Audra Hamernik Executive Director of the Illinois Housing Development Authority (IHDA)

In this Advisory Council Spotlight, we introduce Audra Hamernik, Executive Director of the Illinois Housing Development Authority (IHDA). Since the state legislature created IHDA in 1967, it has operated as a self-supporting agency with the mission of financing the creation and preservation of affordable housing. Even with 50 years of experience, IHDA is still finding new ways to expand its product offerings and extend its reach. For example, the agency’s new I-Refi program provides underwater homeowners up to $50,000 in federal assistance to reduce the balance owed on their mortgage and refinance into a new, affordable loan based on the current market value of their home—leaving more in their pockets each month for repairs and home improvements. “We’re helping a lot of people in Illinois live better lives through stable housing,” says Hamernik. “We see so much need, and we’re really trying to be not just a lender, but a leader in affordable housing, both in Illinois and across the nation.”

How does IHDA balance the different—and perhaps conflicting—priorities of rural, suburban, and urban communities in Illinois?

I grew up in a small town in southern Illinois, so I can see these issues from multiple sides. It is a balancing act, and we are constantly thinking about how we can do a good job with our partners in the city, in suburbia, in small metropolitan areas, and in rural areas, because they all have very different needs. We also recognize that different models are going to work better in different places; the type of housing that works in Chicago isn’t going to work everywhere else in the state. Our Strategic Planning and Reporting Department (SPAR) has community revitalization planners on staff who go out to communities—especially those that have substantial housing needs but lack the resources to hire planners—and help them think about their needs, consider the resources IHDA has to offer, and put plans together. We’re going to be expanding these efforts in 2018, working with different universities and getting students and other nonprofits involved so we can expand our reach.

Are you seeing any interesting trends in IHDA’s homeownership programs right now?

We’re excited to have helped about 6,000 new homeowners in Illinois last year. We find that the housing market is recovering and there is a real interest in homeownership, even among young households—over 67% of the people we are helping are millennials. That’s different from the trend seen across the nation, and we’re happy about it because we certainly want to keep that young talent in Illinois.

You began your first term on the Community Investment Advisory Council this year. What are you looking forward to most?

I’m looking forward to learning from the other members of the Council. At a joint meeting we had recently with the Federal Home Loan Bank of Chicago’s Board of Directors, I particularly enjoyed getting to know the local community bankers at my table and hearing about their challenges and successes. It’s interesting to learn more about the other side of this type of lending, especially because IHDA is engaging in a lot of partnerships with institutions that are members of the FHLBank Chicago.