Second round of Regional Housing Initiative announced: Unused vouchers provide incentives to affordable housing developers - Metropolitan Planning Council

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Second round of Regional Housing Initiative announced: Unused vouchers provide incentives to affordable housing developers

From MPC's February 2003 Media Tips

The Regional Housing Initiative (RHI), an innovative idea for expanding rental options for the region's lowest income families, is turning local housing authorities' unused Housing Choice Vouchers into new apartments.  RHI pools vouchers from the Chicago, Cook County and Lake County housing authorities as financing incentives to developers whose proposals apply sound planning principals to create diverse communities in the sponsoring counties.  MPC is working with the Illinois Housing Development Authority to run the program. 

RHI hit the ground running in the last round in December, providing for 25 new units of affordable housing to be developed.  Subsidies in this pilot phase will fund a total of 328 apartments within mixed-income communities. 

The application deadline for the next round is March 7, 2003.  Developers are encouraged to visit MPC's Web site for information and an application.

Contact: Robin Snyderman, Housing Director
312.863.6007

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