Bond Programs

Buena Vista Tower Apartments (Elgin)

IHDA is an issuer of taxable and tax-exempt bonds and uses the proceeds to finance the creation and preservation of affordable housing in Illinois.

The policies and procedures applicable to the Authority’s Multifamily Bond Program may be found in the IHDA Multifamily Bond Program Guidelines Manual (effective 3/1/24).

Please click on the tabs below to learn more about Conduit Bonds, the Bond Recycling Program, Program Bonds, and how to apply.

IHDA can act as a conduit bond lender by issuing tax-exempt bonds from its annual volume cap amount. The developer seeks out a private placement of those bonds to a bank or investor. IHDA acts as a development partner, while deferring the majority of the underwriting to the lender.

The Authority reserves the right to limit the number of conduit bond deals.

The Bond Recycling Program is designed to preserve and recycle prior year(s) tax-exempt bond volume cap that would otherwise expire upon repayment of construction financing, resulting in the redemption of those bonds. Please refer to the standard IHDA Conduit Bond Program for terms, conditions, and pricing related to the issuance of bonds.

Recycled Bonds are subject to availability and must follow the rules outlined in the Bond Recycling Program Term Sheet.

For more information, please contact Multifamily Lending at 872-271-8152 or via e-mail at multifamilylending@ihda.org.

IHDA can act as bond issuer and lender and provide credit enhancement through its HUD Risk Share Program. IHDA will underwrite the loan to the Risk Share standards and obtain an FHA-insured loan. The developer is able to work with IHDA directly for the bond issuance, bond loan and automatic 4% LIHTC award. IHDA will also sell the bonds in the marketplace to obtain the bond rate.

The first step in applying is to submit a Preliminary Project Assessment (PPA). The PPA addresses a proposed project’s site, market, development team, and financial feasibility. PPAs are accepted on a rolling basis.

For more information, please contact Multifamily Lending at (872) 271-8152 or via e-mail at multifamilylending@ihda.org.