APPLICATION DEADLINE: OCTOBER 22, 2003. This innovative state incentive helps developers in Lake and Cook counties interested in building or renovating well-designed, mixed-income homes located near jobs and transit.
In an inovative effort to spur mixed-income housing
development that meets the Housing Endorsement Criteria recently adopted by the Metropolitan Mayors Caucus , the Illinois
Housing Development Authority (IHDA) and the Metropolitan Planning Council (MPC)
are working with three regional housing authorities (Chicago, Cook and Lake).
Together, these five partners form the Regional Housing Initiative (RHI).
The goal of RHI is to provide a financial incentive (via
operating subsidies) and a competitive edge (via four extra points in the
Federal Low-Income Housing Tax Credit application scoring) to developers
addressing two pressing issues that resurfaced in recent census findings,
and are priority concerns of Gov. Rod Blagojevich
: (1) northeastern Illinois is experiencing a
shortage of quality, mixed-income rental housing that is located near jobs and
transit, and (2) there is a scarcity of housing affordable to households earning
less than $20,000 a year.
In this third round, sufficient RHI subsidies have
been committed to fund 284 apartments within mixed-income communities.
Developers applying for Federal Low-Income Housing Tax Credits through IHDA can
download an application here. If you are not seeking tax credits,
click here for a version tailored for
you. A general brochure with information about the program is available here
.
Deadlines for RHI are tied to the Illinois Low Income Housing
Tax Credit allocation process . Developers who secure a commitment from RHI may improve their
scores on the Tax Credit ranking system by four points. This
round of applications will close on October 22, 2003.
For more information and a message from Kelly King
Dibble, executive director of IHDA and MarySue Barrett, president of MPC, click here. For more
information, contact Robin Snyderman, MPC housing director at 312/863-6007.
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