Illinois
NH&RA Hosts ICAST IRA & BIL Instant Benefit Estimate Calculator
ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.
Rising to the Challenge: Illinois’ Affordable Housing Progress Report
The Illinois Housing Council released its annual housing progress report, which found that Illinois has the eighth highest deficit of homes nationally and that deficit has grown nearly 64 percent in the last ten years.
FHLBank of Chicago Hosts APH Update Webinar – April 21
The Illinois Housing Council and the Federal Home Loan Bank of Chicago will host a webinar on April 21 at 2 p.m. CT to share the latest changes to the Bank’s Affordable Housing Program.
Cook County Property Tax Relief Program Webinars – March 1 & 8
The Cook County Assessor’s Office announced dates for its upcoming informational webinars about a new affordable housing property tax incentive.
Illinois Extends Nine Percent Application Deadline to Feb. 14
The Illinois Housing Development Authority (IHDA) extended the 2022 nine percent LIHTC application deadline from February 11 to February 14 at 5 p.m. ET.
Illinois Publishes 2022-2023 QAP
The Illinois Housing Development Authority posted its final 2022-2023 QAP, as approved the board and governor.
A Lead-Free Future
Elevate and Illinois Action for Children published A Lead Free Future: Research and Recommendations for Protecting Children from Lead in Water to guide policies and programs addressing lead.
Illinois Updates Draft 2022-2023 QAP
The Illinois Housing Development Authority (IHDA) posted a revised version of the draft 2022-2023 QAP. Comments are due to QAPFeedback@idha.org by 5 p.m. CT on July 30. IHDA released its Draft Multifamily Underwriting Guide. This document is to be used when completing applications for most Multifamily financing programs. Sponsors applying solely for Illinois Affordable Housing Tax Credits should reference the applicable regulations rather than the draft Guide.
Comments on Illinois’s 2022-2023 Draft QAP due July 30
The Illinois Housing Development Authority (IHDA) released a revised 2022-2023 draft QAP. IHDA will hold a public hearing on July 21 at 1:30 p.m. ET. Join via this link. Comments should be sent to qapfeedback@ihda.org by 5 p.m. CT on July 30.
Illinois Passes Affordable Housing Property Tax Incentive
A new property tax incentive passed the Illinois General Assembly in the landmark affordable housing omnibus and is now on to Governor JB Pritzker (D) for signature. The incentive establishes tiers of affordability and property tax relief
Comments on Illinois’ Draft 2022-2023 QAP Due July 30
The Illinois Housing Development Authority (IHDA) released the 2022-2023 draft QAP. IDHA will hold a public hearing at 10 a.m. CT on July 20. Comments should be sent to qapfeedback@ihda.org by 5 p.m. CT on July 30.
Illinois PSH Development Funding
The Illinois Housing Development Authority (IHDA) announced funding for its Permanent Supportive Housing (PSH) Development Program. Financing is available for the acquisition, rehabilitation and/or new construction of PSH projects that serve the most vulnerable populations and that offer flexible, voluntary supportive services designed to increase housing stability.
Illinois Requires Use of Income-Approach in LIHTC Assessments in Cook County, Extends State LIHTC through 2026
The Illinois state legislate passed the COVID-19 Affordable Housing Grant Program Act (HR 27252), which would require that LIHTC properties in Cook County be assessed using the income-approach, as well as a new property tax incentive policy that would provide reduction in assessed value for both subsidized and market-rate owners that provide affordable units. The omnibus legislation also extends the Illinois State LIHTC through 2026. A full summary of the bill’s provisions is available here from the Illinois Housing Council.