IHDA Upcoming Dates
February 21 - 22, 2018
Hyatt Regency Hotel
West Tower - Gold Level
151 E. Wacker Dr.
Chicago, IL 60601

February 21, 2018
11 a.m.
111 E. Wacker, Ste. 1000
Chicago, IL 60601

March 2, 2018
IHDA Loan Officer of the Month

IHDA's Homeownership Department is pleased to name Alex Margulis, Vice President of Residential Lending at Perl Mortgage in Chicago as Loan Officer of the Month . Alex is more than a mortgage advisor, he's a mortgage expert, and his background in underwriting gives him valuable insight into his clients' financing options. Whether he's offering advice on IHDA's first time or repeat homebuyer programs or helping a homeowner refinance their mortgage with I-Refi, he is known for the level of service he offers and always makes himself available to guide people through the most important financial decision of their lives.  Thanks, Alex!
A Note from Audra's Desk
Dear Housing Partners,

I begin this with a sense of gratitude and pride for the Illinois Housing Development Authority that has only grown stronger over the course of the last year. It is an exceptional agency with an extraordinary past and a promising future. IHDA celebrated its 50th  Anniversary last year, and a lot has happened in the last half century. With your skill and market knowhow, we have been helping homebuyers, homeowners and renters use housing as a platform for success and personal growth. We are thankful for our past and all of our shared achievements, and we look forward to continuing this tradition of partnership as we deliver solutions to the state's housing challenges for decades to come.
Fiscal Year 2017:
This past year, IHDA's Hardest Hit program provided $25.7 million in reinstatement/ongoing monthly mortgage assistance to help 2,000 families save their home from foreclosure, and our counselor partners provided free foreclosure mitigation counseling to over 12,000 struggling homeowners. FY17 also saw IHDA close over $800 million in loans with 5,900 homebuyers, the majority of which purchased their first home in a community targeted for revitalization. On the rental side of our business IHDA invested $632.4 million and leveraged $268.9 million to build or preserve 4,300 units in 48 developments, and launched a special financing round for properties serving supportive housing populations.

The Why:
These are amazing numbers, and I think it's important to take a step back and remind ourselves WHY we do what we do to truly appreciate the impact we've made.

During my time at IHDA I've been able to travel the state and see first-hand the impact of the work we do. From Southern Illinois to the Wisconsin border, I have seen lives that have been changed for the better. I have heard emotional testimonials from people who are thankful, and it reminds me why we do this work together.

In August last year I visited Hope Manor in Joliet, a campus-style supportive housing community designed to serve veterans struggling with homelessness. The development is home to 67 veteran-headed households, but these apartments offer more than just shelter. They provide access to healthcare, education, job opportunities, and the support that allows every resident to build a better future for themselves and their families.

One of those residents is Dina Guinn. After being homeless for six months, Hope Manor Joliet provided Dina, her husband Ronnie - a former Marine - and their three children with a future they didn't think was possible.

"Hope Manor is not just a house for me and my family. There are 67 families here and they have become part of our family," Dina said. "I'm honored to be here. We are so thankful to be able to raise our children here. It is truly a blessing."

We take pride in helping people find safe and stable homes, and recognize that a truly successful IHDA has a responsibility to not only support, but lift up the communities we serve. To that end, we're thinking boldly about how we can better help our partners address local housing problems. We're rallying our team around a common purpose and set of values by fostering a culture of inclusivity, where every team member, in every role, can become a leader. It means making connections with the communities we serve. It means transforming our programs, and the administrative infrastructure that supports them, so they are more transparent, streamlined, and accountable.

I am committed to listening to our partners and ensuring that your ideas serve as a catalyst to spur these innovations in how we measure and achieve our goals. This is just "The First 50." We face a difficult future, but we're more than up for the challenge.

On behalf of the IHDA Board of Directors and staff, we thank you for your partnership and support, and we hope you will join us at the Governor's Conference on Affordable Housing next month. We are excited for the year ahead, and are looking forward to our work creating and preserving affordable housing across the state!

Executive Director
Register Today for the Illinois Governor's Conference on Affordable Housing!
The Illinois Governor's Conference on Affordable Housing is approaching soon on February 21 and 22, 2018 at the Hyatt Regency Chicago!  Join industry experts and key housing policy leaders for one-and-a-half days packed with networking opportunities and multiple tracks of sessions designed to prepare you for the latest trends and opportunities in housing and community development.

In addition to the panel discussions,  Alan Berube, Senior Fellow and Deputy Director at The Brookings Institution and Dr. Joshua Bamberger, Chief Medical Consultant for Mercy Housing and Associate Clinical Professor at the University of California in San Francisco will be joining us this year as our feature speakers.  Read their full bios at www.ilgovernorsconference.org  and register by February 9 to receive a personalized name badge.
Up to $10,000 in Down Payment Assistance Available Statewide Starting February 1
IHDA is excited to announce the new Access Mortgage program will be available starting February 1, 2018, offering three down payment assistance options designed to help first-time and repeat homebuyers throughout Illinois. Available in every county of the state, the program offers a 30-year fixed-rate mortgage and up to $10,000 in down payment assistance to help borrowers purchase a new or existing home.

Access Forgivable - up to $6,000 in down payment assistance, forgiven monthly over 10 years.

Access Deferred - up to $7,500 in down payment assistance, provided as an interest free loan. Payments are deferred for 30 years.

Access Repayable - up to $10,000 in down payment assistance, provided as an interest-free loan and repaid monthly over a 10 year period. 

All three Access program options are available for all mortgage types, including FHA, VA, USDA, and Conventional. With the launch of the Access programs, the @HomeIllinois program will close, but the 1stHomeIllinois program will remain open for reservations until funding is exhausted.

See IHDA's Lenders & Realtors page for more details and program trainings, and make sure to subscribe to our lender emails to stay up to date on daily rates, operational news and program announcements.
IHDA's Mortgage Lending Partners Helped Over 5,200 First-Time Buyers in 2017
IHDA announced our top performing lenders and loan officers this month, recognizing our most productive partners in four regions across the state during 2017.  Through these partners and others, over 5,200 Illinois households accessed $38 million in down payment assistance to purchase their first home last year. They play a crucial role in helping new buyers find a loan that's right for them, and we're looking forward to another great year in 2018 with better programs to help even more Illinois homebuyers.

Top IHDA Lenders by Region and Volume in 2017

Chicagoland Households Total Loan Volume
Jason Accola,
Wintrust Mortgage
128 $18,703,577
Jaime Arroyo,
Bridgeview Bank Mortgage
46 $6,989,183
Dan Rogers,
Guaranteed Rate Inc.
38 $5,252,409

Northwest Illinois Households Total Loan Volume
Rob Grindle,
Blackhawk Bank
56 $4,859,748
Frank A. Valentine,
Midwest Community Bank
45 $3,619,637
Diego Ramos,
Envoy Mortgage
42 $3,369,406

Central Illinois Households Total Loan Volume
Bobby Brown,
Caliber Home Loans, Inc.
17 $1,347,392
Deanna Reid,
Caliber Home Loans, Inc.
14 $872,648
Cynthia K. Woods,
Caliber Home Loans, Inc.
12 $768,024

Southern Illinois Households Total Loan Volume
Mikel Vogt,
Cornerstone Mortgage, Inc.
23 $1,924,344
Becky Clifton,
U.S. Bank National Association
19 $1,247,889
Dean W. DeVries,
Highlands Residential Mortgage
13 $999,031

If you're not an IHDA Lender, visit our Lenders & Realtors page today and join our network.
LIHTC Updates: 2018 - 2019 PPAs and QAP Schedule
2018 Preliminary Project Assessments and Pending Projects
As a reminder, y ou can see the status of all PPAs and applications, as well as IHDA's current portfolio, using a new mapping tool on the IHDA website. Visit our Low-Income Housing Tax Credits page to find PPA status and the Pending Projects Map.

2018 - 2019 QAP Schedule
Thank you to everyone who submitted a PPA for the 2018 9% LIHTC round. IHDA will notify Sponsors of the PPA results no later than February 2, 2018.

Remember that the application deadline for 2018 9% Tax Credits is March 2, 2018. Applications received after March 2 will not be eligible for 2018 Tax Credits.

See the LIHTC program timeline for more details and program deadlines.
Home Accessibility Grants are Available for Seniors and Persons with Disabilities
One of the biggest challenges for seniors and persons with disabilities is affording the costly repairs and modifications that make their homes safer and more accessible, but with help from IHDA's Home Accessibility Program, local governments and nonprofit organizations are creating more opportunities for people to stay in their homes.

Louvell Houston had been confined to the second floor of his Chicago home before a new ramp was installed to let him come and go as he pleases. Unable to reach the front door using his wheelchair, he needed someone to physically assist him to enter or exit the house - a serious concern in the event of an emergency. But with help from the United Cerebral Palsy Seguin of Greater Chicago, Louvell was approved for a Home Accessibility Program grant to construct a new wheelchair ramp that has made a major difference in his quality of life. The ramp resolved serious safety hazards and gave him the independence he deserves. He can get to his yard to do work, access transportation, and go to the doctor - all without needing help from family or caregivers. 

Funding for the Home Accessibility Program is still available through 15 local governments and nonprofit organizations. To see a list of the organizations and the areas they serve, click here.
Photo credit: Leslie Adkins - Chicago Sun Times
Illinois Hardest Hit Program Helps Chicago Activist Save Her Childhood Home
After spending a lifetime in the home where she grew up, Helen Sinclair was facing foreclosure. The 97-year-old community activist and Illinois Department of Corrections State Chaplain had taken a reverse mortgage to help pay for maintenance on the home where she has lived since 1927, but when she fell behind on her property taxes, the bank moved to foreclose. She was nearly out of options, but when IHDA heard about her situation, the Hardest Hit Fund helped her save her home with $35,000 in assistance from the HHF Reverse Mortgage Assistance Program. The program paid her past due property taxes and will pay her future taxes and homeowner's insurance for the next two years so she can stay in her home without worrying about foreclosure.

Helen is one of thousands of homeowners who have successfully saved their homes through the Illinois Hardest Hit program. Wh ether it's catching up on past due mortgage payments, right-sizing an underwater mortgage, or paying back taxes on a reverse mortgage, the Illinois Hardest Hit Program can help. Apply today at www.IllinoisHardestHit.org.
If Your Borrowers Lost Their Equity, They May Qualify for an I-Refi Refinance
Almost every homeowner in the nation saw their home value drop after the housing bubble burst. More than 1 in 10 homeowners still owe more on their mortgage than their home is worth, but there is help available. The I-Refi program can help homeowners escape their negative equity situation with up to $50,000 to decrease the amount owed on their mortgage, allowing qualified borrowers to refinance into a new loan based on the home's current market value.

For Gregory and Susan Costalis, I-Refi was the difference that saved their Hanover Park home. They wanted to refinance when their adjustable mortgage rate doubled, but the loss of value in their home after the real estate crash made it all but impossible. And when unexpected healthcare costs made it difficult to keep up with their suddenly high payments, they were at risk of falling behind until they contacted Bruce Beddard at Draper & Kramer. With his help, they were approved for an I-Refi refinance that gave them a fresh start. The buy-down assistance made it possible for them to have equity in their home again and the new loan lowered their monthly payments dramatically, putting more money in their pockets before foreclosure became an issue.

Hundreds of homeowners across the state have successfully refinanced their underwater mortgage and reduced their monthly payments through the I-Refi program. If your clients need a lifeline, don't wait. Help them apply today.
2018 Fellows Selected for the IHDA Leadership Academy
After a wildly competitive application process, we are excited to announce the 2018 class of the IHDA leadership Academy. Congratulations to the following 11 Fellows:
  • Josh Beattie - Information Technology
  • Sara Buckner - Asset Management
  • Marlene Corral - Community Affairs
  • Katherine Kimmel - Asset Management
  • Rhiannon Lees - Human Resources
  • Stathis Mellos - Information Technology
  • Puneed Monga - Hardest Hit Fund
  • Claudia Montoya - Multifamily
  • Conora Shaw - Hardest Hit Fund
  • Shellye Taylor - Legal
  • Sean Vanden Heuvel - Loan and Portfolio Management
Throughout 2018, this group will have the opportunity to develop leadership skills, strategic thinking, business acumen and project management as they continue their path to becoming the future leaders of IHDA. Join us in welcoming the 2018 class!
IHDA vs. Developers Bowling Tournament
Team IHDA rolled their way to a 46 pin victory in the third annual bowling tournament against the Developers last Friday, taking home both the winner's trophy and the series lead for the year.

Unlike previous matches, there were no scoring disputes, limited distractions, and only a few ringers on both sides. It was a fun night for everyone, whether they were there to bowl or to cheer on their team. Thanks to everyone on both teams who joined us this year - we're looking forward to defending our title in 2019!
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, speakers and media opportunities that make these events a success.