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Regional Housing Initiative

Regional Housing Initiative. Breann 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 Criteria.

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Regional Housing Initiative

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  1. Regional Housing Initiative Breann Gala 12/3/2012

  2. 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

  3. Selection Criteria In a nutshell, homes should be: • Located near jobs and transportation; • Well planned, designed and managed; and, • Affordable to the local workforce and part of a “mix” of incomes

  4. Threshold Requirements • Traditional multifamily developments cannot contain more than 25% of development with project-based vouchers • Minimum of 5 vouchers per development • Senior housing not eligible

  5. How to apply • Download application off MPC’s website • Meet 1-on-1 to discuss the proposal • Owner applications and LIHTC developer applications vary slightly Woodstock Commons, McHenry County

  6. Owner Applications • Must complete the RHI owner application • Required to meet with MPC staff prior to submission • Rolling deadline for applications Leland Apartments, Chicago

  7. LIHTC Developer Applications Claretian Place’s Casa Kirk • 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

  8. Approved RHI Developments • Commitment award letter formalizes the housing authority’s Board approval • Subsidy layering review • Housing Quality Standards inspection • Execute the AHAP/HAP with the housing authority

  9. Thank you! Please contact me if you have questions Breann Gala bgala@metroplanning.org 312.863.6029

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