MPC and IHDA launch Round IV of Regional Housing Initiative - Metropolitan Planning Council

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MPC and IHDA launch Round IV of Regional Housing Initiative

Applications for this program, which provides incentives to developers of quality affordable housing, are due by Feb. 17, 2004.

In an innovative 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).

RHI provides financial incentives (via operating subsidies) and four extra points in the Federal Low-Income Housing Tax Credit application to developers addressing two pressing issues affecting northeastern Illinois that resurfaced in recent census findings. Those issues, also priority concerns of Gov. Rod Blagojevich, are: (1) the shortage of quality, mixed-income rental housing located near jobs and transit, and (2) the scarcity of housing affordable to households earning less than $20,000 a year.

In this fourth round, sufficient RHI subsidies have been committed to fund 269 apartments within mixed-income communities. Developers applying for Federal Low-Income Housing Tax Credits through IHDA can download an application here. Developers not seeking tax credits can click here for that version. Click here to download an informational brochure.

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 Tuesday, Feb. 17, 2004.   

For more information on proposals that were awarded RHI funds in previous rounds, click here. For 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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