IHDA made important progress in multifamily finance in FY2018, leveraging state and federal resources with access to private capital to create affordable housing for families, seniors and people with special needs. Yorkville residents Geneva and David Fiore moved into one of these developments – Anthony Place of Yorkville – in early 2018. They wanted to be closer to their son, but were not sure if the housing they could afford would be safe, attractive, or connected to neighborhood amenities until their application was approved for a unit in the new two-story senior building. Today, thanks to the high quality finishes, senior targeted amenities, and connections to neighborhood services at Anthony Place, the Fiores are better off financially, their health has improved, and they are ready to begin the next chapter of their lives together.
IHDA’s financing programs help developers build, preserve, acquire and rehabilitate affordable multifamily rental housing to help address local needs.In FY2018, IHDA invested $332.7 million and leveraged $460.5 million to build 1,053 new rental units and preserve 1,885 units in 36 total developments. These included efforts to provide much-needed and long-overdue repairs to Illinois’ outdated public housing projects. The first phase of the Lathrop Homes redevelopment began this year, using a permanent first mortgage, HOME funds, and state and federal tax credits to begin a multi-year transformation of the aging public housing complex into a modern mixed-income rental community.
As single room occupancy hotels across Chicago are more and more at risk of being acquired by market-rate developers, IHDA stepped in to provide the financial solutions that made their preservation possible. The Carling and Marshall Hotels, both valuable providers of affordable housing in booming neighborhoods for decades, received construction and permanent mortgages, federal tax credits and gap financing to convert from SRO layouts to new affordable apartments.
And throughout the state, our financing brought modern rental options to areas with growing demand with developments like the Garfield School Senior Residences. Using federal tax credits from IHDA and support from the City of Moline, the development team will lead the adaptive reuse of a century-old school, preserving local history while creating 57 much-needed apartments for the area’s growing senior population.