|
Printable Page
E-mail this resource
|
In an innovative effort to support mixed-income housing that meets the Housing Endorsement Criteria adopted by the Metropolitan Mayors Caucus in 2002,
the Illinois Housing Development Authority (IHDA) and the Metropolitan Planning Council (MPC)
are working with five regional housing authorities (Chicago, Cook, Joliet, Lake and
McHenry). Together, these seven partners form the Regional Housing Initiative (RHI).
RHI
provides financial
incentives (via operating subsidies) to developers and owners of
quality rental housing addressing two pressing issues affecting
northeastern Illinois that resurfaced in recent census findings and reports. Those issues, also priority concerns of Gov. Rod Blagojevich
, are:
(1) the shortage of quality, mixed-income rental housing located near
jobs and transit, and (2) the scarcity of housing affordable to households
earning less than fifty percent of the area's median income (AMI). Also, RHI
can help
implement the sort of housing solutions prioritized in the State's
Comprehensive Housing Plan
, which is updated annually..
Developers applying for IHDA Low Income Housing Tax Credits can
also receive four extra points in their application scoring .
In this round, sufficient RHI subsidies have been
committed to fund more than 200 apartments within mixed-income
communities. To download an application, see "Related Links" section below. For
a list of frequently asked questions
about this program,
click here.
A new rolling application
process allows property owners and developers to submit proposals for
this round at any time .
Nevertheless, in order to be eligible for the four points awarded to tax
credit proposals utilizing these subsidies, RHI applicants participating in
IHDA's December 1, 2008
tax credit round must contact MPC program assistant Angie Leyva at (312) 863-6017
or aleyva@metroplanning.org
ASAP and no later than November 21, 2008
to schedule a meeting with RHI staff. This
is required to discuss the RHI proposal and coordinate the tax credit
and RHI applications.
Developers who secure a commitment from RHI may improve
their scores on the Tax Credit ranking system by four points.
Additionally, since successful RHI proposals must be located close to jobs and
transportation, they may be eligible for extra points under the Live Near Work
and/or Mixed-Income provisions(see IHDA's Low Income Housing Tax Credit
Qualified Allocation Plan for details). RHI is also an effective tool for Cook,
Lake , McHenry and Will county municipalities covered
by (or, with the recent changes to the QAP, potentially covered by)
the Affordable Housing Planning and Appeals Act trying to expand their stock of
affordable homes. RHI proposals located in those communities and applying for
tax credits will receive extra points in IHDA's tax credit scoring.
RHI is a great tool for apartment buildings experiencing vacancies and
located near jobs and transportation. RHI and the Chicagoland Apartment Association
(CAA) are working together to make owners and property
managers aware of this stream of funding.
For more information, contact Robin Snyderman ,
at
(312) 863-6007.
Related Links
|
