About Us

Who we are

In 1967, the Illinois Housing Development Authority (IHDA) was created as a self-supporting authority by the state legislature to finance quality affordable housing across Illinois. We connect qualified Illinois residents and communities with state and federal financial tools to stimulate affordable housing opportunities.

What we do

IHDA works as a bank with a public mission: To finance the creation and preservation of affordable housing across Illinois. We partner with lenders, developers, local government, not-for-profits, community groups, and others to deliver low-cost financing programs. Our financing spurs construction jobs to keep Illinois residents working.

As a lender, IHDA uses approximately $2 billion in assets to create and preserve affordable housing. We are able to access the capital markets based on our strong credit rating of A1/AA-/AA- from Moody’s Investors Service, Standard & Poor’s, and Fitch Ratings respectively.

We also accomplish our mission by investing resources from federal and state-funded programs.

Our funding sources

  • Bond financing – We sell tax-exempt mortgage revenue bonds to private investors to fund affordable mortgage loans. In addition, IHDA uses bond sale proceeds to offer below-market interest rate construction and permanent loans to developers to increase the supply of affordable housing. Our lower interest rates enable developers to reduce their project costs and, in turn, offer lower rents to tenants.
  • Illinois Affordable Housing Trust Fund – We invest fund revenue from 50 percent of the Illinois real estate transfer tax to help first-time homebuyers with down payment, closing cost assistance grants and forgivable loans to help make homeownership more affordable. We help low- to moderate-income homeowners rehabilitate their homes. Our Home Modification Program offers forgivable loans to seniors and residents with disabilities to make their homes more accessible.
  • HOME Investment Partnerships Program – We provide down payment, closing cost and rehabilitation assistance using federal HOME funds. Additionally, we administer federal HOME funds for the acquisition, rehabilitation and new construction of affordable multifamily rental housing. HOME funds are most commonly used for developments that target the housing needs of seniors, people with disabilities and people facing homelessness.
  • Low-Income Housing Tax Credits – We allocate federal tax credits to sell to investors to generate private equity for affordable housing developments. This reduces the debt that the developer would otherwise have to borrow. As a result of the lower debt, a tax credit property can offer lower rents. Provided the property maintains compliance with program requirements, investors receive a dollar-for-dollar reduction in their federal tax liability over 10 years.
  • Illinois Affordable Housing Tax Credits – We encourage private investment in affordable housing by allowing developers to solicit donations from third-party individuals or corporations. Donors receive a tax credit on their Illinois income tax return equal to 50 percent of the donation.

How we can help you


  • IHDA has helped approximately 50,000 Illinois residents buy their first home affordably and securely. We offer the 1stHomeIllinois and @HomeIllinois mortgages which provide down payment assistance with a competitive interest rate for a secure, 30-year fixed rate mortgage.
  • We provide loans to enable low-income homeowners to afford repairs necessary to stay in their homes.
  • We help Illinois homeowners save their homes from foreclosure by offering temporary assistance through the Illinois Hardest Hit program. We also put homeowners in touch with counselors who can help them.

Multifamily Rental Housing

  • IHDA has more than 100,000 affordable rental homes in its portfolio. We lend state and federal resources to developers who build or rehabilitate apartments offering affordable rents. Our investments result in quality developments serving the community’s working families, seniors, and persons with special needs.
  • We help Illinois residents find a rental home that fits their budget. A free bilingual website, ILHousingsearch.org, helps potential renters search a range of features to find an apartment. It’s also free for property owners to list available apartments.

Since IHDA’s creation in 1967, we have invested more than $14.6 billion to finance approximately 245,000 affordable units across the State of Illinois.