FINANCIAL_SERVICESAMENDED

Illinois Housing Development Authority Finance Committee Minutes April 2026

Additional Bonds Sought for Lafayette Apartments Project

$4.9M conduit bond loan and $2.37M home loan; additional bonds not to exceed $1.3MIllinois Housing Development AuthorityLAFAYETTE APARTMENTSApril 17, 2026

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Description

IHDA reviewed Lafayette Apartments’ existing $4.9 million conduit bond loan and $2.37 million home loan and determined additional bonds up to $1.3 million are needed. The extra issuance will help the sponsor meet the 50% test and maintain eligibility for 4% low-income housing tax credits.

Contract Details

Contract Amount

$4.9M conduit bond loan and $2.37M home loan; additional bonds not to exceed $1.3M

Vendor

LAFAYETTE APARTMENTS

Agency

Illinois Housing Development Authority, IL

Contract Type

FINANCIAL_SERVICES

Document Date

April 17, 2026

Renewal Info

Additional bond issuance amends the existing conduit bond financing to address cost overruns and maintain 4% tax credit eligibility; cumulative bond amount will increase by up to $1.3M.

Issuing Agency