Time is running out for emerging affordable housing developers in Illinois. The Illinois Housing Development Authority (IHDA), in partnership with LISC, is accepting final applications for its Next Gen Capacity Building Initiative. This program helps new developers gain essential skills for the Low-Income Housing Tax Credit (LIHTC) market. The application deadline is midnight on December 13, the IHDA announced.

With a focus clearly set on fostering a diverse group of participants, Next Gen is looking to seriously help developers from varying backgrounds and areas of Illinois. To apply, candidates should not be novices. They need a foundation in real estate development or finance, seeking to hone their skills for LIHTC projects. "Next Gen prioritizes applicants with geographic diversity and BIPOC developers who have had challenges accessing cost-effective capital," as stated on the IHDA's website.

For details on the application process, prospective applicants can visit the Next Gen program's information page. There, they’ll find answers to common questions and a portal to submit their applications. Insights from the inaugural class are also available, offering a glimpse into the initiative’s success, according to the IHDA’s release.

Emerging developers who manage to secure a spot in the program can look forward to a mix of hybrid and in-person sessions, beginning in February 2025 and culminating in November. The curriculum is thorough, featuring an intense training series and one-on-one technical assistance. "Upon completing the curriculum, Next Gen participants will be eligible to apply for a pre-development loan funded by IHDA and administered by LISC," the announcement explained.