To address metropolitan Chicago’s growing demand for quality, rental homes in attractive locations, developers and owners of rental housing near transit and jobs in Cook, DuPage, Lake, McHenry, and Will counties are encouraged to participate in the Regional Housing Initiative (RHI). Through RHI, developers and owners can earn project-based subsidies that provide a dependable funding stream for apartments for up to 15 years (extendable), keeping rents affordable and operating budgets feasible and contributing to the stability and vibrancy of mixed-income communities.
While RHI has a rolling application process, it is particularly appealing to developers and communities seeking the highly competitive Low-Income Housing Tax Credits (LIHTC) from the Illinois Housing Development Authority (IHDA).
For developers applying for the next round of IHDA’s highly competitive LIHTC, due March 1:
- Please note that RHI subsidies can trigger up to 20 points and, for well-located properties in targeted communities, another 14 points.
- Interested households should contact Angie Levya at (312) 863-6017 by Friday, Feb 22, at 4 pm, to schedule a meeting to discuss your proposal and next steps. For details on the program and to download the application, go to www.regionalhousinginitiative.org.
- RHI partners were thrilled that 2 of the 12 proposals awarded tax credits in the last round included RHI-supported developments in the west and northwest suburbs.
RHI addressing rental shortages in metropolitan Chicago
The RHI is part of a larger effort, including partners such as IHDA, Preservation Compact, and regional housing authorities, to create incentives and subsidies that promote equitable housing development in the Chicago region. While woes in the homeownership market continue to be top of mind, more and more people want to rent a home in today’s economy, but it is not the safe back-up plan that many presume. To the contrary, DePaul’s Institute for Housing Studies recently published another report about the shortage of rental homes available to meet the demand in Cook County, exacerbated by financing challenges (for acquisition, rehab and refinancing) faced by owners of smaller multifamily properties.
Thanks to the Preservation Compact, Cook County’s rental market challenges – and opportunities – are in the spotlight. However, quality rental homes – near good jobs, transit options, quality schools, and other attractive amenities – continues to price out local workers across the region. We encourage interested developers and owners to download, fill out, and email back the Notice of Interest to receive punctual information on RHI.