Illinois

QAP Illinois

Illinois Accepts Four Percent LIHTC Applications on a Rolling Basis in Q2 and Q3

Illinois Housing Development Authority (IHDA) will now accept four percent LIHTC on a rolling basis for the second and third quarters of 2020. Quarterly application deadlines will resume October 1, 2020.

QAP Illinois

Illinois Governor’s Executive Order and Covid-19

Governor Pritzker issued an Executive Order (EO) ordering Illinois residents to “stay at home” starting Saturday, March 21 at 5:00 pm through at least April 7 in response to the COVID-19 public health emergency.

QAP Illinois

Illinois Modifies Asset Management Monitoring Activities

Starting now through April 30, Illinois Housing Development Authority (IHDA) will modify its on-site Asset Management monitoring activities and recommends all property managers follow enhanced guidance for preventing spread of COVID-19.

Illinois

Cook County, IL Launches the Real Property Income & Expense Online Tool

The Illinois Housing Council has been working with the Cook County Assessor’s Office on strategies to ensure that deed-restricted, affordable rental properties receive fair and accurate property assessments. The Assessor’s Office recently created the Real Property Income & Expense (RPIE) Online tool, which is a digitally secure tool for commercial property owners to provide data […]

QAP Illinois

Applications for Illinois’ 2020 Nine Percent LIHTC Due March 23, Final Guidance on Four Percent Transactions

The 2020 nine percent LIHTC application materials are now available on the Illinois Housing Development Authority’s (IHDA) website in the Developer Resource Center. Please be sure to review the FAQs included with the documents. Applications must be submitted though the multifamily portal by 5:00 pm CT on March 23, 2020.

QAP Illinois

Illinois Schedules Listening Session On Bond Program Changes (December 17)

On December 17, 2019 from 10:00 a.m.- 12:00 p.m., the Illinois Housing Development Authority (Authority) will hold its listening session regarding the proposed guidance on projects with rental assistance contracts requesting tax-exempt bonds and 4% Low-Income Housing Tax Credits in the Authority’s offices located at 111 E. Wacker Drive, Suite 1000. As a reminder, guests will be asked to register in the 111 E. Wacker Drive lobby as part of the building’s standard security protocol. Pre-registration is strongly encouraged.

QAP Illinois

Illlinois Proposes Changes to TEB Program; Seeks Comments

Over the past few years, the Illinois Housing Development Authority (Authority) has seen an increase in applications seeking to use tax-exempt bonds (TEBs) and 4% Low-Income Housing Tax Credits (LIHTC) in connection with the acquisition and rehabilitation of developments that are subsidized by Housing Assistance Payment (HAP) contracts. To clarify information in the 2020-2021 Qualified Allocation Plan, the Authority plans to issue guidance specifically related to the review and underwriting of such applications. The Authority intends to publish this guidance on its website on January 1, 2020 and will refer to it in connection with the assessment of any PPA request currently under review at the Authority, regardless of the date the pending PPA request was submitted. Applicants with an approved PPA for a proposed transaction that (i) has not been presented to the IHDA board or (ii) has been presented to the IHDA board, but has not yet closed, may not be subject to each parameter referred to in the guidance. The Authority will assess transactions with approved PPA’s on a case-by-case basis and apply elements of the guidance in its sole, but reasonable discretion.

Illinois

Eric Speichinger Joins Regions Affordable Housing’s Originations Group as Vice President and Relationship Manager

Regions Bank announced that Eric Speichinger joined Regions Affordable Housing’s Originations Group as vice president and relationship manager. Speichinger will work out of Regions’ Chicago office and will focus on sourcing and originating affordable housing transactions throughout the Midwest.

QAP Illinois

Illinois Releases 2020-2021 QAP

The Illinois Housing Development Authority (IHDA) released the final 2020 and 2021 QAP as approved by the Governor.

Preliminary Project Assessments (PPA) and LIHTC applications must be submitted via the Multifamily Portal. In order to gain access to the Multifamily Portal, please submit a MF Portal Account Request Form. If you require assistance with the Multifamily Portal, please contact mfportalhelp@ihda.org.

QAP Illinois

Kristen Faust Named Illinois Executive Director

The members of the Illinois Housing Development Authority (IHDA) appointed Kristin Faust its new executive director. Faust was selected following an extensive search and brings more than 25 years of affordable housing industry experience to the Authority, most recently serving as president of Neighborhood Housing Services of Chicago. As the state’s chief affordable housing official, […]

QAP Illinois

Comments on Chicago’s 2019 Draft QAP Due Sept. 5

The Chicago Department of Housing released a draft 2019 QAP for public comment. The Chicago Department of Housing will hold a public meeting on the proposed QAP from 2:30 to 4:30 pm CDT on Aug. 27, 2019 in Room 1103A of City Hall, 121 N. LaSalle St. Chicago, IL 60602.

QAP Illinois

Illinois Launches PSH Development Program

The Illinois Housing Development Authority (IHDA) is accepting applications under the Permanent Supportive Housing (PSH) Development Program to fund developments serving special needs populations and persons with disabilities, including residents who are transitioning out of nursing homes and into community living.

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