Housing Credit developments compete with market-rate properties. They are indistinguishable from surrounding market apartments and often offer amenities like clubhouses, tennis courts and playgrounds. Sites are selected based on local housing needs and zoning conditions, in cooperation with local officials and residents. The entire process is driven by market economics. Housing Credit tenants pay their entire rent, made affordable through tax incentives for investors.
Residents get no direct subsidy, but instead benefit from lower rents made possible by the program.
As the state's primary affordable housing finance agency, IHDA administers Illinois' share of the annual Housing Credit allowed by Congress. IHDA allocates Housing Credits twice a year. IHDA has developed a sophisticated ranking system to ensure the best Housing Credit applications get funded. The QAP also details competitive categories in which points are awarded. Give some examples of the competitive criteria.