NEW UPDATES! IHDA Multifamily Bond Program Guidelines

IHDA is pleased to announce that an updated version of IHDA’s Multifamily Bond Program Guidelines is available for your reference and use. The last update occurred in March of 2018. This 2024 edition clarifies, revises, and re-organizes various existing provisions to maximize usability. These new guidelines go into effect March 1, 2024. To review the updated guidelines, click below.

Following are a few of the substantive changes to the updated Multifamily Bond Program Guidelines. 

• Expands its scope to address not only conduit issuances, but also issuances of program bonds.
• Clarifies process and expectations surrounding the review and approval of applications, including aligning site and market review descriptions with current IHDA practices.
• Expands on descriptions of the process for transaction kickoff and preparation of documents for Board approval.
• Creates new descriptions of IHDA’s dry closing and rate lock processes to clarify expectations and required timelines to transaction participants as well as clarifying requirements for bond transaction pre-closings.
• Integrates new or revised IHDA requirements for inclusion in bond documents, such as new bond recycling language and expansion of allowed bond transferees from QIBs to accredited investors.
• Revises certain required provisions and exhibits to create better alignment between documents. Specifically, revises the indemnification provisions found in IHDA’s Loan Agreement Rider and required Bond Purchase Agreement provisions.

Please email multifamilyfin@ihda.org with any questions you may have about the 2024 edition of the Multifamily Bond Program Guidelines. Thank you for your ongoing commitment to the development of affordable housing in Illinois.