- General Information:
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- Low-Income Housing Tax Credits (LIHTC)
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- Soft Money & Subsidy Programs:
- Trust Fund
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- Preservation Now Program
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IHDA has created the Preservation Now program to provide subordinate mortgage financing to new tax-exempt bond projects that contain minimum levels of existing project-based rental subsidy.
The program preserves project-based rental subsidies in existing developments by encouraging owners who acquire and rehabilitate properties to extend existing rental subsidy contracts.
Multifamily rental developments with an existing project-based rental subsidy contract for at least 50 percent of the units in the development are eligible
Eligible projects also must demonstrate the following:
- A commitment to preserve any federal existing project-based rental assistance, including, but not limited to project-based Section 8, Rent Supplement, Rural Development subsidy programs or RAD commitment to remedy existing physical deficiencies that if not repaired threaten the viability of the development and/or the health and safety of the residents;
- A financially viable development as a result of the new financing;
- A financing gap, to support the need of subordinate financing;
- Readiness to proceed as evidenced by meeting Mandatory Application Criteria, as defined in Section 2 Part C of the Preservation Now Request for Applications (RFA);
- A form of a sale between two unrelated parties that shall satisfy all relevant provisions of the Internal Revenue Code; and
- A rehabilitation plan that shall satisfy all relevant provisions of the Internal Revenue Code.
The amount of subordinate funding to be provided under Preservation Now will be limited to approximately 10 percent of the total development costs or the amount necessary to make the project financially feasible, as determined by IHDA.
The Preservation Now application period is now closed. IHDA has not opened applications for 2015. We will make an announcement as to when we will receive new applications.
For more information, contact:
Christine H. Moran
Illinois Housing Development Authority