In an innovative effort to support mixed-income housing that meets the Housing Endorsement Criteria adopted by the Metropolitan Mayors Caucus in 2002, the Illinois Housing Development Authority (IHDA) and the Metropolitan Planning Council (MPC) are working with six regional housing authorities (Chicago, Cook, Joliet, Lake, McHenry and Waukegan). Together, these eight partners form the Regional Housing Initiative (RHI).
RHI provides financial incentives (via operating subsidies) to developers and owners of quality rental housing addressing two pressing issues affecting northeastern Illinois that resurfaced in recent census findings and reports. Those issues, also priorities within the State's 2011 Comprehensive Housing Plan, 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 fifty percent of the area's median income (AMI).
To date, RHI partners have awarded more than 200 apartment subsidies to 15 viable developments, for a total of 707 new homes, largely in mixed-income communities.
To download an application, see "Related Links" section below. For a list of frequently asked questions about this program, click here.
This rolling competitive application process allows property owners and developers to submit proposals for this round at any time.
LEVERAGING ADDITIONAL RESOURCES THROUGH RHI
- Developers applying for IHDA Low Income Housing Tax Credits in 2011 can also receive extra points in their application scoring if they tap RHI resources and advance RHI goals.
In order to be eligible for the extra points awarded to tax credit proposals utilizing these subsidies, RHI applicants participating in IHDA's 2011 tax credit round (final deadline: April 15, 2011) must contact MPC program assistant Angie Leyva at (312) 863-6017 or email@example.com to schedule a meeting with RHI staff after receiving preliminary application award, and no later than March 23. This meeting is required to discuss the RHI proposal and coordinate the tax credit and RHI applications.
Developers who secure a commitment from RHI will improve their scores on the Tax Credit ranking system, by leveraging project-based subsidies. Additionally, since successful RHI proposals must be located close to jobs and transportation, RHI proposals may also be eligible for points under the Live Near Work and/or Transit provisions (see IHDA’s Low Income Housing Tax Credit Qualified Allocation Plan for details). RHI is also an effective tool for Cook, Lake, McHenry and Will county municipalities who are covered by (or at risk to being covered by) the Affordable Housing Planning and Appeals Act, and who are trying to preserve or expand their stock of affordable homes. RHI proposals located in those communities and applying for tax credits will also receive extra points in IHDA’s tax credit scoring.
- Underscoring that RHI is an effective tool for promoting the stability and occupancy of existing apartment buildings near jobs and transportation, MPC, the Metropolitan Mayors Caucus, the Preservation Compact, the Chicagoland Apartment Association, Community Invesment Corporation, Urban Land Institute and other partners recently produced a Multifamly Resource Guide to provide property owners and managers with information on RHI and a number of other programs and resources to support their buildings' long term sustainability and affordability.
- Cook County property owners and managers interested in RHI may also be able to leverage additional resources available through the County and the Preservation Compact, including the Suburban Cook County Multifamily Preservation Initiative (SCCMPI) -- which is linked to County HOME dollars, the Energy Savers program and more.
- Finally, since its amendment in 2009, RHI owners have been able to benefit from the Housing Opportunity Tax Incentive Act, which can leverage savings amounting to approximately one extra month's rent each year for each RHI apartment in property.
For more information,contact Robin Snyderman.
- Frequently asked questions
- Notice of Interest
- Application for developers and property owners applying for IHDA tax credits
- Applications for developers and property owners NOT applying for IHDA low income housing tax credits
- Multifamily Resource Guide
- Letter from Judy Roettig (Chicagoland Apartment Association) and Robin Snyderman (MPC)
- Housing Assistance Payments (HAP) Contract, New Construction or Rehabilitation HUD-52530-A, Part I & Part 2
- Housing Assistance Payments (HAP) Contract, Existing Housing HUD-52530-B, Part 1 & Part 2
- Agreement to Enter into HAP (AHAP) Contract, New Construction or Rehabilitation, Part 1 52531-A,
- Agreement to Enter into HAP (AHAP) Contract, New Construction or Rehabilitation, Part 2 52531-B
- Project-Based Voucher Program Final Rule (October 13, 2005)
- Project-Based Voucher Rents & Units 24 CFR Part 983 ( November 19, 2007)
- Project Opportunity
- HUD 2012 Fair Market Rents