The Regional Housing Initiative expands affordable housing options in Chicago, Joliet, suburban Cook, Lake and McHenry Counties.
Developers in the Chicago region are benefiting from the Regional Housing Initiative (RHI), an innovative tool that supports new construction, rehabilitation and/or acquisition of mixed-income family housing near jobs and transportation. The program was created to spur housing development that meets the Housing Endorsement Criteria adopted by the Metropolitan Mayors Caucus, and addresses several housing priorities for the State of Illinois. RHI provides financial incentives through operating subsidies that stay with the development for up to 15 years (renewable). Up to 25 percent of a multifamily development may be eligible for RHI and 100 percent if the development is supportive housing for people with disabilities. Also, developers receiving RHI support who apply to IHDA for Federal Low-Income Housing Tax Credits receive four extra points in their IHDA application scoring.
The RHI is comprised of seven partners: IHDA, the Metropolitan Planning Council (MPC), and five housing authorities in the region: Chicago, Joliet, Cook, Lake and McHenry. The partnership is preparing an expansion to include other counties, and better serve municipalities throughout the region in 2009.
A rolling application process allows developers and owners of affordable housing to submit applications at any time throughout 2009. RHI applicants who are also applying to IHDA for Low Income Housing Tax Credits must contact MPC program assistant Angie Leyva at (312) 863-6017 or aleyva@metroplanning.org at least ten (10) days prior to IHDA's tax credit deadline to schedule a meeting with RHI staff. This is required to coordinate the tax credit and RHI applications. Please revisit this website during Fall 2009 for tax credit deadline.
More information and applications for the RHI can be found at www.regionalhousinginitiative.org. The Metropolitan Planning Council is located at 140 South Dearborn Street, Suite 140, Chicago, Illinois 60603.