IHDA's Homeownership Department is pleased to name
, Sales Manager at Wintrust Mortgage in Chicago as Loan Officer of the Month. Throughout her 15 years in mortgage banking, Victoria has seen the industry from all sides, starting as a processor in 2002 and quickly moving to underwriting and management positions with both boutique mortgage brokers and national lenders. Today, Victoria and her team at Wintrust pride themselves on delivering exceptional customer service, whether their clients are buying, selling or refinancing. With her experience and IHDA's
programs, Victoria and her team are sure to find the right mortgage for their customers.
For more immediate updates, please join us on IHDA's Facebook page and follow us on Twitter:
A Note from Audra's Desk
Dear Development Partners,
Developers had the win at the IHDA vs. Developers Bowling Tournament. The team I played against (that could be called TCB) had a pharmacist on their team! A pharmacist, people! He would not know a
healthy DCR to save his life. Needless to say, he was a terrific bowler. No hard feelings, developers. It was a fun evening. Just know that we'll be practicing.
Thanks to everyone who attended the Governor's Affordable Housing Conference on March 13 and 14. Despite the weather, we had a record turnout as we discussed industry changes, challenges and opportunities for the coming year. A special thanks goes to co-host Illinois Housing Council and everyone who made the conference a success.
many of you know, progress has been made with our 2016 LIHTC applications that have equity shortages. Several projects rec
eived Board approvals in February and more will be on the March agenda.
anks to all who applied for the
Permanent Supportive Housing Development Program
. We are reviewing the applications now and plan to have results back quickly. We are excited to be funding projects that will help some of our most vulnerable residents in the state.
IHDA will have only one 2017 9% LIHTC Application Round due on June 23, 2017.
Thanks to all our development partners for making 2016 a great year in Illinois. In fiscal year 2016, IHDA invested $1.4 billion in 10,000 units of affordable housing, generating $640 million for Illinois' economy, creating 7,400 jobs and helping families find quality, affordable homes throughout the state.
- Through our network of 150 lenders, $875 million was loaned to 6,000 families to purchase their first home.
- IHDA allocated $510 million and leveraged $230 million to build or preserve 4,000 apartments in 47 developments across the state.
- IHDA granted $2 million to 15 units of local governments to secure or demolish 570 blighted single-family homes in 14 counties.
- IHDA funded foreclosure mediation programs that provided free housing counseling and legal services to 3,800 homeowners at risk of losing their homes.
- IHDA monitors 120,000 units in 1,500 developments each year, located everywhere from Antioch to Cairo.
For more details and real stories of our impact in communities across the state, see our online FY2016 Annual Report.
IHDA Announces Winners of 2017 Housing Champion Awards
We were excited to announce the winners of the 2017 Illinois Housing Champion Awards on March 13, recognizing several de
velopments and partners who have played key roles furthering affordable
housing over the past year.
The Jon Linfield Award was presented to the Macoupin County Housing Authority (MCHA) for
Macoupin Homes, a development
that built 38 new single-family homes in Staunton, Bunker Hill and Gillespie. As a HUD-certified credit counseling agency, the MCHA will work with residents throughout the rental period to prepare them for homeownership, improving their credit scores and teaching them how to maintain their homes so they can qualify for a mortgage when they are ready to buy
The Miller-Valentine Group accepted the Wyvetter H. Younge Award for Morton Estates, a development that transformed a vacant nursing home into 61
new apartments for seniors.
The property received broad support from the community and features a comprehensive supportive service plan coordinated by METEC and a host of other local service agencies who provide transportation, in home meals, healthcare referrals and veterans' services
Milwaukee Avenue A
partments, a new development from Full Circle Communities, was voted winner of the Gale Cincotta Award for its innovative design that improves accessibility at every opportunity. The property features 32 apartments, all with adjustable cabinets and counter tops, roll-in showers, adjustable closet organizers and audio-visual entry and alert devices.
State Representative Arthur Turner, Jr. was recognized as the 2017 Legislator of the Year for his critical role as Chief Co-Sponsor of SB2921, which extended the Illinois Affordable Housing Tax Credit for an additional five years.
Affordable Housing Corporation of Lake County (AHCLC) was named IHDA's Housing Counseling Agency of the Year. In 2016, AHCLC empowered nearly 500 households to positively address their foreclosure situation through education, counseling and mediation services.
Finally, Jason Accola and Wintrust Mortgage took home the Loan Officer and Mortgage Lender of the Year awards, respectively. Jason connected his clients with $14 million in IHDA first mortgages last year, while Wintrust helped 420 homebuyers to purchase their first home using an IHDA program.
Developers: Enter Your Project for the AHF Readers' Choice Awards
If you have done an outstanding development, Affordable Housing Finance wants to know. AHF is calling for entries for the 13th annual Readers' Choice Awards to find the best affordable housing projects of 2016 and 2017. After attending more than 40 groundbreakings and grand openings last year, we know you've created some amazing properties across the state and we encourage you to make your case for being the best in the nation.
Winners will be featured in the November/December 2017 issue of Affordable Housing Finance and will be recognized at an awards ceremony at the AHF Live Developers Summit, November 14 - 16 in Chicago.
First-Time Buyers Gain Traction, but are Making Big Compromises to Enter the Market
After falling for three straight years, the share of first-time homebuyers improved to 35 percent last year, the highest since 2013 according to the National Association of Realtors. While the increase is encouraging, those borrowers are making big compromises, with an alarming one out of every seven first-time buyers raiding their retirement savings to come up with a down payment.
As buyers dig deeper and deeper for the funds they need, l
enders and Realtors who offer IHDA's 1stHomeIllinois and @HomeIllinois programs have an advantage that can be the difference between their clients buying a home or not. IHDA's first mortgage programs o
ffer up to $7,500 in down payment assistance, competitive interest rates and tax credits that can save new buyers thousands over the life of their loan, all without
draining their savings and risking their retirement.
I-Refi Program Offers a Lifeline to Homeowners in the "Underwater Mortgage Capital of America"
IHDA joined Rockford Mayor Larry Morrissey on February 2 to let a city recently dubbed the "Underwater Mortgage Capital of America" know that thousands of homeowners can get help through the state's I-Refi Program.
Funded through a partnership with the U.S. Department of the Treasury, I-Refi offers up to $50,000 in forgivable assistance to help homeowners with underwater mortgages reduce what they owe and refinance into a new, affordable loan. Since launching in August 2016, I-Refi households have received an average of $38,000 to lower their mortgage balances and have refinanced into new loans that save them $360 every month on their payments. The program is available statewide through a number of local lenders.
Half of all Cook County Foreclosure Mediation Program Clients Save Their Homes
While foreclosures no longer dominate the headlines, the crisis isn't over for thousands of families who are still fighting to keep their homes. It is essential for homeowners to have an adviser they can trust as they look at their options, and the answer for many is a HUD-certified housing counselor.
IHDA hosted a training session on January 27 for agencies who participate in the Cook County Foreclosure Mediation Program (CCFMP), an unprecedented partnership between the Circuit Court of Cook County, IHDA, and several state and local organizations who provide counseling to homeowners who have mortgages in foreclosure. CCFMP counselors are
guides to families navigating the foreclosure process, helping them understand their options, apply for mortgage assistance, or even find legal representation at no charge.
CCFMP counselors have assisted over 17,500 households who have received foreclosure notices, and of completed cases, 70 percent reached an agreement with their lender and half of all households saved their homes. While there's no single solution for every case, it's clear that housing counseling works.
See our Saving My Home page for a full list of resources for homeowners struggling to make their mortgage payments.
IHDA Executive Director to Speak at City Club of Chicago Luncheon on May 2
IHDA Executive Director Audr
a Hamernik will address the City Club of Chicago's Public Policy Luncheon on May 2. P
rior to joining IHDA, she was the principal of a consulting firm where she advised nonprofit agencies on affordable housing development and funding strategies, and counselled local governments on affordable housing issues. Hamernik was also the Executive Director of a nonprofit organization that developed affordable apartments for working families in both urban and rural communities. Join us on May 2 to hear her discuss affordable housing in Illinois
Registration is required, and admission is limited. For more information and to register online, visit the
City Club of Chicago
Evergreen Real Estate and the City of Aurora Celebrate $24 Million Transformation
We were excited to join Lt. Governor Evelyn Sanguinetti, Representative Steve Anderssen, and Evergreen Real Estate Group on January 31 to celebrate a huge milestone for the city of Aurora - the ribbon cutting for Aurora St. Charles Senior Living.
The building, a former hospital built in 1932 and listed on the National Register of Historic Places since 2010, had been vacant for years until Evergreen and the City organized the effort to rehab and save the property. Before construction began, it could have been the set of a horror movie (with abandoned wheelchairs and dismembered doll parts scattered around the building). But today, thanks in large part to IHDA's Credit Advantage first mortgage, the historic hospital has been transformed into a beautiful and bright apartment complex providing 60 new units for Aurora seniors.
It took an incredible effort to complete the rehab in just 363 days, and the entire development team deserves our congratulations for seeing it through.
Lake County Housing Authority Breaks Ground on Brookstone and Regency at Coles Park
IHDA's Multifamily team joined the Lake County Housing Authority (LCHA), the Benoit Group, State Representative Rita Mayfield and a host of project partners on March 3 to break ground on the Brookstone and Regency at Coles Park, a two-part development at the site of the former Marion Jones Townhomes in North Chicago.
When complete, the development will consist of 220 total units, including 170 affordable apartments for families and 50 reserved for seniors. IHDA provided a $27 million first mortgage through the
Risk-Share Bond Program
with rates and terms that allowed the LCHA to fill a $2 million funding gap in order to move forward with the deal. Congratulations to
the LCHA on closing a significant investment for the community of North Chicago!
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.