First Mortgage Loan Programs

housing 3

Aurora St. Charles Senior Living (Aurora)

 

IHDA’s taxable loan products provide first mortgages with aggressive terms and interest rates, bringing low-cost capital to an increasingly underserved market and enabling the development community to improve the quality and affordability of rental housing in Illinois.

 

Credit Advantage provides construction and permanent mortgage loan financing for LIHTC projects with a maximum loan amount of $10 million. Loans over $3 million will be insured by the Federal Housing Agency – Housing Finance Agency Multifamily Risk-Sharing program. Find more information in the Credit Advantage Program Guidelines.

Affordable Advantage provides permanent first mortgage financing for stabilized new construction, refinance, or acquisition/minimal rehabilitation of up to $10 million. Loans over $3 million will be insured by the Federal Housing Agency – Housing Finance Agency Multifamily Risk-Sharing program. Find more information in the Affordable Advantage Program Guidelines.

 

First Mortgage Loan Programs Today’s Indicative Rates*
Credit Advantage (Taxable)
Immediate Delivery
Two Year Forward Commitment
5.510%
6.060%
Affordable Advantage (Taxable)
Immediate Delivery
Two Year Forward Commitment
5.510%
6.060%

Tax-Exempt Bond Rates:

Please contact Andy DeCoux, John Chung or multifamilyfin@ihda.org for current indicative rates and structuring on 4% tax-exempt Private Activity Bond (PAB) deals.

*Indicative rates are based on a 35-year loan amortization period and repayment term. Rate includes Mortgage Insurance Premium (MIP) (assumes 90/10 Risk Share and is subject to change based on the level of Risk Share selected by IHDA), servicing, and trustee/custodian fees. Final rates for a specific deal may vary from the above indicative rates.

 

The first step in applying for one of IHDA’s taxable loan products is to submit a Preliminary Project Assessment (PPA). The PPA addresses project concept, design, location and proposed tenant population. PPAs are either approved or denied by IHDA and are accepted on a rolling basis. Approval of a PPA does not guarantee an allocation of IHDA resources.

For more information on IHDA’s First Mortgage Loan Programs, contact Andy DeCoux, Director, Multifamily Financing at 312-836-5355 or adecoux@ihda.org.