Multi-Family Housing Programs in Illinois

Developers of affordable rental housing are encouraged to apply for loans with interest rates as low as one percent for new construction of housing complexes in eligible rural areas. All tenants must have very low, low or moderate incomes. Almost 90 percent of the tenants in these properties have incomes below 50 percent of the median income in the areas in which they live.

Ownership - Individuals, partnerships, limited partnerships, for-profit corporations, nonprofit organizations, limited equity cooperatives, LLC's, trusts and public agencies are eligible to apply. For-profit borrowers must agree to operate on a limited-profit basis (currently eight percent on initial investment). Borrowers must be unable to obtain credit elsewhere that will allow them to charge rents affordable to low- and moderate-income tenants.

Tenancy - Very low-, low-, and moderate-income families; the elderly; and persons with disabilities are eligible for tenancy of Section 515-financed housing. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is capped at $5,500 above the low-income limit. Those living in substandard housing are given first priority for tenancy. When rental assistance is used, top priority is given to very low-income households. Where available, rent subsidies under the Rental Assistance program help ensure that elderly, disabled, or low-income residents of multi-family housing projects financed by Rural Development are able to afford rent payments. With the help of the Rental Assistance Program, a qualified applicant/tenant pays no more than 30% of his or her income for housing. Locate an affordable apartment complex near you.

Competitive Applications - Rural Development State Directors use need-based criteria to establish a list of targeted communities for which applicants may request loan funds. A list of these communities is published yearly in the Federal Register in the form of a Notice of Funding Availability (NOFA). The applications are then rated competitively in order to select recipients.

Guaranteed Rural Rental Housing Loans are made to finance building construction and site development of multi-family living quarters for people with low and moderate incomes. Some units are reserved for people aged 55 and over. Customers receive competitive loans with fixed interest rates. They work with local community lenders, using conventional lender's forms and receive quick service.
Learn more about the Guaranteed Rental Housing Program

Housing Preservation Grants are available to non-profit and public organizations to help very low- and low-income homeowners repair and rehabilitate their homes.
Learn more about the Housing Preservation Grants

Farm Labor Housing Loans are available to individuals and public, private and non-profit organizations to construct or substantially rehabilitate rental housing for farm workers. Loans are available at one percent interest for up to 33 years.
Learn more about Farm Labor Housing Loans

Places on this list are considered equal, with no regard to their order on the list. Inclusion on this list does not indicate that a need or demand for Section 515 housing has been established. Applications for Section 515 new construction loans will be accepted for the following places only:

Community	County	Community	County	Community	County
Amboy	Lee	Henry	Marshall	Murphysboro	Jackson
Anna	Union	Herrin	Williamson	Newton	Jasper
Beardstown	Cass	Highland	Madison	Oglesby	La Salle
Benld	Macoupin	Hillsboro	Montgomery	Olney	Richland
Benton	Franklin	Hoopeston	Vermilion	Oregon	Ogle
Byron	Ogle	Hopedale	Tazewell	Pana	Christian
		Hurst	Williamson	Paris	Edgar
Cambria	Williamson	Jacksonville	Morgan	Petersburg	Menard
Canton	Fulton	Jerseyville	Jersey	Plano	Kendall
Carbondale	Jackson	Johnston City	Williamson	Pontiac	Livingston
Carrier Mills	Saline	Jonesboro	Union	Princeton	Bureau
Chatsworth	Livingston	Kansas	Edgar	Princeville	Peoria
Chillicothe	Peoria	La Salle	La Salle	Rankin	Vermilion
Chrisman	Edgar	Lincoln	Logan	Robinson	Crawford
Christopher	Franklin	Louisville	Clay	Rochelle	Ogle
Clinton	De Witt	Macomb	McDonough	Rock Falls	Whiteside
De Soto	Jackson	Marengo	McHenry	Royalton	Franklin
DePue	Bureau	Marine	Madison	Sandwich	DeKalb
Dongola	Union	Marion	Williamson	Sesser	Franklin
Du Quoin	Perry	Marissa	St. Clair	Shabbona	DeKalb
Effingham	Effingham	Marseilles	La Salle	Shawneetown	Gallatin
Eldorado	Saline	Marshall	Clark
Elkville	Jackson	Mason City	Mason	Sterling	Whiteside
Energy	Williamson	Matherville	Mercer	Streator	La Salle/Livingston
Flora	Clay	Mattoon	Coles	Vandalia	Fayette
Galena	Jo Daviess	McLeansboro	Hamilton	Vermont	Fulton
Gardner	Grundy	Mendota	La Salle	Vienna	Johnson
Genoa	DeKalb	Momence	Kankakee	Wamac	Clinton/Marion/Washington
Golconda	Pope	Monmouth	Warren	Waterloo	Monroe
Grand Tower	Jackson	Mound city	Pulaski	Waterman	DeKalb
Grayville	Edwards/White	Mounds	Pulaski	Watseka	Iroquois
Greenville	Bond	Mount Carmel	Wabash	West Frankfort	Franklin
Hardin	Calhoun	Mount Morris	Ogle	Wilmington	Will
Harvard	McHenry	Mt. Vernon	Jefferson	Zeigler	Franklin

The following communities listed are recognized by the State as "high need communities" and are eligible for 20 points under the Agency's Section 515 loan scoring criteria.

Applicants for Rural Development services are considered without regard to race, color, religion, sex, marital status, familial status, age, handicap, or national origin. Any multi-family or public use facilities financed with the help of Rural Development must be made available to the public with the same consideration.

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Revised June, 2008

Community	County
Mounds Mound City Vienna	Pulaski Pulaski Johnson

Designated Places for Section 515 Rural Rental New Construction Applications Fiscal Year 2008