative launched in August to help underwater homeowners regain equity in their home and refinance into a new affordable loan based on the property's current market value. Funded by the U.S. Department of the Treasury, the program offers a forgivable loan of up to $50,000 to buy down the unpaid principal of a homeowner's mortgage to a level that reflects the decline in the home's value, erasing the homeowner's negative equity and refinancing them into an affordable 30-year fixed-rate IHDA mortgage. 

For those in the mortgage industry looking for options, the I-Refi program is the only tool available that offers a second chance for homeowners struggling with underwater mortgages . Visit www.ihda.org/irefi for more information or contact IHDA's Homeownership team at AtHomeIllinois@ihda.org to become a participating lender today.
The Second IHDA vs. Developers Bowling Tournament is set for January 27
 Bowling
Join us for the second IHDA vs. Developers bowling tournament on January 27, 2017. Head to the Fireside Bowl to for food, drinks and elite athletics as the IHDA staff faces off against our partners in the development world. See below for more details on the date, time and place:

Friday, January 27, 2017 at 6 p.m.
Fireside Bowl
2646 W. Fullerton Ave.
Chicago, IL 60647
Rock Island Economic Growth Corporation Developments Revitalize Downtown Communities
 GROWTH
The cities of Sterling and Rock Island celebrated milestones in community revitalization last month as the Rock Island Economic Growth Corporation (GROWTH) continues to bring new housing and investment to downtown communities across the state.

Mayor Skip Lee swung a sledgehammer to kick off GROWTH's adaptive reuse of the historic Lawrence Building in downtown Sterling on October 13. The project is considered a major piece of the city's downtown revitalization efforts, using state and federal tax credits from IHDA to create 20 affordable apartments on the second through fifth floors of the building, which have been vacant since the 1960s.  Once the rehabilitation is complete, the first floor will remain as commercial space owned by Whiteside County Court, which operates an extension office from the site.

One day later, GROWTH cut the ribbon at the Garden District, a unique development that created seven single-family, new construction townhomes available for homeownership in downtown Rock Island. Two of the homes are set aside as Employer Assisted Housing, and down payment assistance is available for each home. Donations from the City of Rock Island, Jackson Square LLC, Northwest Bank and Trust, and Augustana College triggered an IHDA allocation of State Donation Tax Credits for the project, which were used to finance the construction of the homes.
Fox Prairie Homes Bring Alternatives to Apartment Living in Aurora
 Aurora
Brinsho re Development was joined by Mayor Tom Weisner from the City of Aurora, as well as representatives from the Aurora Housing Authority, the Association for Individual Development, the Federal Home Loan Bank of Chicago, IFF, Red Stone Equity Partners and IHDA on October 24 to celebrate the grand opening of Fox Prairie Homes, a partnership that restored 40 vacant single-family homes in several neighborhoods along the Fox River in Aurora.

Following a similar effort in Bloomington, Brinshore acquired and rehabbed the scattered-site properties through IHDA's Low-Income Housing Tax Credit program, which was amended to help developers respond to the high number of foreclosed properties in the state. In partnership with the Aurora Housing Authority (AHA), Brinshore acquired the vacant two-, three- and four-bedroom homes and completely restored or rebuilt the blighted properties to like-new conditions, transforming the sites into affordable single-family rental homes for AHA clients. Made possible with additional funding from IFF and JPMorgan Chase, the initiative provides much-needed rental options in an area where more than half of all renters have housing cost burdens, while also addressing the issues caused by foreclosures and vacancies on key blocks.
Options for Seniors Growing in Woodridge
 Woodridge
The Alden Foundation was joined by Congressman Bill Foster, Woodridge Mayor Gina Cunningham-Picek, IHDA and others on November 18 to cut the ribbon at Woodridge Horizon, the village's first affordable housing development specifically designated for seniors.

The 93-unit senior living community has been in the works since 2008 when residents asked the Village Board to bring more affordable senior housing into the community. The village purchased the site in 2011 and issued a request for quotes looking to develop the area for senior housing, selecting the Alden Foundation in 2012.  Allocations of Low-Income Housing Tax Credits and State Donation Tax Credits from IHDA financed about half of the cost of the four-story development, with additional funding provided by DuPage County, the Federal Home Loan Bank of Chicago, and the Illinois Department of Commerce and Economic Opportunity.
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.