2023 Qualified Allocation Plan
The 2023 Qualified Allocation Plan (QAP) helps the Department of Housing (DOH) direct federal affordable housing funds where they are needed most.
The QAP sets forth the rules under which the City offers affordable housing development funding in the form of federal Low-Income Housing Tax Credits, commonly referred to as LIHTC. The QAP describes the selection criteria and application requirements for receiving these federal tax credits and tax-exempt bonds.
LIHTC is a public-private partnership in which investors provide equity for low income rental properties in exchange for a federal tax credit over several decades. LIHTC is the most significant resource for creating affordable housing in the United States today. Without the equity, affordable rental housing projects do not generate sufficient funds to work financially. The City of Chicago receives a limited number of these housing tax credits to allocate each year based on its population.
In short, the QAP determines more than 60 percent of the City of Chicago’s affordable housing resources.
The 2023 QAP draft is now open for public comment until February 28th, 2023. Those who would like to provide feedback on the 2023 QAP may do so by emailing DOH2023QAP@cityofchicago.org and/or attending a public comment meeting scheduled for February 14 at 1pm. Registration is required. Please find more information and the registration link below.
Funding round opens on June 5, 2023 and will close on July 7, 2023.
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