Regional Housing Initiative
description
Transcript of Regional Housing Initiative
Regional Housing InitiativeBreann Gala
12/3/2012
Regional Housing Initiative• Collaboration of IHDA, MPC, and 8
housing authorities across the 5-county region
• Existing and new construction is eligible• Provides stable income source for 15-year
period
Selection CriteriaIn a nutshell, homes should be:1. Located near jobs and
transportation; 2. Well planned, designed
and managed; and,3. Affordable to the local
workforce and part of a “mix” of incomes
Threshold Requirements1. Traditional multifamily developments
cannot contain more than 25% of development with project-based vouchers
2. Minimum of 5 vouchers per development3. Senior housing not eligible
How to apply1. Download application off
MPC’s website2. Meet 1-on-1 to discuss
the proposal3. Owner applications and
LIHTC developer applications vary slightly
Woodstock Commons, McHenry County
Owner Applications1. Must complete the RHI
owner application2. Required to meet with
MPC staff prior to submission
3. Rolling deadline for applications
Leland Apartments, Chicago
LIHTC Developer Applications• Must submit the pre-
application, the full IHDA application, and short RHI narrative by the IHDA application deadline at 5pm
• Required to meet with MPC staff in advance
Claretian Place’s Casa Kirk
Approved RHI Developments1. Commitment award letter formalizes the
housing authority’s Board approval2. Subsidy layering review3. Housing Quality Standards inspection4. Execute the AHAP/HAP with the housing
authority