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Regional Housing Initiative Breann Gala 12/3/2012.

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Presentation on theme: "Regional Housing Initiative Breann Gala 12/3/2012."— Presentation transcript:

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: 1.Located near jobs and transportation; 2.Well planned, designed and managed; and, 3.Affordable to the local workforce and part of amix of incomes

4 Threshold Requirements 1.Traditional multifamily developments cannot contain more than 25% of development with project-based vouchers 2.Minimum of 5 vouchers per development 3.Senior housing not eligible

5 How to apply 1.Download application off MPCs website 2.Meet 1-on-1 to discuss the proposal 3.Owner applications and LIHTC developer applications vary slightly Woodstock Commons, McHenry County

6 Owner Applications 1.Must complete the RHI owner application 2.Required to meet with MPC staff prior to submission 3.Rolling deadline for applications Leland Apartments, Chicago

7 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 Places Casa Kirk

8 Approved RHI Developments 1.Commitment award letter formalizes the housing authoritys Board approval 2.Subsidy layering review 3.Housing Quality Standards inspection 4.Execute the AHAP/HAP with the housing authority

9 Thank you! Please contact me if you have questions Breann Gala

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