CHICAGO—Governor Rod R. Blagojevich, today, announced approval of financing for four homeownership programs across the state that will help 309 new homeowners with down-payment and closing costs assistance, below-market interest rate mortgages, credit counseling and technical assistance. The Madison County Community Development Homebuyer Program, the Quad Cities Region First Time Homebuyer Program, River City Affordable Homes in East St. Louis, and Chicago’s Spanish Coalition for Housing Initiative were all awarded financing by the Illinois Housing Development Authority (IHDA) from the State’s Affordable Housing Trust Fund to assist first-time homebuyers in their region.
The IHDA board of directors also approved $750,000 from the Affordable Housing Trust Fund to support the Department of Human Services’ continuing “Project Ground Floor” program, a homeownership program that will assist 30 disabled adults with first-time homeownership.
With the announcement of these awards at the April board meeting, IHDA has now helped to finance more than 65,000 households of moderate means realize their dream of homeownership for the first time.
“We are excited to support such excellent programs across the state that make the dream of homeownership a reality for moderate and low income Illinois households,” said Kelly King Dibble, IHDA’s executive director. “But I am particularly proud to support three programs run by our sister state agencies that will target foster children and disabled individuals. These three programs are examples of coordination and newfound efficiency of state agencies on housing issues under Governor Blagojevich’s leadership.”
IHDA’s board approved two programs in coordination with the Department of Children and Family Services (DCFS), including a $1 million state tax credit allocation to SOS Children’s Villages, where 100 foster children will live with their biological siblings in 20 duplexes and town homes in Chicago’s Auburn Gresham neighborhood. A second DCFS request approved by the IHDA board will fund the United Cerebral Palsy Ramp Up Foundation, which will handle home ramps and in-home modifications of houses owned by DCFS foster parents to make their homes accessible and functional for family members with physical disabilities. Ramp Up Foundation will receive $750,000 from the State’s Affordable Housing Trust Fund.
Several other special needs populations also received financing from the Authority at the April board meeting, including
- New construction of 42 wheelchair accessible rental units for low-income families in Rock Falls, IL, with nearly $2 million of federal HOME funds
- Redevelopment of the Leland Apartments, 137 units of supportive housing in Chicago’s Uptown community, with support from the state’s Affordable Housing Trust Fund.
- Redevelopment of 42 units of permanent housing for homeless veterans in Hines, IL, also with support from the state’s Affordable Housing Trust Fund.
At the April meeting, IHDA also expanded its partnerships and support of Public Housing Authorities in Illinois, including support of the Chicago Housing Authority’s Hilliard Homes Phase II, on Cermak and State Streets in Chicago, which includes 152 units for CHA eligible families and seniors as well as 175 units for families earning less than 60% of area median income. The East St. Louis Housing Authority received an Affordable Housing Trust Fund loan and an increase in federal Low Income Housing Tax Credits for its Central City Apartments.
About the Illinois Housing Development Authority
The Illinois Housing Development Authority (IHDA) is a self-supporting state agency that finances the creation and the preservation of affordable housing across Illinois. Since its creation by an act of the Illinois legislature in 1967, IHDA has allocated more than $6 billion and financed more than 150,000 units of affordable housing across the state. IHDA accomplishes its mission through a number of federal and state funding sources, including the Illinois Affordable Housing Trust Fund, the State’s Donations Tax Credit Fund, the allocation of federal Low Income Housing Tax Credits, HOME Investment Partnership funds and others. IHDA is also a bonding authority, and independently sells bonds, based on its own good credit, to finance affordable housing across the state.