First Mortgage Loan Programs

housing 3

Aurora St. Charles Senior Living (Aurora)

 

IHDA’s first mortgage loan products with aggressive terms and interest rates bring low-cost capital to an underserved market facilitating the creation and preservation of affordable housing in Illinois.

Permanent Loan provides permanent financing for affordable projects with a minimum loan amount of $1 million. Find more information in the Permanent Loan Program Guidelines.

Construction-To-Permanent Loan provides construction and permanent financing for affordable projects with a minimum loan amount of $1 million. Find more information in the Construction-To-Permanent Loan Program Guidelines.

The first step in applying 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.

For more information, contact Jack Wambach in Multifamily Financing, and he may be reached at (312) 836-7457 or via e-mail at jwambach@ihda.org.

Please click here to see the latest indicative rates.