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 continued to support diverse and equitable communities through the production of more affordable rental housing for families, older adults, and persons with disables in FY2019. This year, IHDA awarded $771 million in state and federal resources and leveraged $274 million to build or preserve 4,509 affordable apartments in 50 developments located in over 30 cities across the state. In addition, we worked to create stronger neighborhoods through supportive housing programs for Illinois’ most vulnerable populations, launching a new rental assistance program designed to meet the housing and social services needs of men and women leaving the criminal justice system.
In FY2019, IHDA made homeownership more affordable and accessible to creditworthy low- and moderate-income households. IHDA’s single-family mortgage programs provided more than $40 million in down payment and closing cost assistance to help 5,336 borrowers this year. In total, IHDA closed over $670 million in mortgage loans to help homebuyers and homeowners purchase or refinance their homes. Additional loans and grants of more than $4 million helped 151 families with overdue repairs and renovations to their existing homes.