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Update on IHDA Programs

Update on IHDA Programs. Jennifer Novak Chan. RRHA of Illinois Annual Conference. Office of Housing Coordination Services. May 14, 2013, East Peoria. The Illinois Housing Development Authority (IHDA) is….

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Update on IHDA Programs

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  1. Update on IHDA Programs

    Jennifer Novak Chan RRHA of Illinois Annual Conference Office of Housing Coordination Services May 14, 2013, East Peoria
  2. The Illinois Housing Development Authority (IHDA) is… The State Housing Finance Agency (HFA), created in 1967 by the Illinois General Assembly, with authority to issue bonds. Administrator of State’s Affordable Housing Trust Fund, and State’s portion of Federal HOME funds, Federal Low-Income Housing Tax Credits, State’s portion of Donation Tax Credits, and State’s Rental Housing Support Program Contract Administrator for several project-based Section 8/Mod Rehab. Developments Point of contact for State’s Federally-Assisted Housing Preservation Act IllinoisHousingDevelopmentAuthority
  3. Affordable Housing Trust Fund Applications on rolling basis Source: 50% of State receipts of Real Estate Transfer Tax Divided 65% City/20% Suburban/15% Rural Serve 80% and 50% AMI Mostly gap financing, but some 1st mortgage financing May match CDAP, other State programs, support TA Recent redirection of AHTF: Homeless Prevention 2013 expect $20M IllinoisHousingDevelopmentAuthority
  4. Low Income Housing Tax Credits Public/private partnership that provides equity for rental developments Primarily rental housing, with some applicants promoting eventual tenant homeownership Approximately 22 million annually can generate over $180 million in equity 4% Credits applications taken on rolling basis; Two rounds allocation for 9% Credits IllinoisHousingDevelopmentAuthority
  5. Low Income Housing Tax Credits Geographic set-asides: Chicago, Chicago Metro, Other Metro, Non-Metro, Statewide PHA wait list preference mandatory Scoring: green, enhanced accessibility, larger units, rehab & adaptive reuse, historic, neighborhood assets, jobs, rental assistance (new, preserving, State-administered), PSH through SRN, vets Round I full applications, Round II PPAs were due March 22nd 2014 QAP public hearing (Oct?); roundtable/workshop (tbd); Round I PPA (Dec?) IllinoisHousingDevelopmentAuthority
  6. HOME Approximately $13 million available to Illinois Local Participating Jurisdictions receive separate allocations Multifamily application may be made available on a rolling basis; SRPP program suspended Typically in first or second position Eligible to non-profit and for-profit developers Frequently combined with LIHTCs 15% of funds must go to CHDOs New rules: homeownership projects must convert to rental if no buyers after 6 months IllinoisHousingDevelopmentAuthority
  7. Preservation Now Program Provides subordinate mortgage financing to new tax-exempt bond projects with existing project-based rental subsidy. Encourages acquisition and rehabilitation by owners that will agree to extend existing rental subsidy. 10% of total development costs or amount necessary to make financially feasible Funding sources: TEB, LIHTC, FHA-RS, HTF Applications due by June 7th IllinoisHousingDevelopmentAuthority
  8. Illinois Affordable Housing Tax Credit Public/private partnership that provides 50% IL Income Tax credit for qualified donations to pre-approved non-profit developers Eligible donations include money, securities, or real or personal property Total allocation of approximately $16 million Primarily for rental housing at or below 60% AMI Small set-aside for Employer-assisted housing at or below %120 AMI IllinoisHousingDevelopmentAuthority
  9. Illinois Capital Fund (BIBP)for Housing $130 million authorized for capital investments in affordable housing by General Assembly Priority populations include low-income, with emphasis on seniors, disabled, homeless and vets Funded Homes First Illinois, Welcome Home Heroes, Two Rounds PSH Future funding rounds tbd IllinoisHousingDevelopmentAuthority
  10. Rental Housing Support Program State’s rental assistance program, funded by mortgage recordation fee Majority of funds allocated geographically to Local Administering Agencies (LAAs) in Chicago, Metro Chicago, Small Metro, and Rural Areas. Three initial rounds of funding, three-year commitments; now renewing Unit-based; serves 30% and 15% AMI IllinoisHousingDevelopmentAuthority
  11. Rental Housing Support Program – Long Term Operating Support (LTOS) Portion of RHSP funds for IHDA to allocate to newly available housing units. Special demonstration for SRN Must not exceed 25% of total development’s units 15 year assistance and compliance period Applications due by June 10th IllinoisHousingDevelopmentAuthority
  12. Other Federal Rental Assistance Section 811 Project Rental Assistance Demo IHDA awarded almost $12M to assist up to 825 hh Target Long-Term Care Rebalancing: MFP, Olmstead consent decrees, facilities closures RFP to be issued after Contract Agreement with HUD finalized 30% AMI, no more than 25% of total units, 20-year commitment IllinoisHousingDevelopmentAuthority
  13. Other Federal Rental Assistance National Housing Trust Fund Authorized by HERA of 2008 No appropriation initially or to-date (ever) 90% funds to be used for eligible rental housing activities 75% funds to benefit HH at 30% AMI Preliminary estimate of $1 billion initial funding IL would receive $43 million Source of funds: GSE profits; MID reform IllinoisHousingDevelopmentAuthority
  14. Comprehensive Housing Plan 2013 Focus Areas Revitalizing Neighborhoods Impacted by Foreclosure Community-Based Supportive Housing Settings Planning and Capacity Building Innovative Resources and Strategies IllinoisHousingDevelopmentAuthority
  15. The Office of Housing Coordination Services (OHCS) is… The coordinating IHDA department for the State of Illinois Consolidated Plan The staff for the Illinois Housing Task Force, its Executive Committee, Interagency Committee, and Working Groups The housing information clearinghouse for the State of Illinois The issuer of Housing Affordability Impact Notes for the Illinois General Assembly The responder to housing-related correspondences for the Governor’s Office of Citizens’ Assistance The staff for the State Housing Appeals Board (Affordable Housing Planning & Appeals Act) IllinoisHousingDevelopmentAuthority
  16. THANK YOU Jennifer Novak Chan Assistant Director, OHCS jnchan@ihda.org (312) 836-5328 More information: www.ihda.org IllinoisHousingDevelopmentAuthority
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