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Puneet Monga's Company Details

Illinois Housing Development Authority

Chicago, Illinois, US • 406 Employees
Real Estate

The Illinois Housing Development Authority (IHDA) finances the creation and preservation of affordable housing in Illinois. IHDA was created by the state legislature in 1967 as a self-supporting agency to finance affordable housing across Illinois. IHDA does not use taxpayer dollars to sustain its operations, although it does administer publicly funded programs on behalf of the state. Since its creation, IHDA has provided more than $15 billion to finance a quarter million affordable homes. IHDA accomplishes its mission through a number of funding sources including the Illinois Affordable Housing Trust Fund, Illinois Affordable Housing Tax Credits, the allocation of federal Low-Income Housing Tax Credits and HOME Investment Partnership funds. IHDA is also a bonding authority and independently sells bonds, based on our strong credit rating of A1/AA-/AA- from Moody’s Investors Service, Standard & Poor’s and Fitch Ratings respectively. We partner with lenders, developers, local government, nonprofits, community groups and others to deliver low-cost financing programs. We provide financial assistance to low- and moderate-income homebuyers and homeowners, offer resources to developers who build or preserve affordable and mixed-income rental housing and provide oversight for hundreds of affordable rental communities across the state.