Developers Can Apply for Subsidies in Conjunction with Low Income Housing Tax Credit Application
Initiative (RHI) announced today that it has approximately
$2 million available in rental subsidies for developers of affordable
and mixed-income developments
Lake, Cook and
McHenry counties. Resources for more than 200 apartments are available in
The simple application process allows developers to
apply for RHI operating subsidies in combination with Low Income Housing Tax
Credits, thus becoming eligible for four extra points in their application to
the Illinois Housing Development Authority (IHDA). Additionally, since
successful RHI proposals must be located close to jobs and transportation, they
may be eligible for additional points under the “Live Near Work” and other
relevant provisions included in IHDA’s Low-Income Housing Tax Credit Qualified
Allocation Plan (more details are available on IHDA’s Web site, www.ihda.org.)
Developers planning on applying for the upcoming round
of Low Income Housing Tax Credits and RHI must contact Metropolitan Planning
Council (MPC) Housing Associate Roberto Requejo at (312) 863-6015 or firstname.lastname@example.org as soon as
possible and no later than November 17, 2006, to schedule a meeting with RHI staff.
This is required todiscuss the RHI proposal and coordinate the
tax credit and RHI applications.
Developers not using
tax credits and owners of multi-family buildings may also apply for RHI
subsidies for new and existing developments at any time during 2006.
is a great tool for developers, who can earn additional tax credit points
through the program,” said Robin Snyderman, MPC housing director. “The program
also helps municipalities advance their local housing goals and preserve the
scarce apartments currently available for rent at affordable prices in Cook,
and McHenry counties.”
was launched in 2002 by IHDA and MPC to spur the growth of affordable housing in
communities where job opportunities exist, but homes for low- and
moderate-income households are scarce.
recently joined the program,
expanding the number of potential developments eligible for the subsidies. To
qualify, proposals should be located near jobs and transit, thus preserving open
space and reducing traffic congestion.
Application forms are available at RHI’s Web site, www.regionalhousinginitiative.org
Partnering with IHDA
and MPC on the program are Lake County Housing Authority, the Housing Authority
of Cook County, the McHenry County Housing Authority, and the Chicago Housing
“This is a great program, not
only because it offers another way to bring affordable housing and economic
opportunity to more city and suburban neighborhoods. RHI is also terrific for
developers because of the dependable operating subsidies offered through the
program,” said Andy Geer, executive director of Heartland Housing, Inc., who
recently finished rehabilitation of the Leland Apartments in Chicago’s Uptown
neighborhood—one of the developments that received
subsidies in 2003. “This helps us secure
financing up front, while also providing stability month-to-month once the
building is up and running.”
The Regional Housing Initiative is:
Developers can leverage
capital investment based on RHI’s dependable, monthly rent subsidy.
The subsidy can stay with the
apartment (project-based) for up to 10 years (with extensions available).
A Tax Credit Advantage for Housing
Selected RHI developments will receive four extra points for
IHDA tax credits, depending on the overall quality of the applications.
For more information on the RHI program, including an
informative brochure, please visit the RHI Web site, www.regionalhousinginitiative.org
, or call Robin
Snyderman at (312) 863-6007 or Roberto Requejo at (312) 863-6015.
About the Illinois
Housing Development Authority
The Illinois Housing Development
Authority (IHDA) is a self-supporting state agency that finances the creation
and the preservation of affordable housing across Illinois . Since its creation
by an act of the Illinois legislature in 1967, IHDA has allocated more than $6
billion and financed more than 150,000 units of affordable housing across the
state. IHDA accomplishes its mission through a number of federal and state
funding sources, including the Illinois Affordable Housing Trust Fund, the
State’s Donations Tax Credit Fund, the allocation of federal Low Income Housing
Tax Credits, HOME Investment Partnership funds and others. IHDA is also a
bonding authority, and independently sells bonds, based on its own good credit,
to finance affordable housing across the state.
About the Metropolitan Planning Council
Founded in 1934, the Metropolitan Planning Council (MPC) is a nonprofit,
nonpartisan group of business and civic leaders committed to serving the public
interest through the promotion and implementation of sensible planning and
development policies necessary for an economically competitive Chicago region.
MPC researches and develops policy recommendations and conducts outreach and
advocacy in partnership with public officials and community leaders to enhance
equity of opportunity and quality of
life throughout metropolitan
About the housing authorities of Lake, Cook, McHenry
The Lake County Housing
Authority (LCHA), the Housing Authority of Cook County (HACC), the McHenry
County Housing Authority, and the Chicago Housing Authority (CHA) provide
housing opportunities and support for more than 83,000 low and moderate-income
households living in their areas of jurisdiction. They administer federal
programs that provide safe, decent, sanitary, and appropriate housing and permit
residents to move along a housing continuum toward a maximum feasible
independence and self-sufficiency.