RHI converts unused housing choice vouchers into incentives to developers creating affordable housing.
Dear Colleague,
We are writing to alert you to a round of applications for an innovative multi-family housing development resource available for use in Cook, Lake, andMcHenry Counties. Known as the Regional Housing Initiative (RHI), this program provides operating support for well-managed, well-designed housing located near employment centers or transit connections. In 2007, RHI is offering resources anticipated to help finance more than 200 apartments to be located within mixed-income, multi-family housing developments. This support may also be available to qualifying family supportive housing proposals.
You should know about the Regional Housing Initiative if you are:
A Developer or Owner of Multi-family Housing
The Regional Housing Initiative provides subsidies to multi-family apartments when you rent to very-low-income households within a broader mixed-income community. Subsidies are also available for supportive housing that promotes access to opportunity. Proposals selected for RHI funding will score four additional points under the Illinois Housing Development Authority (IHDA) tax credit competition. Additionally, since successful RHI proposals must be located close to jobs and transportation, they may be eligible for extra points under the Live Near Work and Mixed-Income provisions of the competition (see IHDA's Low Income Housing Tax Credit Qualified Allocation Plan available at www.ihda.org for details).
A Mayor, Municipal Official, or other Cook, Lake, or McHenry County Official
The Regional Housing Initiative can help you provide safe, quality, affordable housing that is consistent with your community’s values and needs. Whether reviewing proposals for new construction, renovation, or preservation of existing apartments, the RHI selection process utilizes the Housing Endorsement Criteria recently adopted by the Metropolitan Mayors Caucus, and can help implement the sort of housing solutions prioritized in Illinois' Comprehensive Housing Plan which is updated annually. RHI is an effective tool for Cook, Lake, McHenry and Will county municipalities covered (or potentially covered) by the recently passed Affordable Housing Planning and Appeals Act and which are trying to expand their stock of affordable homes. RHI proposals located in those communities and applying for tax credits will receive extra points in IHDA's tax credit scoring.
Concerned About the State of Housing in our Region
The Regional Housing Initiative was designed to respond to several key findings of the 1999 Regional Rental Market Analysis, which have since been corroborated by 2000 Census data, The Metropolis Housing Indexreleasedby Chicago Metropolis 2020 in 2004) andand numerous other studies . Specifically, RHI helps meet the need for rental housing affordable to very-low-income households, especially in areas of high job growth.
Applying for RHI funding is very easy, both for developers and owners applying for tax credits and for those not applying for tax credits. Customized and simplified applications are available at www.metroplanning.org .
We encourage you to act now to become eligible for this year's subsidies. Our new rolling application process allows you to submit proposals for this round throughout 2007. If you are a RHI applicant participating in IHDA's December 3, 2007 tax credit round, please note that in order to be eligible for the the four points awarded to tax credit proposals utilizing thes RHI subsidies, you must contact MPC program assistant Angie Leyva at 312/863-6017 ASAP and no later than March 21, 2008 andschedule a meeting with RHI staff in order to discuss your RHI proposal and coordinate your tax credit and RHI applications.
For more information contact Robin Snyderman , MPC housing director at 312/863-6007.
Sincerely,
MarySue Barrett, President, Metropolitan Planning Council
DeShana L. Forney, Executive Director, Illinois Housing Development Authority