Applying For Tax Credits Or Other Multifamily Housing Programs

Golden Oaks Senior Apartments (Hillsboro)

Golden Oaks Senior Apartments (Hillsboro)

 

Prior to applying for any IHDA resource, a sponsor must submit a Preliminary Project Assessment (PPA). The PPA addresses the project’s site and market. Specific Market Data and Metrics are reviewed for each PPA. IHDA will also confirm a project’s Opportunity Area or Proximate Opportunity Area status if requested in the PPA submittal. Additional information about the PPA process is available in the Market Research section.

IHDA will notify you when your PPA is approved or denied. Approval of a PPA does not guarantee an allocation of tax credits or IHDA financing. For projects seeking 9% LIHTC, applications will be accepted one time per year.  4% Applications will be accepted on a rolling basis.  You can see the list of application timelines here.

Approved PPA’s are eligible to submit an application for tax credits or IHDA financing. The application process differs based on the type of resource you are applying for:

Projects with an approved PPA are eligible to submit a full application. You can find a complete list of requirements and instructions in our Developer Resource Center.

IHDA offers several options for bond financing. In addition to accessing low-cost, long-term financing, qualifying projects may also generate an automatic award of 4% Low Income Housing Tax Credits (LIHTC). IHDA accepts applications for these programs on a rolling basis. You can find a complete list of requirements and instructions in our Developer Resource Center.

Projects seeking Bond financing are eligible to submit a full application at any time during the year. You can find a complete list of requirements and instructions in our Developer Resource Center section.

Projects seeking financing through one of IHDA’s taxable loan products are eligible to submit a full application at any time during the year. You can find a complete list of requirements and instructions in our Developer Resource Center section.

Projects seeking IAHTC are eligible to submit a full application at any time during the year. You can find a complete list of requirements and instructions in our Developer Resource Center.

Projects seeking other forms of multifamily financing are eligible to submit a full application at any time during the year. You can find a complete list of requirements and instructions in our Developer Resource Center.

All projects seeking IHDA resources must submit a Preliminary Project Assessment for review. In order to submit your PPA, you must first request an account for the MF Portal (Developer Resource Center). Once given access to the MF Portal, all documents must be uploaded electronically.

Upon receiving approval for your PPA, you may submit a full application for review. Please refer to the timing guidelines found in the Developer Resource Center.

Projects seeking Illinois Affordable Housing Tax Credits are eligible to submit a full application at any time during the year. You can find a complete list of requirements and instructions in our Developer Resource Center. Please note that we are not accepting online submissions for projects only seeking IAHTC.