New funding available through the Illinois Housing Development Authority will help preserve an estimated 1,200 affordable rental units for working families, seniors and people with disabilities. In addition, work to preserve these developments will create quality jobs to help advance the economy.

IHDA created the Preservation Now program to provide subordinate mortgage financing to new IHDA issued tax-exempt bond projects that contain minimum levels of existing project-based rental subsidy.

“Preservation Now leverages public-private partnerships to ensure the long-term affordability of apartments and to help ease the cost of housing for working families, seniors and people with disabilities,” said IHDA Executive Director Mary Kenney.