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Illinois Groups Form Regional Housing Initiative

Tuesday, February 11, 2003 - 1:45AM

In an effort to spur mixed-income housing development that meets the housing endorsement criteria recently adopted by the Metropolitan Mayors Caucus, the Illinois Housing Development Authority (IHDA) and the Metropolitan Planning Council (MPC) as well as the Chicago, Cook County and Lake regional housing authorities have joined to form the Regional Housing Initiative (RHI). RHI will attach a new pool of housing subsidies to IHDA’s next low-income housing tax credit (LIHTC) round. During initiative's pilot phase this year, RHI committed subsides to fund 328 apartments within mixed-income communities. Developers who secure a commitment from RHI may improve their score with the LIHTC ranking system. Final applications are due by March 7, 2003. Click here for details.

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