Building A Better Illinois
IHDA ANNUAL REPORT FISCAL YEAR 2019
Affordable housing is a fundamental component of strong communities and serves as the foundation of personal and economic well-being. Where a family lives determines access to schools, jobs, transportation, healthcare and more. For these reasons, expanding the availability and access to quality housing is one of the most essential actions we can take on behalf of Illinois families.
In Fiscal Year 2019, together with our partners, the Illinois Housing Development Authority made great progress toward meeting the state’s housing needs. Together we invested $1.5 billion in state, federal and leveraged affordable housing financing to create and preserve 9,845 affordable homes or apartments across the state. We launched new programs, expanded our reach into underserved communities, and delivered new housing opportunities through efficient administration of IHDA’s core programs.
“IHDA helped us to get into a home much sooner than we ever thought we could. We are really grateful to start our family in our own home.”
“IHDA is a great partner in this whole thing that has happened – this marvelous housing that has happened in Paris, has been because of them.”
“HHF has helped my household tremendously. I’m a single mom who lost her job. It has taken me over a year to find employment and without the help of HHF, I do not know what would have happened to my family. Thank you HHF for your timely assistance!”
“This program has helped me better my life, giving me an opportunity to give my family a better living environment. Thank you very much for the assistance in this process!”
“All we wanted was the front porch fixed. The repairmen came and put up siding, windows, fixed the dining room, installed a new HVAC system and water heater. The house looks completely different and we should save on our utilities. We are very thankful.”
“This assistance has helped me be able to make a down payment for my first home!”
“I love the HAP Program. It has helped me access my house safely with having two bad knees and a bad back. My contractors were wonderful. I am in love with my new deck and ramps.”
“The IHDA assistance is helping us buy the home of our dreams! Thank you for offering to help homebuyers!”
“HHF helped me save my home when my back was against the wall and I had no one to turn to! I am grateful that they did not make me feel like less of a person because I needed assistance.”
The Illinois Housing Development Authority’s mission is to finance the creation and preservation of affordable housing in Illinois.
IHDA invested $771 million and leveraged $274 million to build 1,634 new rental units while preserving 2,875 units in 50 total developments.
Through IHDA’s network of participating lenders, $724 million in loans were made to 5,336 families, generating 2,668 jobs and infusing $143 million into Illinois economy.
In FY2019 the Illinois Hardest Hit program provided more than $33.4 million in federal reinstatement or monthly mortgage payment assistance to more than 2,000 families.
IHDA is a bonding authority and independently sells bonds and other debt instruments to support our activities. Our financial strength enables us to access capital at a lower cost and transfer the savings to homeowners and developers in the form of lower interest rates.
FY2019 RESOURCE HIGHLIGHTS
The Authority successfully maintained a strong rating with issuer credit ratings of A1, AA-, and AA- from Moody’s Investors Service, Standard & Poor’s, and Fitch Ratings, respectively. The Authority issued $377.75 million in single family tax-exempt bonds for our first-time homebuyer loan program and $23.12 million in economic refunding of prior Authority single family bonds. In addition to the issuances of bonds, as discussed above, the Authority has continued to partner with the Federal Financing Bank (“FFB”) on a multifamily risk share program. This risk share program has allowed the Authority to increase originations and add insured long-term assets to our portfolio. The Authority has created $56 million in such assets for FY2019.
OUR STATE AND FEDERAL RESOURCES
State and federal resources allocated by IHDA also help us to finance quality affordable housing and avert home foreclosures across Illinois. In FY2019 these resources included:
i. Pursuant to Title II of the Americans with Disabilities Act as amended (ADA) of 1990 (42 U.S. C. §§12101 et seq.) and Section 504 of the Rehabilitation Act of 1973, as amended (Section 504) (29 U.S.C. §794) the Illinois Housing Development Authority (IHDA) does not discriminate against qualified individuals with disabilities in its policies, or in the admission of, access to, treatment of or employment in its programs, federally assisted programs, services or activities. IHDA will provide special communication assistance to persons with vision and/or hearing impairment. IHDA has designated the following person responsible for coordinating compliance with the nondiscrimination requirements: