- Illinois Housing Development Authority (IHDA)
- 111 E. Wacker Drive, Suite 1000
- Chicago, IL 60611
- Phone: (312) 836-7411
- Fax: (312) 832-2170
- TDD: (312) 836-5222
- Email: email@example.com
Purpose of the Program
The purpose of this program is to increase the availability and affordability of housing in Illinois. The long-term, fixed interest rates of these bonds provide a predictable financing structure for developers and IHDA. The tax-exempt status of these bonds makes them attractive to investors and allows IHDA to issue them at a lower interest rate. IHDA passes the resulting savings along to developers, making the inclusion of low income units financially feasible.
Who is Eligible
Developments financed with tax-exempt bonds must set aside either 20 percent of their units for households at or below 50 percent of area median income or 40 percent of their units at or below 60 percent of area median income.
Eligibility requirements remain in effect for the term of the mortgage and for a minimum of 15 years.
Availability of Funds
Availability of volume capital.
How Funds are to be used
Finance first lien mortgage loans.
Types of Assistance
Year Program was established