Taxable Bonds and Loans

  • 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:
  • Website:

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.

Application Process

For more information, please see IHDA’s website at

Availability of Funds

As available

How Funds are to be used

Finance first lien mortgage loans.

Types of Assistance


Year Program was established