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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 five regional housing authorities (Chicago, Cook, Joliet, Lake and McHenry). Together, these seven 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 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). Also, RHI can help implement the sort of housing solutions prioritized in the State's Comprehensive Housing Plan , which is updated annually..
Developers applying for IHDA Low Income Housing Tax Credits have also received four extra points in their application scoring .
In this round, sufficient RHI subsidies have been committed to fund more than 100 apartments within mixed-income communities. To download an application, see "Related Links" section below. For a list of frequently asked questions about this program, click here.
A new rolling application process allows property owners and developers to submit proposals for this round at any time . Nevertheless, in order to be eligible for the four points awarded to tax credit proposals utilizing these subsidies, RHI applicants participating in IHDA's December 2009 tax credit round (exact date not yet available) must contact MPC program assistant Angie Leyva at (312) 863-6017 or aleyva@metroplanning.org ASAP and no later than November 20, 2009 to schedule a meeting with RHI staff. This is required to discuss the RHI proposal and coordinate the tax credit and RHI applications.
Developers who secure a commitment from RHI may improve their scores on the Tax Credit ranking system by four points. 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/or Mixed-Income 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 covered by (or, with the recent changes to the QAP, potentially covered by) the Affordable Housing Planning and Appeals Act 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.
RHI is a great tool for apartment buildings experiencing vacancies and located near jobs and transportation. RHI and the Chicagoland Apartment Association (CAA) are working together to make owners and property managers aware of this stream of funding.
For more information, contact Robin Snyderman , at (312) 863-6007.
Related Links
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
Letter from DeShana Forney (IHDA) and MarySue Barrett (MPC)
Letter from Judy Roettig (Chicagoland Apartment Association) and Robin Snyderman (MPC)
Brochure
Agreement to enter Housing Assistance Payments contract (AHAP): click on documents #52531-A and 52531-B
For more information
Robin Snyderman
Vice President of Housing & Community Development
Email: rsnyderman@metroplanning.org
Phone: 312-863-6007
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