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IHDA Preservation Financing
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| IHDA is one of the oldest Housing finance agencies in the country, and many of the developments in its portfolio are aging. These older developments may either be in need of rehabilitation and - or have reached the end of their prepayment prohibition, thus putting them at risk of prepaying their mortgage, going market rate and being lost to Illinois' stock of affordable housing. IHDA established the Preservation Department to help meet the rehabilitation needs of older developments and, economically, to encourage owners to keep their developments in the affordable housing stock. |
| Any development currently financed by IHDA is eligible. In the future, affordable housing developments not presently financed by IHDA may also be eligible. |
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Village of Arlington Heights-Multi-Family Rehab Program
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| Low interest loans or grants for building improvements are provided to rental property owners who lease a minimum of 51% of the units in a building to low and moderate income tenants at affordable rents. |
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Oak Park: Diversity Assurance Program
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| Diversity Assurance Program: Multi-family property owners (4 or more units) can take advantage of two added financial incentives in the Diversity Assurance Program. This program offers a matching grant up to $2,000 per unit rehab costs for buildings new to the program, and a reduced 6.75% interest loan for rehab. 'Major mechanicals' repair - replacement can be funded up to $50,000 per owner at 6.75% interest loans. |
| see URL (below) for program details |
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Oak Park: Security Improvement Grants
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| The Security Improvement Grant program encourages security enhancements in multi-family buildings of two or more units. Improvements such as intercom systems, window and door locks, lighting, fencing, emergency lighting and alarms may be available after survey and report by the Resident Beat Officer in the area where the building is located. The matching grants are available in two forms: 80 - 20 - owner pays 80%, Village pays 20%, up to a maximum $200 per unit or $8000 per building; 60 - 40 - owner pas60%, Village pays 40%, up to a maximum $16,000 per building. |
| see URL below 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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Cook County Class S Tax Incentive
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| With the City's support, in Spring 2002 the Cook County Board of commissioners created an incentive to preserve project-based Section 8 housing units in revitalizing markets. For projects that participate in HUD's Mark-Up-to-Market program, the Class S program reduces the assessment on designated Section 8 units by half. See Class S (pdf 143) brochure for more information. |
| see URL (below) for more information |
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HUD- Mortage Insurance for Supplemental Loans, Multi-family
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| Section 241(a) insures mortgage loans to finance repairs, additions, and improvements to multifamily rental housing and health care facilities with FHA insured first mortgages or HUD-held mortgages. |
| See URL for details |
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HUD- Mortage Insurance for Rental housing for elderly
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| The Section 231 insures mortgage loans to facilitate the construction and substantial rehabilitation of multifamily rental housing for elderly persons (62 or older) and - or persons with disabilities |
| See URL for details |
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HUD- Mortage Insurance for Purchase or refinancing of exsist
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| Section 207 - 223(f) insures mortgage loans to facilitate the purchase or refinancing of existing multifamily rental housing. These projects may have been financed originally with conventional or FHA insured mortgages. Properties requiring substantial rehabilitation are not eligible for mortgage insurance under this program. HUD permits the completion of non-critical repairs after endorsement for mortgage insurance. |
| See URL for details |
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HUD- Mortage Insurance for two-year operating loss loans
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| Section 223(d) insures two-year operating loss loans that covers operating losses during the first 2 years after completion (or any other 2-year period within the first 10 years after completion) of multifamily projects with a HUD-insured first mortgage. |
| See URL for details. |
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HUD- Mortage Insurance for SRO projects
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| Section 221(d)(3) and 221(d)(4) program insures mortgage loans for multifamily properties consisting of single-room occupancy (SRO) apartments. There are no Federal rental subsidies involved with this SRO program. It is aimed at those tenants who have a source of income but are priced out of the rental apartment market. SRO projects generally require assistance from local governing bodies or charitable organizations in order to reduce the rents to affordable levels. Although SRO housing is intended for very low-income persons, the program does not impose income limits for admission. |
| See URL for details. |
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HUD- Mortage Insurance for Rental and Cooperative Housing
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| Section 221(d)(3) and 221(d)(4) insures mortgage loans to facilitate the new construction or substantial rehabilitation of multifamily rental or cooperative housing for moderate-income families, elderly, and the handicapped. Single Room Occupancy (SRO) projects may also be insured under this section. |
| See URL for details. |
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HUD- Mortage Insurance for Rental Housing and Urban Renewal
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| Section 220 insures loans for multifamily housing projects in urban renewal areas, code enforcement areas, and other areas where local governments have undertaken designated revitalization activities. |
| See URL for details |
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HUD- Mortage Insurance for Rental Housing Section 207
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| Section 207 Program insures mortgage loans to finance the construction or rehabilitation of a broad range of rental housing. Section 207 mortgage insurance, although still authorized, is no longer used for new construction and substantial rehabilitation. It is however, the primary insurance vehicle for the Section 223(f) refinancing program. Multifamily new construction and substantial rehabilitation projects are currently insured under the Section 221(d)(3) and Section 221(d)(4) programs |
| See URL for details |
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Arlington Heights- Multi-Family Rehab Program
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| Multi-Family Rehab Program - Low interest loans or grants for building improvements are provided to rental property owners who lease a minimum of 51% of the units in a building to low and moderate income tenants at affordable rents. |
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Chicago Troubled Buildings Initiative
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| Coordinates the response of City Agencies to address existing conditions that pose a threat to the community and help prevent properties from going into a state of disrepair that leads to non-viability and property abandonment. The City is focusing its efforts to target problem properties and ownership through assessment of fines and economic disincentives. Lenders and mortgage holders are also brought into the process to help address the City's concerns about vacant and abandoned buildings. |
| For more information regarding the Troubled Buildings Initiative please call: Angie Marks Department of Housing. (312 - 747-0766) |
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Chicago Low-Income Housing Trust Fund Rental Subsidy
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| The Chicago Low-Income Housing Trust Fund provides financial assistance to meet the housing needs of Chicago's poorest residents. It funds and operates the Rental Subsidy Program. The Rental Subsidy Program provides annual subsidies to rental property owners. The owners use the subsidies to reduce rents for tenants with annual household incomes that do not exceed 30% of area median income. |
| See url for details |
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IHDA Small Rental Properties Program
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| The Small Rental Properties Program (SRPP) was designed to help local governments meet a persistent affordable housing problem— the need to rehabilitate rental properties with 11 or fewer units to increase or preserve the stock of low-income apartments, particularly in small rural communities. Governments are encouraged to structure their programs to meet specific, local rental rehabilitation needs. Small rental properties are defined by the HOME Program as those with one to 11 units. |
| Property owners interested in SRPP should contact participating local governments, rather than IHDA, for detailed program information. (However, property owners may contact IHDA to obtain a list of local governments which take part in SRPP.) |
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