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.
Once the Trust Fund has reviewed a letter of intent, the Developer may be asked to submit a full application. There is no enrollment period for the MAUI Program; letters may be submitted at any time. The Trust Fund Board of Directors reviews applications as they come in, however, and once the annual MAUI budget has been allocated, additional projects will not be eligible to receive funding until the next calendar year.