Illinois e-News Release
For Immediate Release
Monday, July 15, 2024
Contact: Andrew Field
Illinois Housing Development Authority Biennial Report Highlights Years of Transformation
CHICAGO – Today, the Illinois Housing Development Authority (IHDA) released its 2022 & 2023 Biennial Report highlighting billions in investments made in Illinois communities over the past two years. IHDA worked tirelessly to meet the ever-evolving housing needs of low- and moderate-income individuals, families, seniors, and entire communities across the state to ensure affordable housing opportunities were available.
"Our investments are more than numbers—they provide Illinoisans with stable and affordable housing, strengthen community support systems, and rejuvenate underserved neighborhoods for a brighter future,” said Governor JB Pritzker. "IHDA’s Biennial Report not only highlights the positive changes we are witnessing across Illinois, but it also showcases my administration’s unwavering dedication to uplifting our most vulnerable communities.”
In addition to IHDA’s financial impact, the 2022 & 2023 Biennial Report includes six success stories that share the real, personal impact IHDA programs have had on people and communities in Illinois. The Biennial Report also provides an interactive map that details where investments were made by IHDA in every county over the past two years.
“Affordable housing has the power to transform lives, neighborhoods, and entire communities across the state,” said IHDA Executive Director Kristin Faust. “As we look back on the past two years, we are excited to share our results and stories of households we helped, partners we worked with, and impacts that go beyond housing alone. I want to thank the Members of the IHDA Board whose perspectives have been invaluable as we responded to changing markets and new challenges. I also want to thank our partners, including the Pritzker administration and the Illinois General Assembly who made these positive outcomes possible, and we look forward to continuing this work in the years ahead.”
The 2022 & 2023 Biennial Report also includes many key data metrics, program reviews, images of projects taken before and after, videos, and more. Additional report highlights:
- IHDA closed on $2.6 billion in home loans and $101.3 million in down payment assistance. In total, 15,218 households bought a home with an IHDA mortgage in 95 of Illinois’ 102 counties.
- IHDA closed on $1.4 billion in multifamily lending and awarded state and federal housing tax credits worth another $1.1 billion in equity to finance the construction and rehabilitation of 8,707 affordable rental units for families, seniors, and persons with special needs. These transactions were supplemented by $765.1 million in leveraged financing for a total investment of more than $3.2 billion for affordable housing development in Illinois.
- IHDA funded the creation and preservation of 773 units of permanent supportive housing in 68 developments across the state.
The Illinois Housing Development Authority was created in 1967 by an act of the Illinois General Assembly for the purposes of assisting in the financing of decent, safe, and sanitary housing for persons and families of low- and moderate-income and assisting in the financing of residential mortgages across Illinois. Over the years, IHDA’s scope has expanded to address the diverse housing challenges facing residents and communities of Illinois by developing and implementing new, innovative programs.
You can read the complete 2022 & 2023
Biennial Report here.
About the Illinois Housing Development Authority
The Illinois Housing Development Authority (IHDA) is a self-supporting and mission-driven state agency dedicated to financing the creation and preservation of affordable housing in Illinois. IHDA offers affordable mortgages and down payment assistance for homebuyers, provides financing for the development of affordable rental housing, and manages a variety of assistance programs to create communities where all Illinoisans can live, work, and thrive. Since it was established in 1967, IHDA has delivered more than $27.8 billion in state, federal, and leveraged financing to make possible the purchase, development, or rehabilitation of more than 327,000 homes and apartments for low- and middle-income households. For more information on IHDA programs, visit www.ihda.org.
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