Illinois Housing Development Authority

What Illinois Housing Development Authority does

Illinois Housing Development Authority (IHDA), established in 1967, is the legislatively designated state housing finance agency for Illinois, headquartered in Chicago at 111 E. Wacker Drive. IHDA administers affordable housing finance programs across all 102 Illinois counties, serving first-time homebuyers through down payment assistance and mortgage products (Access Home, SmartBuy, Opening Doors, IHDA Mortgage Programs), renters through emergency rental assistance (CBRAP, Rental Housing Support Program), and affordable housing developers through tax credit allocation and multifamily financing. The agency distributes federal and state housing funds, administers the Low-Income Housing Tax Credit (LIHTC) at both 9% competitive and 4% bond-driven tiers, and operates specialized programs for vulnerable populations including veterans, persons with disabilities, and justice-involved individuals through initiatives like Permanent Supportive Housing and HOME-ARP Non-Congregate Shelter Development.

IHDA's capital deployment operates primarily through bond issuance, with programs including Revenue Bonds, Multifamily Revenue Bonds, Homeownership Mortgage Revenue Bonds, Housing Bonds, and Affordable Housing Program Trust Fund Bonds. The agency's Revenue Bonds carry a Moody's Aaa rating and S&P AA stable rating, enabling preferential capital markets access. IHDA has issued $2,113 million in cumulative Social Bonds (Jan 2021–Oct 2023) and $39.6 million in Sustainability Bonds. The technology stack includes the IHDA Connect document management platform for developer applications, the MITAS mortgage portal, and GIS-based market research tools (Affordable Rental Unit Survey, Affordability Risk Index, Quality of Life Index, Revitalization Impact Areas) built on American Community Survey and census tract data.

The business model centers on bond-funded program deployment rather than commercial revenue generation. IHDA earns revenue from bond issuance activities, federal and state fund administration, and tax credit allocation fees, while distributing capital through approved lender networks (homeownership programs), 17+ local administering agencies (Rental Housing Support Program), and direct developer relationships (multifamily financing). Customer segments include first-time homebuyers, renters and tenants, housing developers, vulnerable populations, justice-involved individuals, and landlords/housing providers. Since 2020, IHDA has administered over $1.4 billion in emergency housing assistance to 164,000+ households. The organization employs 251–500 staff and operates as an independent instrumentality of the State of Illinois governed by a Board, with no parent company or private ownership.

Name

Illinois Housing Development Authority

Legal name

Illinois Housing Development Authority

Website

https://ihda.org

Company type

Private

Founded year

1967

Operating status

Operating

Headcount range

251–500 employees

Short description

Illinois Housing Development Authority (IHDA) is the legislatively designated state housing finance agency for Illinois, administering affordable housing bonds, Low-Income Housing Tax Credits, homeownership assistance, and rental programs across all 102 Illinois counties since 1967.

Ownership category

akta.pro rank

Product category

Affordable Housing Finance

NAICS

Administration of Housing Programs (92511)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Mortgage Revenue Bond (MRB) & Public Housing Bond Programs (FSALAKAG)

akta.pro secondary industries

Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF), Down Payment Assistance (DPA) & Homebuyer Subsidy Programs (FSALAKAE), Affordable Housing / Down Payment Assistance (DPA) Mortgage Origination (FSALAAAM)

Keywords

• Affordable housing finance
• Multifamily bond programs
• Low-income housing tax credits
• Down payment assistance
• Homeownership mortgage lending

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Bond Issuance: IHDA issues taxable and tax-exempt bonds to finance affordable housing. Proceeds fund homeownership loans, multifamily developments, and rental assistance programs. Bonds include Revenue Bonds, Multifamily Revenue Bonds, Homeownership Mortgage Revenue Bonds, Housing Bonds, and Affordable Housing Program Trust Fund Bonds.
2. Federal/State Funding Distribution: IHDA receives and distributes federal and state funding including FHLBank Chicago grants ($3,150,000 in 2025 for housing counseling), emergency rental and mortgage assistance ($1.4 billion since 2020), and various state housing programs.
3. Tax Credit Administration: IHDA administers Low-Income Housing Tax Credits (LIHTC) at the state level, evaluating applications against the Qualified Allocation Plan (QAP). The 9% credits are awarded competitively twice yearly; 4% credits are available through tax-exempt bond projects on a rolling basis.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

IHDA finances affordable housing in Illinois through the issuance of taxable and tax-exempt bonds that fund homeownership mortgage loans and multifamily developments. The agency administers federal Low-Income Housing Tax Credits, provides down payment and closing cost assistance for first-time homebuyers, distributes emergency rental and mortgage assistance, funds permanent supportive housing, and delivers housing counseling and technical assistance to communities across all 102 Illinois counties.

Product overview

The Illinois Housing Development Authority (IHDA) is a state housing finance agency offering a comprehensive suite of housing programs. The portfolio centers on homeownership products (Access Home down payment assistance, IHDA Mortgage Programs, Opening Doors, SmartBuy) and multifamily development financing (Low-Income Housing Tax Credit at 9% and 4%, Illinois Affordable Housing Tax Credit, Multifamily Bond Programs). Supportive housing initiatives include Permanent Supportive Housing Round XII and HOME-ARP Non-Congregate Shelter Development. IHDA provides market research tools (Affordable Rental Unit Survey, Affordability Risk Index, Quality of Life Index, Revitalization Impact Areas) for developer planning. The organization operates IHDA Connect as its document management platform and offers community revitalization technical assistance. Rental assistance programs include the Illinois Court-Based Rental Assistance Program and Rental Housing Support Program. The Access Plus Financing program supports small-dollar mortgage lending and received 2026 Ivory Prize recognition.

Differentiator

Problem solved

Functional benefit

Products and services

• IHDA Mortgage Programs Suite of homeownership mortgage products including first-time homebuyer loans, down payment assistance options, and refinancing products offered through a statewide network of IHDA-approved lenders. Available to Illinois residents purchasing homes in targeted areas.
• Access Home Down payment and closing cost assistance program for first-time homebuyers in Illinois. Provides assistance equal to 6% of the purchase price, up to $15,000, to help cover down payment and closing costs.
• Opening Doors Homebuyer assistance program providing upfront financial support to help working families in Illinois achieve homeownership.
• SmartBuy Program Competitive homeownership assistance program offering $15,000 in funding for first-time homebuyers, including assistance with student loan payoffs. Has supported 533 new homeowners as of program milestone.
• Low-Income Housing Tax Credit (LIHTC) Federal Low-Income Housing Tax Credit program administered by IHDA at the state level. Includes 9% credits awarded competitively twice yearly via the Qualified Allocation Plan and 4% credits available through tax-exempt bond projects on a rolling basis. Designed for affordable housing investment in Illinois.
• Illinois Affordable Housing Tax Credit State-level affordable housing tax credit program complementing federal LIHTC for affordable rental housing development in Illinois.
• Multifamily Bond Programs Taxable and tax-exempt multifamily bond programs including Conduit Bonds, Program Bonds, and Bond Recycling Program for financing affordable multifamily housing developments in Illinois.
• Permanent Supportive Housing (PSH) Affordable housing program pairing rental units with supportive services for vulnerable populations including veterans, persons with disabilities, and individuals experiencing homelessness. Round XII supports 142 affordable homes.
• HOME-ARP Non-Congregate Shelter Development Program Federal funding program for developing shelters with independent (non-congregate) accommodations for individuals experiencing homelessness in Illinois.
• Preservation 2.0 Limited rehabilitation program providing subordinate funding to IHDA-assisted developments to support property upkeep and continued operation as affordable housing throughout Illinois.
• Rental Housing Support (RHS) Program Rental assistance program providing support to extremely low-income households living in participating properties across Illinois, delivered through a network of local administering agencies.
• Illinois Court-Based Rental Assistance Program (CBRAP) Emergency rental assistance for Illinois tenants and landlords with pending eviction court cases. Provides up to $10,000 for past-due rent, up to $700 for court costs, and up to two months of future rent.
• Housing Counseling Programs Financial education, credit readiness, and homeownership support programs for Illinois households, funded in part through FHLBank Chicago partnerships and delivered through statewide counseling network.
• Cooperative (Co-Op) Housing Share Loan Program Loan program supporting cooperative housing in Illinois through a Request for Applications (RFA) process for share loans to cooperative entities.
• Community Revitalization Program Technical assistance and planning services for smaller and rural Illinois communities to identify housing needs and undertake local housing planning processes.
• IHDA Connect Document management web application for developers to submit Preliminary Project Assessments and LIHTC applications electronically to IHDA.
• Housing for Justice Involved Individuals Program (HJIIP) Program providing affordable housing and supportive services to individuals with prior involvement in the criminal justice system who face housing barriers in Illinois.

Quantifiable outcome

• $1.4 billion in emergency housing assistance to 164,000+ households since 2020
• +3 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• Habitat for Humanity of the Greater La Crosse RegioncoreStrategic or Co-development Partner · 9 February 2026Kahya Fox, Executive Director of Habitat for Humanity of the Greater La Crosse Region, was appointed to FHLBank Chicago's Community Investment Advisory Council. The council provides guidance on housing and economic development programs across Illinois and Wisconsin.
• LISC (Local Initiatives Support Corporation)coreStrategic or Co-development PartnerIHDA and LISC partner on the Next Gen capacity building initiative to support emerging affordable housing developers. The program has launched multiple cohorts (R1, R2, R3) to grow the next generation of housing developers in Illinois.
• Corporation for Supportive HousingcoreStrategic or Co-development PartnerIHDA and Corporation for Supportive Housing partner on the Illinois Supportive Housing Institute, now in its fifth round, to advance new supportive housing leaders and develop permanent supportive housing across Illinois.
• POAH (Preserving Affordable Housing HEROES)minorStrategic or Co-development PartnerIHDA and POAH partnership to launch $40 million renovation of Corcoran Place Apartments in Chicago's Austin neighborhood, demonstrating collaboration on substantial multifamily preservation projects.
• Economic Growth CorporationminorStrategic or Co-development PartnerIHDA and Economic Growth Corporation celebrated the grand opening of Shimer Square affordable housing development in November 2025.
• Winstanley EnterprisesminorStrategic or Co-development PartnerIHDA partnership with Winstanley Enterprises on the Winstanley Park affordable housing development grand opening in East St. Louis.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Others

• FHLBank Chicago: Federal Home Loan Bank of Chicago, a major funding partner of IHDA providing housing counseling grants (e.g., $3.15M in 2025) and affordable housing program capital. Adjacent rather than competing—functions as upstream capital and program partner to state HFAs like IHDA.

Direct peers

• Texas Department of Housing and Community Affairs (TDHCA): Texas's state housing agency administering LIHTC, multifamily bonds, and homeownership programs. Comparable state HFA role with similar tax credit allocation and bond issuance functions.
• New York State Homes and Community Renewal (HCR): New York's state housing finance and community development agency administering LIHTC, bond financing, multifamily development, and homeownership programs. Comparable scope of programs, bond issuance authority, and affordable housing mandate.
• Minnesota Housing: Minnesota's state housing finance agency issuing bonds, administering LIHTC, and providing homeownership and multifamily financing. Comparable Midwest state HFA with similar bond-driven housing finance model.
• Wisconsin Housing and Economic Development Authority (WHEDA): Wisconsin's state HFA providing mortgage loans, down payment assistance, multifamily financing, and LIHTC administration. Closely comparable neighbor-state HFA with overlapping program structure.
• California Housing Finance Agency (CalHFA): California's designated state HFA issuing mortgage revenue bonds, administering LIHTC, and providing down payment assistance and multifamily financing. Directly comparable as a large-state HFA with the same regulatory mandate and product mix as IHDA.
• Pennsylvania Housing Finance Agency (PHFA): Pennsylvania's state HFA providing mortgage financing, down payment assistance, LIHTC administration, and multifamily development programs. Closely comparable product set and regulatory role to IHDA.
• Florida Housing Finance Corporation: Florida's state HFA administering LIHTC, multifamily bonds, and homeownership programs. Comparable as a designated state housing finance agency with similar bond issuance, tax credit allocation, and developer financing operations.
• Ohio Housing Finance Agency: Ohio's designated state HFA offering homeownership lending, down payment assistance, LIHTC, and multifamily bond financing. Comparable mid-sized state HFA with similar product portfolio to IHDA.
• Michigan State Housing Development Authority (MSHDA): Michigan's state housing finance authority administering LIHTC, mortgage revenue bonds, and rental assistance. Comparable Midwest state HFA mandate and product offering, particularly relevant given similar regional affordable housing market dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/ILHousing
• YouTubeyoutube.com/user/IHDAILLINOIS
• Facebookfacebook.com/IllinoisHousingDevelopmentAuthority
• LinkedInlinkedin.com/company/illinois-housing-development-authority
• Instagraminstagram.com/ilhousing

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Illinois Housing Development Authority