Soft Funds

Waters Edge of South Elgin (South Elgin)

Waters Edge of South Elgin (South Elgin)

 

Projects applying for 9% LIHTC may leave a financial gap and IHDA will fill the gap at its discretion assuming resources are available. Soft fund resources may include the Federal HOME Program and the Illinois Housing Trust Fund Program.  The maximum financial gap a project can contain is as follows:

  • AHPAA and Non-Metro Set-Asides: Up to 20 percent of total development cost capped at a maximum request of $2 million.
  • City of Chicago, Chicago Metro and Other Metro Set-Asides: Up to 10 percent of total development cost capped at a maximum request of $1 million.

Failure to adhere to these limits will result in a project that is financially infeasible as defined in the QAP.