- Illinois Housing Development Authority (IHDA)
- Office of Housing Coordination Services, 401 North Michigan Avenue, Suite 700
- Chicago, IL 60611
- Phone: (312) 836-5355
- 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. Taxable bonds for rental housing development are generally used in conjunction with tax credits because they allow developers to take advantage of a higher tax credit rate. The same benefits of taxable financing can be achieved through a direct sale of whole loans to interested investors.
Who is Eligible
Developments financed with taxable bonds must make 20 percent of the units available to households with incomes below a level to be determined by IHDA staff, but not to exceed 80 percent of the area median income.
For more information, please see IHDA’s website at https://www.ihda.org/developers/multifamily-financing-programs/bond-programs-2/
Availability of Funds
How Funds are to be used
Finance first lien mortgage loans.
Types of Assistance
Year Program was established