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Chicago Preserving Communities Together (PCT)
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| Preserving Communities Together (PCT) enables interested applicants to request that the City acquire certain vacant and abandoned properties. The conveyance of a property from the City to an applicant requires a City Council ordinance, which would be introduced shortly before the City anticipates obtaining title. Applicants must submit required disclosure documents and enter a redevelopment agreement with the City to provide timely rehabilitation of the property. |
| See url (below) for program requirements and application process |
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Chicago HomeStart
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| The objective of this program is to invigorate construction of new housing in the City and to stimulate the redevelopment of communities with a combination of market rate and affordable housing, while increasing the pool of funds available for affordable housing. DOH matches developers with land clusters to develop market rate housing and mixed income housing. Developers work on a fee-for-service basis, pursuant to a negotiated development management agreement outlining the responsibilities of the team for design, construction and marketing of housing. City proceeds from HomeStart developments will be dedicated for affordable housing purposes. |
| HomeStart request for qualification: http: www.ci.chi.il.us - housing - pdf - HomeStart.pdf |
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Chicago Partnership for Affordable Neighborhoods
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| CPAN, a partnership between the City of Chicago and developers, is a tool to ensure opportunities for affordable condominiums and single family homes in market rate developments, particularly in appreciating neighborhoods, through two steps: a developer write-down and possible purchase price assistance to homebuyers. Participating developers reduce the purchase price to an affordable level on a percentage of the units in a market-rate development. The difference between the market value and the affordable price is recaptured as a junior mortgage, assigned to the Chicago Low-Income Housing Trust Fund. See URL for more. |
| Eligible purchasers will include families with income ranges up to 100% of the area median who are either first-time homebuyers or who have not owned a home within the past three years.(See URL for more) |
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Illinois Affordable Housing Trust Fund
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| Created by the Illinois Legislature in 1989, the Illinois Affordable Housing Trust Fund assists in the provision of affordable, decent, safe and sanitary housing for low- and very low-income households. The source of Trust Fund revenue is half of the state real estate transfer fee. This provides approximately $20 million to $22 million each year. The maximum award from the Trust Fund for a project is typically $750,000. Sponsors are generally limited to applying for up to $1.5 million in any 12-month period. |
| Not-for-profits and for-profit corporations as well as units of local government may seek Trust Fund dollars. |
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Illinois Low Income Housing Tax Credit
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| Created under the Tax Reform Act of 1986, the low-income housing tax credit has become the chief mechanism to make the creation of low-income rental housing financially feasible. Low Income Housing Tax Credits are also known as LIHTC's, Federal Credits, and 9%. |
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Illinois Affordable Housing Tax Credits
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| The Illinois Affordable Housing Tax Credit (IAHTC) allows individuals or organizations to give donations in the form of cash, securities, personal property or real estate to participating non-profit housing developers. A number of donations may be made, but the aggregated amount must be at least $10,000. The state income tax credit is worth 50 cents-on-the-dollar, which means that a donation of $10,000 would cost the donor $5,000. |
| Any individual or organization in Illinois may make a donation. |
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Direct Loan Multifamily Financing
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| Mortgage Participation Certificates are financial interests in mortgage loans originated by the Authority (IDHA), which are sold to investors (aka participants). The participants bid against each other by offering various interest rates associated with the term of the loan, the prepayment lockout period, and the loan's market liquidity which depends, in part, on the type of loan credit enhancement. The developer then selects the participant's offer, which the developer deems most attractive. |
| At the outset, developers must have legal control of their proposed site, ensure that their proposal complies with all local zoning regulations and select a property outside the 100-year flood plain. |
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HOPE VI
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| The HOPE VI Program was developed as a result of recommendations by National Commission on Severely Distressed Public Housing, which was charged with proposing a National Action Plan to eradicate severely distressed public housing. The Commission recomended revitalization in three general areas: physical improvements, management improvements, and social and community services to address resident needs. |
| See URL below for more details |
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Chicago Joint Lenders program
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| A public-private partnership between five private lending institutions and the Department of Housing, the Joint Lenders program provides rehabilitation financing loans of up to $500,000 for eligible owners of buildings with five or more units in Chicago. The loans will be underwritten by the private lender and the construction budget will be approved by an independent inspecting architect. |
| see URL below |
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Chicago Multi-Family Loans
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| Zero-percent interest loans and grants to developers building or rehabbing senior, Single Room Occupancy, and family buildings for low-moderate income renters. |
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Chicago Multi-Family Mortgage Revenue Bonds
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| Bond financing for developers building or rehabbing large housing developments (100+ units) with a percentage of units available to low-moderate income tenants. |
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Chicago Community Loan Fund- Predevelopment Loan
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| Predevelopment loans are short-term, usually the first dollars into a project, and often the most difficult type of financing to access because they cover expenses accrued even before construction begins. Such soft costs include: land or building acquisition, site stabilization, interim maintenance, environmental surveys, appraisals, taxes, insurance coverage, as well as legal, architectural and consultant fees. |
| Must be located within Chicago metropolitan area (Illinois) Must be a nonprofit, for-profit - nonprofit joint venture, for-profit subsidiary of a nonprofit, housing or business cooperative. See URL for more. |
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Chicago Community Loan Fund- Construction Loan
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| Construction (rehabilitation) loans are short-term, usually with a 1-year term, used to build or rehabilitate a physical structure. |
| Must be located within Chicago metropolitan area (Illinois). Must be a nonprofit, for-profit - nonprofit joint venture, for-profit subsidiary of a nonprofit, housing or business cooperative. See URL. |
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Chicago Community Loan Fund- Minipermanent mortgage loan
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| Minipermanent mortgage loans are custom mortgage products with a 10 to 15-year term that finances the acquisition and - or rehabilitation of a facility. |
| Must be located within Chicago metropolitan area (Illinois) Must be a nonprofit, for-profit - nonprofit joint venture, for-profit subsidiary of a nonprofit, housing or business cooperative See URL for more |
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Chicago Community Loan Fund- Cooperative housing loans
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| Cooperative housing loans are a custom mortgage product with a 10 to 15-year term for limited-equity and - or low-income housing cooperatives. |
| Must be located within Chicago metropolitan area. Must be a housing cooperative organization, nonprofit or limited liability corporation. Income of end-users must not exceed 120% of Area Median Income (AMI). |
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Chicago Community Loan Fund- Equipment and working capital l
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| Equipment and working capital loans, with 3 to 5-year terms, allow nonprofits and worker-owned cooperative to buy equipment needed to establish or expand their commercial enterprise. |
| Equipment must be located in a facility located within Chicago metropolitan area (Illinois) Must be a nonprofit, for-profit - nonprofit joint venture, for-profit subsidiary of a nonprofit, housing or business cooperative. See URL for more. |
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Chicago Community Loan Fund- For-Profit Predevelopment loans
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| 'For-Profit' Predevelopment loans are available for small to mid-size development firms who are engaged in a housing or economic development project that will benefit low- to moderate-income people and - or communities. |
| PROPERTY RESTRICTIONS: Must be located within Chicago metropolitan area (Illinois) SOCIAL IMPACT RESTRICTIONS: See URL for details |
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Community Investment Corporation- Construction Financing
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| Construction financing for the six-county metropolitan area: Prime plus 2 points for the length of the construction period, Calculated and collected as a closing cost so that mortgage payments are not made during the construction phase. |
| CIC provides combined permanent and construction financing to rehab multifamily apartment buildings with five units or more in low- and moderate-communities in the six-county Chicago metropolitan area. |
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Chicago Federal Home Loan Bank- Community Investment Program
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| The Community Investment Program (CIP) offers below market rate advances (loans) to finance qualifying community lending projects. CIP advances are continuously available as a source of funds to financial institutions holding stock in the Chicago FHLB. The member can, in turn, lend CIP funds to homebuyers, for-profit, not-for-profit, or public developers of housing, economic development projects, community facilities, and infrastructure. |
| See URL for details. |
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Chicago Federal Home Loan Bank- Affordable Housing Program
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| The Affordable Housing Program (AHP) provides subsidies (grants) to member institutions to assist in the creation and preservation of housing for lower income families and individuals. The Chicago FHLB contributes a minimum of 10% of its previous year's net income to the AHP fund. |
| See URL for details. |
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Chicago Federal Home Loan Bank - Standby letters of Credit
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| Standby Letters of Credit are available to facilitate residential housing finance and community development, and economic lending. They may be used in a variety of ways including collaterialization of public unit deposits and as a credit enhancement for financial instruments involving community lending. |
| See URL for details |
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Illinois Facilities Fund- Loan Programs
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| IFF makes below-market loans to nonprofit corporations located in or serving low-income communities and special needs groups. In accordance with our mission, we work with organizations that may lack access to other types of financing in order to help deserving nonprofits move forward with their own missions. |
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Jewish Council on Urban Affairs- Community Venture Program
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| JCUA’s Community Development program offers no-interest loans and technical assistance to community-based organizations and community development corporations undertaking affordable housing or economic development projects. |
| See URL for details |
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LISC- Predevelopment Loans
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| PREDEVELOPMENT LOANS are used for projects that are likely to proceed to construction. Commitment for permanent financing has usually been obtained by the organization from one or more sources. All LISC loans must be secured with either real estate or other assets from the borrower. |
| See URL for details |
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LISC- Construction Financing
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| CONSTRUCTION FINANCING is provided by LISC usually in tandem with a lead construction lender, such as local bank. LISC is willing to take a subordinate position on its collateral to conventional lender and will share its position with other non-profit or public lenders. |
| See URL for details |
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LISC- Equity-LISC
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| EQUITY-LISC also provides equity for affordable 'Low-Income Housing Tax Credit' financed rental housing through its affiliate, the National Equity Fund (NEF). |
| See URL for details |
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LISC- Mini-Perm Loans
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| MINI-PERM LOANS are used generally for commercial or industrial developments. These loans can have a maturity of up to 10 years (depending) on the nature of the project and may be either fully-amortizing or have a longer amortization term with a balloon payment at the end. |
| See URL for details |
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LISC- Comprehensive Development Grant
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| COMPREHENSIVE DEVELOPMENT-provided to assist community organizations in community building efforts such as public safety, job readiness training, health care and education. |
| See URL for details. |
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LISC- Strategic Grants
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| STRATEGIC GRANTS-cover costs associated with the creation of new programs that are important to an organization's overall mission and needs of the community's residents. |
| See URL for more details |
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LISC- Recoverable Grants
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| RECOVERABLE GRANTS-Average grant size is $20,000. If the project proceeds to development, the grant is repaid in full to LISC at construction closing. If the project does not proceed for reasons that LISC considers legitimate, the action becomes a grant and repayment is no longer required. |
| See URL for details. |
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LISC- Feasibility Grants
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| FEASIBILITY GRANTS-used to cover expenses associated with testing whether development of a particular project is feasible. These include market studies, land use plans, financial analyses or other activities necessary to determine viability of a proposed project. |
| See URL for details |
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LISC- Planning Grants
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| PLANNING GRANTS-generally awarded when are used for efforts that are broader than a single project and where the cost cannot be recouped by any one project. 'Visioning' or strategic planning, physical planning, physical plans, quality of life plans and regional plans fall in this category. |
| See URL for details |
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HUD- Section 811 Supportive Housing/People with Disabilitie
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| HUD provides funding to nonprofit organizations to develop rental housing with the availability of supportive services for very low-income adults with disabilities, and provides rent subsidies for the projects to help make them affordable. |
| See URL for more details. |
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HUD- Section 202 Supportive Housing for the Elderly Program
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| HUD provides capital advances to finance the construction, rehabilitation or acquisition with or without rehabilitation of structures that will serve as supportive housing for very low-income elderly persons, including the frail elderly, and provides rent subsidies for the projects to help make them affordable. |
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HUD- Assisted Living Conversion Program
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| To provide private nonprofit owners of eligible developments with a grant to convert some or all of the dwelling units in the project into an Assisted Living Facility (ALF) for the frail elderly. The facility must be licensed and regulated by the State (or if there is no State law providing such licensing and regulation, by the municipality or other subdivision in which the facility is located). |
| See URL for details |
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HUD- Neighborhood Networks
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| Neighborhood Networks (NN) is a program that encourages property owners, managers, and residents of HUD-insured and -assisted housing to develop computer centers where residents can learn job skills and become more economically self-reliant. |
| See URL for details |
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HUD- Risk-sharing program- Qualified Participating Entities
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| The Department of Housing and Urban Development (HUD) provides reinsurance on multifamily housing projects whose mortgage loans are originated, underwritten, serviced, and disposed of by Qualified Participating Entities (QPEs) and - or their approved lenders. Section 542(b) encourages the development and preservation of affordable housing. The program was developed as a demonstration program to test innovative mortgage insurance and reinsurance products to provide affordable multifamily housing through a partnership between the QPEs and HUD. HUD's mortgage credit enhancements are used to support the underwriting and production strengths of Fannie Mae, Freddie Ma |
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HUD- Mortage Insurance: Condominium Projects Section 234(d)
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| Section 234(d) insures blanket mortgages for the construction or substantial rehabilitation of multifamily projects to be sold upon completion as individual condominium units. |
| See URL for details |
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HUD- Mortage Insurance of Nursing Homes Section 232 and Sect
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| Section 232 insures mortgage loans to facilitate the construction and substantial rehabilitation of nursing homes, intermediate care facilities, board and care homes, and assisted-living facilities. Section 232 - 223(f) allows for the purchase or refinancing with or without repairs of existing projects not requiring substantial rehabilitation. |
| See URL for details |
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HUD- Mortage Insurance for Cooperative Housing: Section 213
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| Section 213 insures mortgage loans to facilitate the construction, substantial rehabilitation, and purchase of cooperative housing projects. Each member shares in the ownership of the whole project with the exclusive right to occupy a specific unit and to participate in project operations through the purchase of stock. |
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HUD- Mortage Insurance for Manufactured Home Parks: Section
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| Section 207 Program insures mortgage loans to facilitate the construction or substantial rehabilitation of multifamily manufactured home parks |
| See URL for details. |
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Cook County Class 9 Tax Incentive
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| In the summer of 2001, Class 9 tax reductions were established as incentives to encourage increased numbers of rental housing throughout Cook County. Eligible properties consist of multi-family buildings with seven or more dwelling units. |
| See URL (below) for more information |
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Chicago New Homes for Chicago
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| The New Homes for Chicago program is an affordable homeownership initiative offered by Mayor Richard M. Daley through the City of Chicago's Department of Housing to create homeownership opportunities for city residents. Now in its eleventh year, the City's New Homes for Chicago program has approved over 65 developments, or over 1,600 new affordable single-family or two-flat homes, which are either completed or in process throughout Chicago. |
| See url |
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Chicago HomeStart
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| The objective of this program is to invigorate construction of new housing in the City and to stimulate the redevelopment of communities with a combination of market rate and affordable housing, while increasing the pool of funds available for affordable housing. DOH matches developers with land clusters to develop market rate housing and mixed income housing. Developers work on a fee-for-service basis, pursuant to a negotiated development management agreement outlining the responsibilities of the team for design, construction and marketing of housing. City proceeds from HomeStart developments will be dedicated for affordable housing purposes. |
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South Suburban Tax Reactivation Program
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| This project was created to acquire tax delinquent vacant and abandoned industrial, commercial properties and vacant land which could be used for industrial or commercial purposes, and return them to the tax rolls by making them marketable sites for development. |
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Illinois Development Finance Authority- Not-for-profit lease
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| The Development Finance Authority provides non-profit, 501(c)(3) corporations with low cost, tax-exempt lease financing for acquisition of machinery, equipment or other fixed asset and capital improvement projects. Capital equipment and certain real estate purchases are financed with a lease-purchase agreement between the not-for-profit corporation and the Development Finance Authority. The maturity of the lease will generally match the useful lives of the assets Financed up to 10 years. |
| Any non-profit corporation with a 501(c)(3) designation from the Internal Revenue Service may be eligible for financing. Final determination of project eligibility is subject to a legal opinion from a recognized municipal bond attorney. Projects |
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Illinois Development Finance Authority- Not-for-profit Bond
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| IDFA helps non-profit, 501(c)(3) corporations secure low cost, tax-exempt financing for capital improvement projects through tax-exempt revenue bonds. Tax-exempt financing may be used by non-profits for the acquisition, construction or renovation of real estate; the acquisition of machinery, equipment or other fixed assets; or, in some cases, refinancing outstanding debt. the maturity of the debt will generally match the useful lives of the assets financed. |
| Any non-profit corporation with a 501(c)(3) designation from the Internal Revenue Service may be eligible for financing. Projects must reside in the State of Illinois. Final determination of project eligibility is subject to a legal opinion from a |
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Federal HOME Funds
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| In 1990, Congress sought an affordable housing plan—national in scope, yet locally flexible. Dollars sent to states and localities via HUD, Congress said, must be administered by seasoned and successful housing finance agencies. As a result, The National Affordable Housing Act of 1990 (of which HOME is one part) was enacted, and the Illinois Housing Development Authority (IHDA) was selected by the governor as the entity best qualified to run HOME statewide. |
| See URL for more details |
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Mercy Housing Loan Fund
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| Mercy Loan Fund (MLF), a subsidiary of Mercy Housing, provides financing to not-for-profit developers of affordable housing. Since its inception in 1983, MLF has provided more than $102 million in loans. These loans have leveraged another $963 million in affordable housing financing. |
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McAuley Revolving Loan Fund
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| Since 1983, commitments and loans from the McAuley's Revolving Loan Fund have assisted 135 housing projects in the US, contributing to the development of 2,500 affordable housing units. RLF loans range from $3,000 to $600,000; terms extend from three months to five years, with occasional longer terms when funds allow. Coupled with technical assistance, a loan from McAuley can make the difference between a successful project and one that stalls or remains unfinished. |
| Financing is available to community-based organizations that serve people with incomes below 80 percent of the median income for their area. See URL for more details. |
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Chicago City Lots for City Living
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IHDA Bonds
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| The Illinois Housing Development Authority (IHDA) is empowered to issue tax-exempt and taxable bonds to provide construction and permanent financing for multifamily rental developments. The program offers developers low-interest rate construction and permanent loan financing through one application process. Rehabilitation and refinance loans are considered on a case-by-case basis. Proposed developments wholly owned by non-profit organizations may be eligible for 501(c)(3) bonds. (Contact IHDA for 501(c)(3) bond eligibility requirements). |
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IHDA Risk Share
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| IHDA offers first mortgage loans financed by the sale of mortgage participation certificates, or the issuance of taxable bonds and tax-exempt bonds for qualifying multifamily rental developments. The loans are credit enhanced by FHA mortgage insurance, which is provided jointly by IHDA and HUD pursuant to the Risk-Sharing Program. The majority of the loan processing is handled by IHDA and therefore can be processed faster than HUD's Multifamily Accelerated Processing Program. |
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IHDA Regional Housing Initiative
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| Developers in the Chicago region are benefiting from the Regional Housing Initiative (RHI), a new and innovative tool that supports new construction, rehabilitation and - or acquisition of mixed-income family housing near jobs and transportation. The program was created to spur housing development that meets the Housing Endorsement Criteria adopted by the Metropolitan Mayors Caucus, and addresses several priority concerns of Gov. Rod Blagojevich regarding housing in Illinois. |
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IHDA - HOME funds Community Housing Development Organization
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| Community Housing Development Organizations (CHDOs) are specially defined non-profits allowed to compete each year for a 15 percent HOME reserve once they meet certain HUD criteria and are certified as CHDOs by the Illinois Housing Development Authority (IHDA). |
| The provision of affordable low- and moderate-income housing as a stated purpose. Operation as a 501(c)(3) IRS tax-exempt organization. A commitment to affordable housing over time. The capacity to carry out HOME activities. The maintenance of l |
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Low Income Housing Tax Credits
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| Created under the Tax Reform Act of 1986, the low-income housing tax credit has become the chief mechanism to make the creation of low-income rental housing financially feasible. Low Income Housing Tax Credits are also known as LIHTC's, Federal Credits, and 9% Housing Credit investors get a 10-year federal income tax benefit in exchange for immediate cash infusions for new construction and restoration projects. Usually used in conjunction with developer equity, bank loans and other funding sources, the Housing Credit has leveraged $7.2 billion in investments nationwide each year to produce 75,000 reasonably priced apartments for low-income families and& |
| See URL for more details |
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