June 23, 2017
July 10, 2017
10 a.m. - 12 p.m.
Wyndham Springfield City Centre
700 E. Adams St.
Springfield, IL 62701
July 10, 2017
3 p.m. - 5 p.m.
Belleville Public Library
121 E. Washington St.
Belleville, IL 62220
July 13, 2017
10 a.m. - 12 p.m.
Rockford Public Library
Nordlof Center - Sullivan Theater
118 N. Main St.
Rockford, IL 61101
July 21, 2017
111 E. Wacker, Ste. 1000
Chicago, IL 60601
July 21, 2017
1:30 p.m. - 3:30 p.m.
111 E. Wacker,
Chicago, IL 60101
IHDA's Homeownership Department is pleased to name
, Mortgage Loan Originator at U.S. Bank in Hanover Park as Loan Officer of the Month
. Cherry has been helping families buy their dream homes or refinance to more affordable terms for more than 20 years, using IHDA's 1stHome, @Home and I-Refi programs to establish herself as a local mortgage specialist. Whether she's
helping a new buyer into their first home or just answering questions about budgeting, financing or more, Cherry works one-on-one with her clients to lead them through every step of the process, always putting their needs and concerns first
to find the best possible loan for every situation.
For more immediate updates, please join us on IHDA's Facebook page and follow us on Twitter:
A Note from Audra's Desk
Dear Housing Partners,
Thanks for all you are doing! Everywhere I visit in Illinois you are doing great work helping others.
I want to introduce you to my new friend Mary and her sweet dog. Mary, a widow, was able to move back to her hometown into a beautiful new apartment financed by IHDA. As we sat on her front porch she told me she now lives near her children and can watch her grandchildren play T-ball. She has been reintroduced to old friends. She can afford her rent. She never dreamed that she would be living in such a wonderful apartment and neighborhood. She said her life is full and has meaning again. Thanks to the Montgomery County Housing Authority for helping Mary and many others!
Those of you who have joined us at our board meetings know that Bill Malleris finished his tenure as an IHDA board member earlier this year, and I want to thank him for his nearly six years of service. During those years, IHDA financed more than 3,350 units of accessible and adaptable housing. He was (and still is) a relentless advocate, and we cannot thank him enough.
Congratulations to the development teams that were awarded funding under the Permanent Supportive Housing Development Program during our May board meeting. This is an important focus area for IHDA as we look for ways to help some of the most vulnerable residents in Illinois live independently. We're looking forward to the groundbreakings!
June is National Homeownership Month, which means it's time to remember the important role homeownership plays in healthy communities and improve access to the resources that make buying a home possible for families throughout Illinois
. If you are not an IHDA lender, talk to our Homeownership team today to find out how you can help more people in your community. If you or someone on your staff would like to buy a home, visit one of our participating lenders to help determine if you are ready. We have great down payment assistance programs.
2017 Low-Income Housing Tax Credit applications are due tomorrow, June 23. Everyone submitting an application has received an email from
MFPortal@IHDA.org with their username and password for the new online application portal. This is a huge step towards our goal of going paperless, streamlining our internal processes and better serving you. Thanks to everyone who provided feedback during testing. We made a number of improvements to the site thanks to your ideas.
Finally, make sure you're following us on
for the latest and greatest IHDA news. We're posting job opportunities, industry news and updates from events with partners throughout the state. Connect with us and stay tuned!
LIHTC Updates: Application Portal, Frequently Asked Questions and QAP Summits
Multifamily Application Portal:
The new Multifamily Online Application Portal is officially open. Developers r
eceived their credentials to log into the site on June 12 and have until tomorrow, June 23 to upload their application documents. If you have any questions about the online application, please contact firstname.lastname@example.org. Remember, paper copies of your application will not be accepted
2017 LIHTC Application FAQs:
2017 Qualified Allocation Plan Summits:
IHDA is excited to host a new series of QAP summits in July. Please take advantage of this opportunity discuss the effectiveness of current and future QAP incentives. At each of the sessions, IHDA will share preliminary thoughts about possible changes to the Plan and will accept input and suggestions from the development community.
See the dates and locations in the
section, and register at the link below before July 6 to reserve your spot. S
pace is limited to two persons per organization and will be reserved on a first-come, first-served basis.
June Is Homeownership Month: Here's How to Help More Renters Become Homeowners
June is National Homeownership Month, and the desire to own a home is growing among young renters. A survey by Apartment List found that 80 percent of millennial households want to purchase a home, but
affordability remains their biggest challenge. At their current saving rate, millennials will need at least a decade to save for a 20 percent down payment.
IHDA's down payment assistance programs can help lenders and Realtors tap into this pent up demand and make homeownership a reality for more first-time homebuyers. With up to $7,500 in down payment assistance, dollar-for-dollar reductions to federal income tax liability and free pre-purchase education, the 1stHomeIllinois and @HomeIllinois programs make homeownership more accessible and sustainable for working families. While many may believe they are years away from purchasing their first home, these programs can be the difference that allow more buyers to achieve their dream.
The Chicago-Area Leads the Nation in Underwater Mortgages. Give your Customers a $50,000 Fresh Start with I-Refi
More Chicago-area homeowners are underwater on their mortgages than any other metro area in the nation, according to Crain's Chicago and CoreLogic. While 55,000 Chicago-area homeowners escaped negative equity in the past 12 months, Chicago's housing prices are among the slowest in the country to recover, and 162,000 homeowners are still looking for a fresh start.
The I-Refi program offers much-needed relief to homeowners with underwater mortgages, giving them a rare chance to erase their negative equity and regain what in many cases is a household's
most valuable asset. The program provides up to $50,000 to reduce the amount they still owe on their underwater mortgage, and once the loan is right-sized, the borrower is able to refinance into a new loan at today's lower interest rates. Homeowners are reducing their principal balance by an average of $38,000 and saving an average of $360 every month on their new loan payments after an I-Refi refinance.
City of Springfield Celebrates the Transformation of the Boulevard Townhomes
IHDA joined Cohen-Esrey and the City of Springfield on May 18 to open the new Boulevard Townhomes, a completely renovated development of 46 two-story structures providing 184 affordable apartments for families just outside of downtown Springfield.
Originally built in 1967, the property had a troubled history with high vacancy rates, no amenities and an absentee owner that allowed the buildings to fall into serious disrepair. Working with local officials, IHDA issued tax-exempt bonds, federal Low-Income Housing Tax Credits and Illinois Affordable Housing Tax Credits to finance the purchase and restoration of the complex, transforming it into a safe and attractive option for Springfield renters. The new owner carried out a substantial renovation to return the neglected apartments to like-new conditions, while also making security improvements, adding resident amenities, and improving accessibility for persons with disabilities.
New Townhomes Unveiled in Montgomery County
One year after the groundbreaking, the Montgomery County Housing Authority held a ribbon cutting ceremony marking the completion of 37 new townhome-style apartments for seniors on June 7. Built on five sites in the three neighboring cities of Hillsboro, Nokomis and Witt, Montgomery County Senior Homes replaced 37 small and outdated units of public housing, bringing modern affordable rental homes to an area with extremely limited options for seniors. Located near neighborhood amenities and connected to senior-targeted services coordinated by the MCHA, the homes are already 100 percent occupied at all five sites.
Congratulations to the MCHA, Windsor Development Group and the cities of Hillsboro, Nokomis and Witt!
New Senior Development Opens in Springfield
The Springfield Housing Authority held a ribbon cutting on June 13 to celebrate the official completion of their newest development, the Villas at Vinegar Hill. The Villas is a four-story 92-unit apartment building for residents 62 and older built on the site of the former John Sankey Hi-Rise, a 45-year old public housing property demolished in 2013. In addition to the mix of one- and two-bedroom units, the new building has two computer labs, a library with donated books, an exercise room, a movie theater, and easy access to services and amenities throughout Springfield.
Developers... We Want to Hear From You
Please remember to reach out to IHDA when planning your next groundbreaking or grand opening. Contact
in IHDA's Marketing & Communications Department to help identify the best dates, speakers and media opportunities that make these events a success.