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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