Mandatory Requirements
Tenant Management
Every IHDA-financed development is required to submit a tenant selection plan outlining the criteria for selecting tenants. Additionally, an affirmative fair housing marketing plan must be submitted for approval to demonstrate that the management company has made every effort to publicize the development's vacancies to all prospective tenants within the housing market area regardless of race, color, religion, sex, handicap, familial status or national origin.
Other useful resources available in this section's Info Center under Frequently Used Forms and Documents include:
- the management plan requirement guide,
- a sample waiting list, and
- HUD's Fair Housing Posters (English and Spanish versions), which the owner is required to post at the property.
Annual Certifications
Every IHDA-financed multifamily rental development must certify its compliance with IHDA and federal regulations annually. Property managers work with project owners to certify that the development complies with rent and income limits determined by the U.S. Department of Housing and Urban Development (HUD) and the Internal Revenue Service (IRS), and that every unit is in decent, safe and sanitary condition.
Management Review & Inspections
IHDA assigns an asset manager to each IHDA-financed development in its multifamily portfolio. Asset managers conduct annual management reviews and site inspections to assess the development's overall operations and can assist management staff in the preparation of reports required by IHDA or HUD. IHDA's field inspectors perform regular physical inspections to verify that developments meet the housing quality standards required by their financing or subsidy program.
Financial Management
Every IHDA-financed development is required to report its annual financial status, including:
- annual audited financial statements,
- monthly operating reports,
- annual operating budgets, and
- projections of future capital improvements.
Terminating Subsidies
Under the Federally Assisted Housing Preservation Act, owners of rental housing developments that receive subsidies from the federal government to lower rents for tenants are required to notify the residents and IHDA at least 12 months in advance if they plan to either:
- sell the development,
- prepay or refinance the loan, or
- terminate the development’s participation in a federal subsidy program for assisted housing.
The purpose of this is to preserve affordable rental housing in Illinois by allowing IHDA time to solicit bids from pre-qualified affordable housing developers to purchase the development and maintain it as affordable housing. Property owners are required to post a notice of intent to terminate a subsidy in a readily accessible location within each affected building.