Mission Driven Impact
IHDA ANNUAL REPORT FISCAL YEAR 2018
The Illinois Housing Development Authority’s mission is to finance the creation and preservation of affordable housing in Illinois.
The principal housing challenges facing Illinois in Fiscal Year 2018 were recovery and revitalization needs at the local level, the lack of affordable homeownership opportunities, and the need to address the growing shortage of affordable rental housing across the state. IHDA met each of these challenges with tangible results.
In FY2018, IHDA’s mortgage assistance and foreclosure mitigation programs provided $66.6 million to help 3,240 families save their home after a loss of income. FY2018 also saw IHDA close over $743.3 million in loans with 5,500 homebuyers, the majority of which purchased their first home in a community targeted for revitalization. Finally, on the rental housing side of our business IHDA invested $332.7 million and leveraged $460.5 million to build or preserve 2,944 affordable units in 36 developments.
FY2018 Homebuyer Profile
FY2018 Rental Housing Impact
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.
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. In addition, Moody’s upgraded their ratings on IHDA’s Homeowner Mortgage Revenue Bonds Indenture to Aa2. The Authority also issued $120 million in single family tax-exempt bonds for our first-time homebuyer loan program, $10.69 million in economic refunding of prior Authority bonds, all of which were multifamily related, and issued one new series of short-term tax-exempt Multifamily Revenue Notes totaling $3.0 million to finance the acquisition and rehabilitation of an affordable multifamily development. In addition to the issuances of bonds, as discussed above, the Authority also partnered 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 $6.5 million in such assets for FY2018.
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:
Nondiscrimination Policy: 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: