RHI Developers Application

Jan 17, 2017

Regional Housing Initiative Developers Application

Background

The Regional Housing Initiative (RHI) is a partnership between ten housing authorities in northeastern Illinois, the Illinois Housing Development Authority (IHDA), BRicK Partners, CMAP, and MPC. Participating housing authorities pool a portion of their available rental assistance to provide long-term support for the rehabilitation or construction of multifamily, affordable rental homes in communities across the region. The initiative actively seeks out and subsidizes developments located in low-poverty, high-opportunity communities or in communities undergoing reinvestment and redevelopment that would benefit from increased housing stability. RHI helps implement local plans, including those produced through the Local Technical Assistance program.

Benefits

  • Developers using RHI are more competitive for IHDA's Low-Income Housing Tax Credit funding.
  • The owner of the development receives a steady source of rental income throughout the 15-year operating subsidy.
  • Low-income families gain access to housing in attractive communities, while paying reasonable rents set at 30 percent of their incomes.
  • Homes that receive funding support regional and local housing goals.

How to apply

The Regional Housing Initiative has a competitive, rolling application process; property owners and developers may submit applications for this round of RHI funding at any time. Here's how to apply:

  1. Download and review the application:
  2. Make an appointment to meet individually with CMAP staff. Developers interested in RHI support for the next round of Illinois Housing Development Authority's Low Income Housing Tax Credits must call Jonathan Burch at 312.386.8690 to schedule a conversation about RHI's parallel application procedures. Please contact CMAP no later than June 2, 2017.
  3. Submit the application for review by the RHI Selection Panel. Applications may be submitted at any time if the development does not require Low Income Housing Tax Credits. Applicants also seeking Low Income Housing Tax Credits for the 2017 Round must submit their application for RHI assistance by June 23, 2017.
  4. If approved by the panel and the local housing authority, the owner will enter into a contract with the housing authority that outlines the financial and procedural obligations of both parties.