Waters Edge of South Elgin
Forecasted
The Waters Edge of South Elgin grant from the Illinois Housing Development Authority provides discretionary soft funds to fill financial gaps in 9% LIHTC affordable housing projects.
Funder: Illinois Housing Development Authority
Due Dates: Currently paused (no submissions accepted until further notice)
Funding Amounts: Discretionary gap funding to cover shortfalls in 9% LIHTC projects; award size and duration depend on project needs and resource availability.
Summary: Provides discretionary soft funds to fill financial gaps in affordable housing projects utilizing 9% Low-Income Housing Tax Credits.
Key Information: IHDA has paused accepting requests for soft funds due to over-subscription; no new applications are being accepted.
Description
This program, administered by the Illinois Housing Development Authority (IHDA), supports affordable housing developments that are utilizing 9% Low-Income Housing Tax Credits (LIHTC) but encounter financial gaps. IHDA may provide additional "soft funds"—including resources from the Federal HOME Program and the Illinois Housing Trust Fund Program—at its discretion and only if resources are available. The aim is to ensure the financial feasibility and completion of affordable housing projects that might otherwise be stalled by funding shortfalls.
