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 are typically accepted twice per year. Due to the uncertainty in the tax credit equity market, the Illinois Housing Development Authority will have ONE 9% LIHTC application round in 2017. Applications will be due June 23, 2017. The Round II Preliminary Project Assessments will be due on March 3, 2017.  You can see the list of application timelines here. For other types of tax credits or IHDA financing, applications are accepted at any time during the year.

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.

Applications must include hardcopies on original IHDA forms, and may not be submitted by fax without IHDA’s prior consent. Applications must comply with all format and content requirements, and submitted by the deadline date. IHDA may reject any application that does not meet these requirements.

The complete application must:

  • Be clear and unambiguous.
  • Be placed in an adequately sized accordion file folder tabbed to correspond with the enumeration outlined in the application checklist.
  • Include a completed application checklist.
  • Include both hard copies and individual PDF electronic copies (on CD or flash drive) of ALL documentation requested in the QAP and outlined on the application checklist including all applicable attachments and supporting materials, including the non-refundable application fee in the amount detailed on the multifamily fee payment form.
  • Include an electronic version in Excel format of the common application on flash drive.

Applications should be delivered to:

Illinois Housing Development Authority
Multifamily Financing Department
111 E. Wacker Drive
Suite 1000
Chicago, IL 60601