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Illinois Awards Tax Credits for 21 Affordable Projects
The Illinois Housing Development Authority (IHDA) Board announced conditional awards totaling more than $26 million in federal Low-Income Housing Tax Credits that will fund 21 affordable housing developments in 11 counties throughout the state, including four developments in Chicago.
Once sold to investors, the tax credits will generate an estimated $238.4 million in private capital to finance the creation and/or preservation of 1,188 affordable units for low- to moderate-income families, seniors, veterans and persons with special needs.
“With more and more families and seniors increasingly rent burdened and reeling from the impact of the pandemic, it is crucial that we continue to build and preserve affordable housing throughout Illinois to address this urgent need,” said IHDA executive director Kristin Faust. “The Low-Income Housing Tax Credit program is the strongest tool in Illinois to spur the much-needed development of additional affordable housing.”
Pictured: Related Midwest’s Lathrop Homes redevelopment, one of four Chicago projects receiving tax credits.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
