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SIDA Multi-Family Housing Bond Financing.

SIDA can issue double tax-exempt bonds for qualifying affordable or senior multifamily housing projects in Randolph County.

Offered bySouthern Illinois Economic Development Authorityverified 2026-07-10

Overview

What it does.

The program supports lender-backed fixed-asset financing for low-income or senior housing developers that meet the published income set-asides.

Best for: A sizable affordable or senior housing development or rehabilitation project in Chester.

Eligibility

Who and what may qualify.

Eligible applicants

  • For-profit or nonprofit developers of qualifying low-income or senior housing in SIDA territory

Applicants excluded by the source

  • Projects outside SIDA territory
  • Projects that do not satisfy required affordability set-asides

Eligible uses

  • Qualifying low-income or senior housing fixed assets
  • Land
  • Buildings
  • Equipment

Uses excluded by the source

  • Projects without the required affordable units
  • Uses outside the bond and tax requirements

Application

How to start.

  1. Contact SIDA before incurring project costs.
  2. Confirm the affordability structure, project location, developer capacity, and lender support.
  3. Submit the bond application and coordinate separately on any housing tax credits.

Timing: SIDA board review is required; no fixed application deadline is published.

Planning notes

Limits to account for.

  • At least 20% of units must serve households at no more than 50% of area median income, or at least 40% must serve households at no more than 60% of area median income.
  • SIDA publishes a $2,000 application fee; the issuance fee depends on whether the borrower is a private entity or not-for-profit, and additional professional costs apply.

Coordinate any other housing financing with SIDA, the lender, and project counsel before committing costs.

Evidence

Official sources.