Description
The Upper Illinois River Valley Development Authority (UIRVDA) acts as the issuer of the Multi-Family Housing bonds, passing along its DOUBLE TAX-EXEMPT status to a Developer, private for-profit or not-for-profit to finance low-income or senior housing projects. This can include the acquisition of fixed assets including land, buildings, equipment. Because the interest on the bonds is not subject to state or federal income taxes, investors and lenders require a lower interest rate to achieve an equivalent after-tax return. Therefore, the borrower receives a preferential interest rate, generating substantial savings.