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.
Effective immediately, sponsors with an approved Preliminary Project Assessment (PPA) may submit a four percent LIHTC application at any time through September 30, 2020.
Sponsors may continue to submit PPAs on a rolling basis. IHDA will review PPAs in 30 to 45 days. Sponsors may also submit updated PPAs for nine percent LIHTC projects that are being restructured as four percent LIHTC. Once the updated PPA is approved, sponsors may submit a full four percent LIHTC application.
IHDA is actively monitoring the municipal bond market and understands the difficulty sponsors are facing in assembling financially feasible projects. IHDA wants to reiterate its commitment to holding concept/structuring meetings via telephone or online conferencing platforms.
IHDA understands that your ability to submit a complete application may be affected by the availability of information from other entities, both public and private. If you encounter a delay gathering mandatory application information, please provide documentation explaining the delay, including the reason(s) for the delay and when the documentation will be available. IHDA will require mandatory application documentation to be submitted prior to Loan Committee approval of the four percent LIHTC PPA.
Application documents are available on the IHDA website in the Developer Resource Center.
Thank you again for your continued partnership in providing safe, decent and affordable housing to the people of Illinois.
If you have any questions, need clarification related to the above guidance, or would like to schedule a concept meeting please e-mail IHDA’s Multifamily Financing team.
