Illinois Housing Development Authority

The meeting featured a review of the Consolidated Interim Financial Statements for the first six months of FY26, noting favorable operating revenues primarily due to higher investment yields and bond administration fees, while operating expenses were under budget due to staff vacancies and deferred costs. The Governmental Fund analysis showed near breakeven results. A Multifamily Update detailed the current underwriting pipeline, which includes 74 projects, and noted 39 closings in the first half of FY2026. Specific items for the upcoming Board Meeting included actions related to Carter Crossing, Mt. Pisgah Apartments, Southbridge Phase 1C, and Whitechapel Apartments. The Single Family/Homeownership Update reported over $59 million in first mortgage reservations for December 2025, with demographic analyses showing representation for Black or African American and Hispanic or Latino borrowers aligning with or exceeding state population percentages. The Quarterly Permitted Financial Activities review confirmed a stable and diversified investment portfolio valued at $5.23 billion market value. Additionally, a request was authorized for the issuance of Multifamily Housing Revenue Notes, Series 2026A and 2026B (Harry Poe Manor), not to exceed $25,445,000, to finance acquisition and rehabilitation.

This document outlines a 10-year property needs assessment, detailing recommended capital improvements across various categories including site development, building structure, building exterior, building interior, mechanical systems, electrical systems, plumbing systems, conveyance systems, life safety/fire protection, and amenities. It defines different categories of needs, such as immediate/critical, red flag, building code violation, life safety EH&S, and long-term repairs, projecting required expenditures for each year from 2026 to 2035.

This Language Access Plan for the Illinois Housing Development Authority (IHDA) serves as a two-year roadmap outlining strategies to ensure equitable and meaningful access to its services, programs, and opportunities for individuals with Limited English Proficiency (LEP). The plan addresses needs assessment, staffing, coordination of interpretation and translation services, public notification, staff training, and a concern resolution process. Its primary goal is to align IHDA's efforts with the Illinois Language Equity and Access Act and other civil rights legislation, ensuring accurate, timely, and effective communication for all Illinois residents.

The meeting agenda covered various operational and financial matters. Key items included committee reports from the Asset Management Committee and Finance Committee. Under the consent agenda, discussions focused on approving renewal and amendment of several significant legal services agreements for Employment & Labor Counsel, Special Tax Counsel, and Issuer's Counsel/General Outside Counsel, as well as authorizing an agreement for Oracle Fusion Cloud ERP Subscription. Procurement matters involved authorizing the transfer of ownership interest for Victory Senior Centre projects and actions related to the Preservation Partners Portfolio. Finance and Asset Management items included ratifying the establishment of a Loan Loss Reserve and authorizing a new site for VOA Elgin. Other resolutions addressed amendments to Administrative Rules for the Rental Housing Support Program and acceptance of additional funds for the FY26 Court-Based Rental Assistance Program. Strategic response items covered the return and reallocation of Low Income Housing Tax Credits and authorizing State Tax Credits for ReNew Communities' Matthew Homeownership. New business included authorizing the creation and funding of the AccessHome Down Payment Assistance Program.

The Asset Management Committee meeting agenda included a review of the previous meeting minutes from July 25, 2025, and overviews of the Homeownership and Asset Management portfolios as of September 30, 2025. Key discussions under Asset Management involved several Board Agenda Items, including a short sale and loan write-off for Sparta Rental Rehab, and significant actions such as changes in ownership, property management, loan modifications, and regulatory agreement assumptions for St. James Senior Housing and St. James Senior Estates II. Other multifamily items addressed included ownership changes for Greenwood Court Apartments and Kenwood-Oakland Apartments, and various amendments and waivers related to regulatory agreements for multiple properties like Bradley Place Senior Apartments II and Lynwood Senior Apartments Phase 2. The committee also reviewed reports on the Multifamily Mortgage Portfolio and the Loan Monitoring Portfolio before entering an Executive Closed Session.