IHDA-Assisted Multifamily Rental Housing
IHDA and its Asset Management department welcome you to this page which outlines key information and helpful resources for the management of IHDA-assisted multifamily rental housing.
Asset Management Department Overview
The Asset Management department is responsible for ensuring effective and efficient program administration and long-term compliance for the largest portfolio of affordable multifamily rental housing in the state of Illinois. This work encompasses physical, financial, and operational compliance oversight for properties that utilize a variety of financial instruments including debt, equity, and operating subsidy. The Asset Management department works in partnership with property developers, owners, and managers as well as other funders, interagency groups, and stakeholders.
The following teams comprise the Asset Management department:
- Executive (EXEC): Establishes strategic direction to inform organizational structure, scope of work, tactical approaches, and special initiatives; advises and empowers operationalizing through a positive and productive team culture.
- Strategic Solutions (SS): Serves as a proactive and responsive strategy driver through cross-functional leadership and consultative support.
- Portfolio Analysis (PA): Ensures viability of property portfolio through financial analysis, insurance oversight, reserves administration, loan servicing, and asset repositioning.
- Program Administration and Physical Inspections (PAPI): Develops, administers, and monitors ongoing rental subsidy programming, as well as oversees physical conditions compliance.
- Project Operations Compliance (POC): Monitors operations for applicant/tenant/unit/property levels for rental projects assisted with bonds, grants, loans and/or tax credits.
Ensure effective and efficient program administration and long-term compliance for the largest portfolio of affordable multifamily rental housing in Illinois.
Take a structured and strategic approach to preserve the IHDA investment in and to achieve optimal benefits for residents in partnership with property owners/agents.
Principles of communication, accountability, and consistency inform decision-making, shape culture, and drive work.
Additional Informational Resources
2023 Compliance Connection Resource Portal
IHDA and its Asset Management department are excited to announce the 2023 Compliance Connection resource portal which outlines annual compliance requirements and options for our valued partners – property owners and managers. Please check out the link below to access related information and documentation including guidance on use:
None at this time.
Policy and Procedures
It is the responsibility of the Owner/Agent of an IHDA development to provide timely and proactive communication to IHDA regarding property emergencies, specifically those that constitute an exigent health and safety risk to tenants, result in sudden operational or financial losses, and/or render a unit or building uninhabitable, even if temporary.
To that end, within five (5) business days of a casualty loss event, such as a fire or flood, that renders unit(s) uninhabitable, the Owner/Agent must submit a completed Notice of Casualty Loss to their Asset Manager.
Once repairs of the damages are completed, the Owner/Agent must submit a completed Notice of Completed Repairs-Casualty Loss along with an updated Certificate of Occupancy from their municipality dated after the repairs are completed.
Capital Bill Preservation Program: Limited Rehabilitation
Portfolio Risk Management
Project Operations Compliance (POC)
Rental Schedules/Worksheets-Section 8
Rental Schedules/Worksheets-All Other Programs
Management Agreement Extension
Project Operations Compliance (POC) - Management Changes
If you are in the process of changing management agents or company for an active IHDA-funded development, please know that the following documents below need to be completed and submitted to IHDA for approval.
To begin the process, please download and complete the following documents which are required by IHDA for a management agent change. Please fill them out and submit them to the Compliance Analyst assigned to your development. If you do not know your Compliance Analyst, please submit the documents to ComplianceConnection@ihda.org
- Contact Directory Change Form
- Affirmative Fair Housing Marketing Plan (AFHMP)
- Tenant Selection Plan (For Other Non-Section 8 Program Developments)
- Management Plan Requirement Guidelines
- A copy of the lease and lease addendum(s) that will be used by the management agent.
- Some developments may also require the submission of a Management Agreement. If it is required, your Compliance Analyst will provide you with the format appropriate for your development.
Please make sure that all documents are signed by managing agents and owners prior to submitting.
Please submit one email for each individual development containing the documentation. Once the documents have been reviewed and approved by the IHDA Asset Management department, IHDA will send a notification letter confirming the approval of these documents that coincide with the change of property management.
Please direct any questions to your Compliance Analyst or to ComplianceConnection@ihda.org if you do not know your Compliance Analyst.
Program Administration and Physical Inspections (PAPI)
Rental Housing Support Program
Long-Term Operating Support Program
Section 811 Program
Statewide Referral Network
Limits and Allowances
- Note: This does not include NSP limits.
- Note: This file is only for the 2023 Neighborhood Stabilization Program (NSP) limits.
IHDA Active Portfolio Property and Feedback Options