Low Income Housing Tax Credits & Private Activity Bonds in Illinois, 2018-2019

IHDA (Illinois Housing Development Authority) offers several options for tax-exempt bond financing in the 2018-2019 Qualified Allocation Plan (QAP).

All acquisition/rehabilitation Projects that have existing federal project-based rental assistance contract on 50% or more of the units are NOT eligible to apply for 9% Tax Credits unless a Waiver of 4% Feasibility is obtained. Requests for a Waiver of 4% Feasibility must be made 30 days prior to Application due date.

All Projects receiving a Conditional Allocation of Tax Credits associated with the issuance of tax-exempt bonds (4% Tax Credits), are subject to the following, regardless of the entity issuing the bonds.

Cost-Containment

The maximum amount of 4% Tax Credits for which a Project may apply is the lesser of the following:

  • the Tax Credit amount supported by the Project’s eligible basis; or
  • the Tax Credit amount supported through the equity gap method

 

Contributed By: 
National Housing Trust

Other Items of Interest