The Illinois Housing Development Authority is pleased to again be accepting applications under the Governor’s Preservation Now program. IHDA created the Preservation Now program to finance the rehabilitation of aging multifamily rental housing and extend the project-based rental subsidy contracts in existing developments.
After the success of its original launch last year, IHDA has decided to renew the program for 2014. More than $79.4 million in financing was approved in 2013 to preserve over 1,000 affordable units serving families, seniors and persons with disabilities across the state. IHDA expects approximately $245 million in project-based subsidy to be preserved over the next 20 years as a result of the program. Applications will be accepted until September 30, 2014 at 3 p.m. Please see the Request for Applications for more information.