Your Monthly Source for Multifamily Program Updates

• The 2024-2025 Qualified Allocation Plan was approved at IHDA’s Board on Friday, Oct. 20 and was approved by Governor JB Pritzker today.

• IHDA has updated its Underwriting Standards Guide. A summary of changes can be found here. Updated “twinning” guidance may be found here. 



• IHDA has updated its Design, Construction and Regulatory Compliance (DCRC) Requirements. Frequently asked questions about the DCRC can be found here.

• The 2024 9% LIHTC Preliminary Project Assessment documents have been updated and may be found in the Developer Resource Center on the IHDA website. Important dates for the 2024 9% LIHTC round may be found in the next section of the newsletter. 

• Reminder, all interested PSH Round X applicants who have already completed concept meetings must attend one of two application workshops. Workshops are scheduled for 1 p.m. on Wednesday, Nov. 15 and 11 a.m. on Wednesday, Nov. 29. Further details and registration links are available on the IHDA website. 

• IHDA has developed a new multifamily mortgage program for sponsors seeking to substantially rehabilitate developments with 90-100 percent of units covered by a project-based Section 8 contract. The goal of the program is to provide highly competitive long-term, fixed-rate financing to preserve critical housing stock. More information can be found here: Section 8 Preservation Loan. Please contact multifamilylending@ihda.org for more information.

• Applications are currently being accepted for developers under the Next Gen program! Next Gen seeks to provide support for Black, Indigenous, and People of Color (BIPOC) housing developers to enter and succeed within the LIHTC program. The application is open until Friday, Dec. 1. Please visit the LISC website for more information. 

• For matters involving IHDA’s Portfolio Risk Management Team (e.g., change in ownership request, property management change, loan modification, etc.), please make your request using the form found here. As noted in the form, a Special Assets Manager will be assigned no later than five business days after receipt of the request. The Special Assets Manager will review the request and engage others within IHDA as applicable. If you have any questions in the interim, please contact the Portfolio Risk Management Team at SpecialAssets@IHDA.org. 

• Join the IHDA team! Open positions can be found on IHDA’s website.

Permanent Supportive Housing

Wednesday, Nov. 1 and Wednesday, Nov. 15 – Mandatory application workshops

Tuesday, Jan. 16, 2024 – Applications due

Friday, April 19, 2024 – PSH awards presented to IHDA Board

9% LIHTC

Friday, Dec. 8 – Preliminary Project Assessment (“PPA”) deadline for 2024 LIHTC Applications

Friday, Feb. 2, 2024 – PPA notifications to sponsors

Friday, Mar. 29, 2024 – Applications due

Friday, July 19, 2024 – LIHTC awards presented to IHDA Board 

4% LIHTC

IHDA will continue to accept 4% LIHTC PPAs and full applications on a rolling basis through the end of 2023. For more information on application timing, please see the updated 2023 Multifamily Transaction Timeline.

Where are you from originally?

• I was born in Guatemala, which is also known as the “Land of Eternal Spring.” My family and I came to the United States when I was six years old.

Where do you live now?

• Currently, I reside in Humboldt Park, where I have been living for the past 17 years.

What is your role at IHDA?

• As a Senior Underwriter at IHDA, my primary responsibility is to work on projects that have an IHDA first-position permanent loan in the capital stack.

When did you start working at IHDA?

• Although I became a part of the IHDA team in 2016, I had to take a one-year leave of absence in 2020. However, I missed working with IHDA and returned shortly after.  

What drew you to IHDA/affordable housing originally?

• During my time as a summer intern at Bickerdike Redevelopment Corporation, I had my first experience with affordable housing. It was inspiring to see firsthand how community organizations and concerned neighbors can work together to create and preserve quality affordable housing. 

What do you find most rewarding about your job?

• For me, the most rewarding aspect of my job is being able to contribute to a development that, once completed, will have a positive impact on families and neighborhoods.

What has been your favorite project while working at IHDA?

• As an underwriter at IHDA, I have had the opportunity to work on various projects. All of them have been unique and dynamic in their own way, which is why I don't have a favorite project. I have enjoyed working on all of them.