Rockford Area Affordable Housing Coalition Blog

We learned yesterday that the Federal Home Loan Bank of Chicago's Affordable Housing Program will have about $30 million available for 2006. This is down 25% from last year. The impact will be felt in the Downpayment Plus program and in the Competitive AHP for project developers. Currently several members of the Coalition are utilizing the Downpayment Plus program. Our guess, and this is not based on any facts or knowledge, is that reservations may run out in September or October. Due to the recent growth of the program, that may even occur earlier. Of course, every year is different, so we will see how the program progresses as the year moves forward.

This may also have an impact on the awards available to developers. The maximum award will remain at $600,000 per project, but the overall amount available will be down from last year. Also keep in mind that last year saw an increase in projects receiving funds even though there were fewer funds available. This may have been due to a lowering of the project maximum or simply lower requests from developers.

Last night we were able to take some time to celebrate the successes of the Rockford Area Affordable Housing Coalition. Our Annual Banquet took place at Giovanni's of Rockford. Our own staffer, Anna Contreras, spoke about her experiences as a homeowner, and the benefits that she experienced as a result of participating in the Homebuyer Education class that we offer. Recent class graduate Kordrey Jones also spoke about the pride he feels as a new homeowner and encouraged all those present to "continue to help people like me to own a home." A word from Mayor Larry Morrissey reminded us that there should be no "bad side of town." We should expect excellence everywhere. John Hotchkiss of Fannie Mae (not the candy company!) explained some of the changes to several of Fannie Mae's mortgage products. These products are available for people with low-moderate incomes. People with higher incomes can also take advantage of these products if they purchase a home in a qualified census tract.

This was the first time we had hosted a dinner (as opposed to the luncheons we have had in the past), and all of the feedback we have received has been positive. Thank you to the greater Rockford area for your continued support!!