- General Information:
- Application for Financing
- Recently Approved Projects
- Program Timelines
- Tax Credit Programs:
- Low-Income Housing Tax Credits (LIHTC)
- Illinois Affordable Housing Tax Credit (IAHTC)
- First Mortgage Programs:
- Tax Exempt Bond Programs
- Multifamily Advantage
- Soft Money & Subsidy Programs:
- HOME
- Trust Fund
- CDBG Disaster Recovery Program
- Permanent Supportive Housing Program
- Long Term Operating Support Program (LTOS)
- Preservation Now Program
- Technical Resources:
- Architecture and Construction Services
- Market Research
- LIHTC Compliance
- Loan Modification
- Other Developer Information:
- Useful Links
Tax Exempt Bond Programs
IHDA offers developers interested in tax-exempt bond financing a variety of options. In addition to accessing long-term financing, qualifying projects can also receive an allocation of 4% Low-Income Housing Tax Credits (LIHTC). Projects contemplating 4% LIHTCs for their bond project must submit a Preliminary Project Assessment 30 days’ prior to full application submission. IHDA accepts tax-exempt bond applications on a rolling basis. Authority rules governing the bond programs are found in the Illinois Administrative Code, Title 47, Chapter II, Part 365.
Preservation Now Program (Applications accepted until June 7)
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 objective is to preserve project-based rental subsidy in existing developments by encouraging the acquisition and rehabilitation by owners that will agree to extend by existing rental subsidy contracts related to the development. Applications will be accepted from March 18, 2013 at 9 a.m. until June 7, 2013 at 3 p.m. For complete details, see the Preservation Now RFA.
Conduit Bond Program (Ongoing)
IHDA can act as a conduit bond lender by issuing tax-exempt bonds from its annual volume cap amount. The developer seeks out a private placement of those bonds to a bank or investor. IHDA acts as a development partner, while deferring the majority of the underwriting to the lender. Details are available in the Conduit Bond Manual.
IHDA Risk Share Bond Program (Ongoing)
IHDA will act as bond issuer and lender, and provide credit enhancement through its HUD Risk Share Program. IHDA will underwrite the loan to the Risk Share standards and obtain an FHA-insured loan. Developers work with IHDA directly for the bond issuance, bond loan and the 4% LIHTC allocation. IHDA will also sell the bonds in the marketplace to obtain the bond rate.
General Underwriting Guidelines
| Program | Origination Fee* | Ongoing Servicing/Admin | Credit Enhancement |
|---|---|---|---|
| Conduit | 1% | 0.125% | Determined by Lender |
| Risk Share | 1.50% | 0.250% | 0.50% |
Fees and rates are subject to change
See the application for multifamily financing and program timelines to apply.
Contact:
Jim Weglarz
Manager of Business Development
(312) 836-5375
jweglarz@ihda.org