Developers with an Illinois Housing Development Authority (IHDA) approved Preliminary Project Assessment (PPA) submitting an application for 4% and 9% Low Income Housing Tax Credit (LIHTC) are requested to provide conditional funding commitments with their Affordable Housing Tax Credit Application to IHDA.
The City calls this commitment a Conditional Preliminary Set-aside Letter.
The Housing Development LIHTC Pre-application below, is the application to request the City Council to approve a Conditional Preliminary Set-aside Letter that will be contingent on City staff underwriting a formal application in its entirety, per the City’s policy, including all associated federal, local, and state regulations and statutes.
City Staff will need 6-8 weeks to complete its review of the Pre-Application and to bring the Conditional Preliminary Set-aside Letter through City Council for a vote, so please submit your complete Pre-Application package at least 2-3 months before it needs to be submitted with your LIHTC application.
Therefore, contact Sarah Leys at 779-348-7442 to discuss your residential housing projects and how the City may be able to assist.
Housing Development LIHTC Pre-Application (PDF)