MULTIFAMILY PROGRAM
Finding affordable housing with monthly rents low enough tobe accessible to low- and very low- income Illinoisans is tough enough, not to mention finding affordable housing that is safe, decent and sanitary as well.The Illinois Housing Development Authority’s Illinois Affordable Housing Trust Fund works to fund quality multfamily developments for thousands of families across Illinois, making safe and affordable housing a reality.
FUNDING FACTS
Three times each year, the Illinois Affordable Housing Trust Fund accepts applications from sponsor agencies across the state to create and rehabilitate housing developments that meet the special needs of the working homeless, people with disabilities, single-parent families, the elderly and other low-income families and individuals. When Trust Funds are combined withother funding sources, developments can be created that drive down project rents and make very low-income rental units possible.While individual citizens are not eligible to apply forTrust Fund financing, the Trust Fund makes loans available at minimal interest rates to groups and organizations that have leveraged other dollars to create affordable housing. Eligible organizations may include not-for-profit corporations, for-profit corporations and governmental agencies. Additionally, a small number of grants are available to not-for-profit organizations in Illinois.
Funding of up to $750,000 generally may be awarded on a specific project. Trust Fund financing should be sought in instances whereTrust Funds are the financing of last resort.
For more information about IHDA’s Trust Fund, please call (312) 836-8573.