This page is primarily meant as a resource for developers
to get quick facts about several Housing Finance Programs in the state of Illinois. Each program is listed under it's parent organization below.

Please check back as we will be continually updating this page to reflect additional funding opportunities.
For futher information, contact Katie Gottschall at katie@housingactionil.org

The Illinois Housing Development Agency

Illinois Affordable Housing Tax Credit

Illinois Affordable Housing Trust Fund

Low Income Housing Tax Credit

HOME

Chicago Federal Home Loan Bank

Affordable Housing Program

Local Initiative Support Corporation

LiSC Project Funding

Illinois Facilities Fund

Illinois Facilities Fund Loan Program

Green Development Resource

Enterprise Green Communities Program

Energy Efficient Affordable Housing Grant Program

Renewable Energy Resource Program

Illinois Clean Energy Community Foundation

Illinois Affordable Housing Tax Credit (IAHTC):

How it works: Developers begin this process by first applying to
receive IAHTC’s. Afterwards, developers must locate donors to
give to their project within 12 months. IHDA assists this process by
offering benefits: any donor that contributes funds receives tax
credits worth 50 cents on the dollar (ex: a donor that gives $10,000 will receive $5,000 in tax credits for doing so).

Criteria: IHDA prefers projects that emphasize preservation, serve
lower-income people, projects that are ready to proceed financially
and serve special needs populations.

For more information, please see http://www.ihda.org/ViewPage.
aspx?PageID=237

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Illinois Affordable Housing Trust Fund:

How it works: Developers, or organizations offering technical assistance to developers, may apply for a Trust Fund Grant.
IDHA then loans capital to successful applicants  at rates below market value. Each individual loan has a maximum limit of $750,000.

Criteria: Grants are available to not-for-profit applicants when the
project demonstrates a strong commitment to housing low-income
and special needs populations, and is not feasible without Trust
Fund assistance.

For more information, please see http://www.ihda.org/ViewPage.aspx?
PageID=103

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Low Income Housing Tax Credits (LIHTC)

How it works: In order to receive benefits from this program, developers submit a specific project to receive LIHTC funds through IHDA. The money originates from investors who receive tax benefits from participating in the program, which is channeled to housing developers who are restoring or constructing affordable housing.

Criteria: IHDA has developed a sophisticated ranking system for determining which developer is the most eligible to receive funds through the LIHTC program. IHDA is respecially interested in projects that cater to low income residents and special needs residents, or that serve to preserve existing affordable housing stock.

Application Deadlines: Monday, December 3rd 2007 and Monday, April 7th 2008.

For more information, please see http://www.ihda.org/ViewPage.aspx?
PageID=77

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HOME

How it Works: The HOME fund is a flexible source of capital made available to state and local governments to address the needs of low and very low income peoples as best as they see fit. HOME funds are available to non-profit, for profit and Community Housing Development Organizations.

Criteria: HOME funds may be used by developers to do any of the following:

 - Rehabilitation and new construction of affordable multifamily housing

 - Rehabilitation of single-family, owner-occupied homes

 - Rehabilitation of rural small rental properties

 - Rehabilitation and new construction of supportive housing for the homeless

For more information, please see http://www.ihda.org/ViewPage.aspx?
PageID=107

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Federal Home Loan Bank Affordable Housing Program:

How it works: Developers receive funding from the Chicago Federal Home Loan Bank for projects that develop or rehabilitate low income housing.

Criteria: Prospective applicants must be able to demonstrate project feasibility, assure continued affordability of housing, perform responsibilities as committed to in the AHP application, and adhere to federal and state fair housing and accessibility laws and regulations.

Application Deadlines: September 14th, 2007

For more information, please see http://ci.fhlbc.com/ci/hp_ahp.shtml

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LISC

How it works: LISC funds developments through equity, mini-perm loans, construction financing, pre-development loans and recoverable grants. While these funding methods each have their own unique details, most are required to be paid back at the completion of construction.

Criteria: Each method of LISC funding has its own specific criteria. It is recommended that developers investigate these at the website listed below.

For more information, please visit: http://www.lisc-chicago.org/
general_terms.php

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Illinois Facilities Fund (IFF)

How it works: IFF provides loans to strengthen organizations that work to serve low-income populations. IFF’s loans range from $10,000 to $1,000,000 and include features such as below market interest rates.

 Criteria: IFF provides loans to non-profit housing developers who create affordable, supportive, transitional and temporary housing in Illinois, Missouri, Iowa, Indiana and Wisconsin. These loans are made available for the following: real estate acquisition, construction, renovation and refinancing to expand programs; facility improvement and maintenance, including energy-efficiency projects; and equipment and vehicles.

For more information, please see http://www.iff.org/content.cfm/
lendingservices

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Enterprise Green Communities Program:

How it works: Funds can be used toward planning and construction< costs related to green construction items, environmental reviews, certifications, and management/resident green education. 

Criteria: Projects must meet the mandatory provisions outlined the Green Communities Criteria, and must include at least 15 single-family homes and/or at least 25 rental apartments.

For more information, please visit http://www.greencommunitiesonline.org/

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Energy Efficient Affordable Housing Grant Program:

How it works: DCEO provides gap-financing grants to pay for the difference between normal construction costs and energy-efficient construction costs.  Maximum grant amounts for multifamily rehab are $2,500 per unit.  The grants for this program are provided directly to Illinois based non-profit housing developers.

For more information, please visit http://www.illinoisbiz.biz/dceo/ Bureaus/Energy_Recycling/Energy/Energy+Efficiency/ housing_energy_program.htm

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Renewable Energy Resources Program:

How it works: This program promotes development and adoption of renewable energy within the state.  Rebates are provided for 30% of the total project cost, with a maximum rebate of $10,000.

For more information, please visit http://www.commerce.state.il.us/ dceo/Bureaus/Energy_Recycling? Energy/Clean+Energy

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Illinois Clean Energy Community Foundation:

How it works: The Illinois Clean Energy Community Foundation invests in clean energy development and land preservation efforts, working with communities and citizens to improve environmental quality in Illinois.

Criteria: The Foundation supports programs and projects that will improve energy efficiency, develop renewable energy resources and preserve and enhance natural areas and wildlife habitats throughout the state.

For more information, please visit http://www.illinoiscleanenergy.org/

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