Illinois

Chicago Mayor Lori Lightfoot (D) and the Departments of Housing (DOH) and Family and Support Services (DFSS) announced an expanded Housing Assistance Grant program and a new online portal to assist Chicagoans who have been adversely impacted by the economic fallout from the COVID-19 pandemic.

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.

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.

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.

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 […]

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.

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.

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.

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.

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.

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, […]

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.