Deirdre Kenny

The committee reviewed the proposed FY2026-2027 Audit Plan, receiving status updates on the FY2025 and FY2026 audit plans. Discussions included a report on closed and overdue audit findings, presentations of completed internal audit reports covering employee expenses, Oracle implementation, cash management, and debt close-out reviews. Informational updates were provided regarding department staffing, internal audit strategic planning, the adoption of AI tools for manual tasks, and an external audit update concerning subrecipient monitoring.

The committee reviewed the consolidated interim financial statements, noting fiscal year-to-date performance across operating and governmental funds. Updates were provided on multifamily housing initiatives, including several rehabilitation and development projects, and single-family homeownership reservations, which showed a significant increase in volume. The committee discussed the ratification of an increased loan loss reserve, the authorization of 2026 Series E, F, G, and H revenue bonds, and the financing details for the Logan Vistas Apartments development. Additionally, the committee reviewed and engaged in discussions regarding the proposed operating and capital budget for the upcoming fiscal year, focusing on mission resiliency, technology investments, and office relocation plans.

This Annual Action Plan for the State of Illinois outlines strategic objectives and outcomes for housing and community development, fulfilling U.S. Department of Housing and Urban Development (HUD) requirements for federal grant programs. The plan focuses on addressing the needs of eight identified underserved populations through enhanced accessibility, affordability, and sustainability in living environments and economic opportunities. Key goals include supporting multifamily affordable housing, single-family rehabilitation, public infrastructure, community and economic revitalization, and specialized housing for persons with HIV/AIDS, alongside comprehensive efforts to prevent and reduce homelessness and poverty.

The board addressed several agenda items, including asset management matters such as changes in ownership, loan resubordinations, and property management changes for multiple developments. Finance matters were discussed, including the ratification of permitted financial activities and the issuance of revenue obligations for bond programs. The meeting also included the authorization of a conduit loan for multifamily housing projects, the approval of state tax credits for scattered-site housing developments, and the allocation of funds for the Strong Communities Program to support local affordable housing and community revitalization. Additionally, the board convened for an executive closed session to discuss personnel matters and reviewed several internal reports.

The meeting included an IT update covering modernization, cybersecurity, and strategic priorities for the upcoming fiscal year. Financial reports showed favorable budget performance in both administrative and governmental funds. The committee reviewed multifamily lending activity, including progress on rehabilitation and construction projects, as well as an update on single-family homeownership programs and loan performance. Additionally, the committee discussed the investment portfolio status, approved resolutions concerning the issuance of revenue obligations for bond programs, and reviewed specific funding requests for multifamily housing projects including Lafayette Apartments, Sandwich Manor, and Hidden Glen.