Elizabeth Nerney

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.

The committee reviewed the Homeownership and Asset Management overviews as of the end of the previous calendar year. The agenda included a presentation on Lake Shore Plaza, followed by several board agenda items regarding changes in general and limited partner interests and property management, as well as waivers of qualified contracts for various developments including Victory Senior Centre, Academy Square, Rand Grove Village, and Bryn Mawr. Additionally, the committee addressed numerous multifamily report items, such as ownership changes, property manager transitions, loan paydowns, regulatory agreement releases, and the subordination of extended use agreements for properties including Phoenix Towers, Chatham Crossing, Fox Pointe Apartments, and others. The meeting also included a portfolio overview for multifamily mortgages and loan monitoring.

This Annual Action Plan for the State of Illinois outlines the allocation and use of federal formula grant programs, including CDBG, HOME, ESG, HOPWA, and HTF, to address housing and community development needs for 2026. The plan focuses on strategic objectives such as creating suitable living environments, providing decent affordable housing, and fostering economic opportunities. Key priorities include affordable housing, public infrastructure, community and economic revitalization, and preventing and ending homelessness for underserved populations including low-income households, seniors, persons with disabilities, and homeless persons, emphasizing inter-agency coordination and public participation.

The Illinois Housing Development Authority's 2027-2028 Qualified Allocation Plan outlines the framework for awarding Low-Income Housing Tax Credits to finance the creation and preservation of affordable housing in Illinois. The plan details criteria for evaluating projects and development teams, covering both 4% and 9% Tax Credits. It is guided by policy priorities focused on cost containment and creative solutions for affordable housing development, serving vulnerable populations, and achieving statewide equity in housing resources.