Applying For Tax Credits Or Other Multifamily Housing Programs
Golden Oaks Senior Apartments (Hillsboro)
Multifamily Transaction Timeframes
Please review the Multifamily Transactions Timeframes required to review, underwrite, approve, and close transactions utilizing resources from the Authority. The deadlines are most relevant for 4% bond deals, but all resources will follow the same timeframes. We will move transactions along as quickly as possible based on the applicable resources requested. The timeframes bring clarity to the process so all deal stakeholders have consistent expectations of the timing needed to close transactions.
Preliminary Project Assessment (PPA)
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:
9% Low Income Housing Tax Credit
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.
4% Low Income Housing Tax Credit and Bond Financing
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.
Bond Programs
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.
First Mortgage Loan Programs
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.
Illinois Affordable Housing Tax Credit
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.
Other Multifamily Financing
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.
Submitting an Application for Multifamily Financing
All projects seeking IHDA resources must submit a Preliminary Project Assessment (PPA) for review. In order to submit a PPA, you must first request a Project ID number (PID) by submitting the form found here. The development team identified on the form will be notified of access to the PID in IHDA Connect within 3 business days. If anyone on the development team identified does not currently have login credentials for IHDA Connect, instructions to setup an account will arrive to those individuals separately. Once given access to IHDA Connect, all documents must be uploaded electronically.
Upon receiving approval for your PPA, a full application workspace will be opened in IHDA Connect for submission. 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.