Bond Programs

Buena Vista Tower Apartments (Elgin)

IHDA is an issuer of taxable and tax-exempt bonds and uses the proceeds to finance the creation and preservation of affordable housing in Illinois.

The policies and procedures applicable to the Authority’s Multifamily Bond Program may be found in the IHDA Multifamily Bond Program Guidelines Manual (effective 3/1/24).

Please click on the tabs below to learn more about Conduit Bonds, Program Bonds and how to apply.

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.

The Authority reserves the right to limit the number of conduit bond deals.

IHDA can 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. The developer is able to work with IHDA directly for the bond issuance, bond loan and automatic 4% LIHTC award. IHDA will also sell the bonds in the marketplace to obtain the bond rate.

The first step in applying is to submit a Preliminary Project Assessment (PPA). The PPA addresses a proposed project’s site, market, development team, and financial feasibility. PPAs are accepted on a rolling basis.

For more information, please contact Multifamily Lending at (312) 836-7457 or via e-mail at