IHDA Upcoming Dates
June 19 - 22, 2018
Hyatt Regency Hotel
151 E. Wacker Dr.
Chicago, IL 60601

July 20, 2018
11 a.m.
111 E. Wacker, Ste. 1000
Chicago, IL 60601

August 17, 2018
11 a.m.
111 E. Wacker, Ste. 1000
Chicago, IL 60601
IHDA Loan Officer of the Month



LoanOfficer
IHDA's Homeownership Department is pleased to name Joseph LaGiglia, Sr. Mortgage Loan Originator at the Community Bank of Oak Park River Forest as Loan Officer of the Month . Joseph spent more than 20 years working his way up through the mortgage industry, gaining experience and know-how at every level of the business in Will and DuPage Counties.  Now established in Plainfield, he uses his expertise to offer insight to the programs and products that help his clients make the right decision for their situation. Whether he's helping them refinance with I-Refi or offering advice on the down payment assistance available through the Access Mortgage Program, his goal is always to help his customers navigate the mortgage process to find a home and a payment they can afford. 
Thanks, Joseph!
A Note from Audra's Desk
 ED
Dear Housing Partners,

One of the primary reasons I hear about why people fail to utilize IHDA's programs is that they are "too good to be true." From assisting with a down payment to staving off foreclosure, IHDA has several wonderful programs available to Illinois residents; however, many seem to question whether they are genuine. Instead of viewing this as a challenge, I saw it as an opportunity to find different ways to legitimize these resources.

After reviewing surveys from those who participated in IHDA programs, we found that when government officials or municipalities deliver information relating to the benefits available through the state, it correlates with an uptick in applications. Therefore, we launched an aggressive outreach campaign to our elected officials at the local, state, and federal levels. From Rockford to Cairo, the IHDA team has been on the road educating mayors, county board chairs, and other elected officials on the services IHDA provides to their communities and their constituents. 

This past month, it was my honor to deliver an address to the DuPage County Board, my home county. While many have heard of IHDA or are aware of the LIHTC program for multifamily development, many were unaware of the homeownership and blight reduction programs we offer. 

If you or anyone you know would like IHDA to visit and present before your village, county or other interest group, please do not hesitate to contact me. We are excited to get out of our offices to let everyone know there is great help available to them, and it's NOT too good to be true!

Audra
Executive Director
Join Us for NCSHA's Housing Credit Connect
 NCSHA
The National Council of State Housing Agencies' (NCSHA) annual Housing Credit Connect conference starts today, but it's not too late to register. This event brings together more than 1,200 housing credit professionals from June 19 - 22 in Chicago for unparalleled educational and networking opportunities and the largest exhibition of affordable housing products and services in the United States. Don't miss the chance to connect with affordable housing leaders from across the nation as they discuss the impact of tax reform and potential legislative changes, preserving affordability in the Credit portfolio, and more. Pre-registration is now closed, but you can still register on-site at the Hyatt Regency in Chicago. 

See the Credit Connect Agenda this year's topics and speakers. 
Twenty-Six Developments Receive Federal Tax Credits to Create or Preserve Nearly 1,400 Units
 Credits
The IHDA Board of Directors awarded $26.4 million in federal low-income housing tax credits at their May board Meeting, financing 26 affordable housing developments in 15 counties across Illinois. Once sold to investors, the housing credits will generate an estimated $241.4 million in private capital to finance the construction or preservation of more than 1,300 units for low- to moderate-income families, seniors, veterans, and individuals with special needs. The construction activity is also expected to support nearly 2,400 full-time construction jobs and 525 permanent positions once completed.

A full list of developments receiving LIHTC reservations and more details on the approved projects are available in the IHDA News Room.
Funding Available for the Development of Supportive Housing
 PSH
IHDA is currently accepting applications under Round V of the Permanent Supportive Housing Development Program to finance developments serving low-income persons with disabilities, persons experiencing homelessness, and other vulnerable populations. Up to $36.5 million is available to fund smaller properties containing no more than 25 units. Applications are due to IHDA by July 20, 2018 at 5:00 p.m.

The Authority recognizes that there are limited outside capital resources available and encourages financially feasible projects, that include either 50% or 60% AMI unassisted units, to apply under this RFA. In connection with the RFA, the Authority will 1.) evaluate the projects for additional capital to fund the higher AMI units and/or 2.) evaluate projects for either Section 811 Project Rental Assistance or Long Term Operating Support. The Authority may, in its sole discretion, make awards that are contingent upon the sponsor receiving other outside capital resources (i.e. FHLB, RHI vouchers) post-award.

To begin the application process, please see the Request for Applications in IHDA's Developer Resource Center, and please direct any questions to PSHRFA@ihda.org.
Multifamily Deal Deadlines
 Deadlines
IHDA is pleased to roll out the following timeframes required to review, underwrite, approve, and close transactions utilizing resources from the Authority. The deadlines are most relevant for 4% bond deals, but all resources will follow the same schedule. We will move transactions along as quickly as possible based on the applicable resources requested. We hope that the timeframes will bring clarity to the process so all stakeholders have consistent expectations on the timing needed to close transactions. If you have any questions related to the timeframes, please send an email to Multifamilyfin@ihda.org.
Reach New Buyers During Homeownership Month with the Access Mortgage Program
 Access
June is National Homeownership Month, a time to celebrate and promote the dream of owning a home. IHDA is committed to making homeownership more affordable, accessible and sustainable in Illinois, and through our network of lending partners, more than 24,000 Illinois households have used an IHDA loan to purchase a home in the past three years. But there is more work to be done, which is why we introduced the Access Mortgage Program to ensure homeownership is within reach for even more Illinois families.

The Access Mortgage Program offers three down payment assistance options to allow first-time and repeat homebuyers to select the solution best for their situation. Available in every county of the state, the program offers competitive interest rates and up to $10,000 in down payment assistance to help borrowers purchase a new or existing home. The program is less restrictive, allows borrowers to purchase new or existing properties, and offers more options to help the buyer find the down payment boost they need.

Visit www.ihda.org for more information or contact IHDA's Homeownership team at mortgage@ihda.org.
Funding Awarded for the Creation and Operation of Land Banks
 LBCP
More than $1 million in grant funding will allow downstate and southern communities acquire, maintain, and repurpose vacant and abandoned properties under the Land Bank Capacity Program (LBCP) and Technical Assistance Network , a new initiative designed to offset the cost of creating and operating land banks. Nine municipalities, counties, land banks and two technical assistance providers received the first awards under the program to improve planning and land banking capacity in communities outside of the Chicago metro area. After kickoff meetings, grantees will receive individualized assistance to set goals and determine local needs, and will receive funds to reimburse start-up expenses, legal fees, staffing, and initial acquisition costs associated with land banking and community re vitalization projects.

For more information the program, application process, and eligibility, visit IHDA's Revitalization and Repair Programs page.
Grants to Help Maintain or Demolish 2,500 Abandoned Homes
 APP
Communities across the state are getting help eliminating abandoned homes with recent awards from the Abandoned Property Program , an initiative designed to jumpstart local revitalization efforts. Fifty-nine municipalities, counties, and land banks secured nearly $8.5 million under the most recent funding round, which will reimburse grantees for the expenses incurred cutting neglected weeds and grass, trimming trees and bushes, installing fences to protect the public, or demolishing abandoned homes within their jurisdictions. The funding, collected from fees paid by banks with each foreclosure they file, will help local governments to maintain or demolish 2,523 abandoned homes. Grantees are currently working with IHDA staff and the new funding period will open later this year .
What Can IHDA Do For You?
 Planning
In the last few years, IHDA has launched an effort to enhance our collaborative planning efforts, taking an active approach to educate local elected official and planning staff on the housing programs available to help them and their constituents. Our Communications and Community Outreach staff have met with more than 80 mayors and dozens of city managers, planning staff and other elected officials to present on the IHDA Toolbox - the range of grants and programs designed to meet every housing challenge. From assistance with initial strategy to identifying the right programs to meet local needs, IHDA has a comprehensive toolkit in place that empowers local officials to ensure the health and success of their community. Any community in Illinois is eligible for this assistance, and all it takes to get started is an email. Contact us at Communiations@ihda.org today schedule a meeting.
Save the Date for the 2019 Illinois Governor's Conference on Affordable Housing
 Conference
Save the date for the next Illinois Governor's Conference on Affordable Housing, scheduled for February 26 - 27, 2019 at the Hyatt Regency Hotel in downtown Chicago.

The conference, once again co-hosted by IHDA and the Illinois Housing Council, will bring affordable housing developers, syndicators, property managers, elected officials and others from across the state to discuss current industry trends, local needs and best practices. Mark your calendars today and stay tuned for more updates at www.ilgovernorsconference.org later this year! .
IHDA Leadership Academy Update
 Leadership
The 2018 Leadership Academy began in January of 2018, and the fellows have been working hard. Here's what the class of 2018 has been up to:
  • Monthly Symposiums and Assignments. The first several months of symposiums and reading assignments provide each Fellow with a self-assessment and leadership skill-building focused on emotional intelligence, team management, and ongoing self-reflection skills. Through these assessments, reading assignments, and exercises, the Fellows have gained insight into themselves, their leadership strengths and weaknesses, and greater understanding and appreciation of their new LA team members.
     
  • Team Building. Along with gaining knowledge about healthy team functioning, the Fellows are putting it into practice.  The Fellows have been working on developing the group as a team, and experiencing how a group of leaders interact productively, respectfully, and successfully with one another to achieve goals.
     
  • Team Project. This year, the Fellows will be examining IHDA employee "engagement" and how we might support greater employee engagement throughout the Authority.  This project will require significant research, gathering input from IHDA staff and utilizing this information to form recommendations to IHDA's Board of Directors. 
     
  • Working with Consultants and Senior-Level Staff. Along with training from expert consultants and monthly lunch meetings with Directors, our Fellows have had regular teaching from IHDA Executive and senior staff.
We're proud of the efforts of the 2018 LA class and looking forward to seeing the results of this year's class project!
Approaching a Development Milestone? Let Us Know!
 Events
Groundbreakings and grand openings are great opportunities to let our legislators and partners know how important affordable housing is in their community. If you are approaching a development milestone - whether you're closing on your financing or about to finish construction - let us know at Communications@ihda.org . IHDA's Communications team can assist with drafting and distributing press releases, outreach to elected officials, and more to ensure these events highlight the impact you make throughout the state