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700 Affordable Housing Units Added Across Illinois Resulting From Federal Tax Credits

Illinois Housing Development Authority
The Illinois Housing Development Authority (IHDA) recently approved the allocation of federal tax credits that will enable them to build 12 new developments, providing low-income housing across the state. A total of 700 units will be built, with more than one-third of them reserved for veterans and people with disabilities. More than 60 units will be built on the Metro East side for working families and people with disabilities.

IHDA is a state housing finance agency that finances the creation and the preservation of affordable housing across Illinois. It has already allocated the use of federal low-income housing tax credits (LIHTC) totaling $657 million to build and rehabilitate 8,550 affordable housing units. The new investment of $117.6 million in additional federal tax credits will increase housing for low-income residents.

Low-income families, seniors, veterans and people with disabilities will all benefit from the new housing, which is expected to begin next spring. Eligible residents include households earning 60 percent or less of the area median income.

The federal tax credit program began in 1986 by Congress. Tax credits are sold to private investors. Developers financed with federal tax credits to build low-income housing benefit with reduced debt, which they can pass on through lower rents.

For more information, visit www.ihda.org/renter/index.htm

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