Chicago Low-Income Housing Trust Fund invests in the creation of new rental housing for low-income households by providing long-term financing utilizing revenues from the Chicago Affordable Housing Opportunity Fund / Downtown Density Bonus and State of Illinois Long Term Operating Subsidy Program (LTOS).
Multi-year Affordability through Upfront Investment (MAUI) supplies interest-free forgivable loans to replace up to 50 percent of a developer’s private first mortgage loan. The resulting savings are used to reduce the rents of very low-income tenants earning no more than 30 percent of the area median income.
Developers wishing to apply for MAUI funding should first submit a letter of intent, the form of which is included in the MAUI Program Guide. The letter of intent must include, among other things, a brief description of the project including the location, the total number of units, the proposed number of MAUI funded units, the preliminary project budget, and any anticipated sources of funding.