Housing Tax Credit Bill Gains Support

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#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>A bipartisan effort is underway in the Illinois House to create more affordable housing
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>options in the state.

#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>State Rep. Tom Demmer, R-Dixon, is sponsoring a bill alongside State Rep. Delia
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>Ramirez, D-Chicago, that would create the Build Illinois Homes Tax Credit, modeled on
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>the federal Low-Income Housing Tax Credit.

#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>“Looking across the state, oftentimes new developments are on the higher end of the
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>scale,” Demmer said. “I think it’s really important that we do what we can to support
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>private investment on the low end too. That means affordable and entry-level housing in
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>communities.”

#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>

#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>Supporters estimate the legislation would spur the building of 3,500 homes or apartments
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>every year, supporting more than 17,000 jobs.

#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>

#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>“Maybe you’re a developer who is going to build one hundred units,” Demmer said.
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>“Right now, you might build them all to be sold at a higher price point. When you factor
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>in an affordable housing tax credit like this, maybe suddenly you decide that 50 of those
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>units could be affordable units and 50 of those units could be market-rate units.”

#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>He argues a lack of affordable housing in many areas of the state manifests itself in many
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>different ways.

#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>“Sometimes it leads to a family who can’t find a stable place to live,” Demmer said. “The
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>kids can’t enroll in school and can’t get a quality education. Sometimes it relates to health
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>problems that people have if they don’t have a safe place to live. Housing, that concept of
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>having a safe and reliable place to go, is tied up in so many other quality-of-life areas.”
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>Supporters argue the benefits from the effort would go beyond the homes themselves.

#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>“As we are developing these kinds of units, you’re improving local property values,”
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>Demmer said. “That’s going to improve local property tax collections. It’s probably going
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>to improve sales tax collections in that area.”

#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>Illinois would join around 20 states that also use a state tax credit to match federal funds
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>for building affordable housing. It’s a program that could make a difference in places like
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>Rockford and Decatur.

#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>“I think of this in some of the downstate larger cities that are in need of redevelopment.
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>This would absolutely help with the redevelopment of areas that have just been under-
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>invested in for years,” Demmer said. “Maybe they’ve seen better days and they haven’t
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>gotten a lot of attention recently.”

#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>The legislation would award up to $35 million in tax credits annually, but no credit
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>would be granted until a project is complete and the housing is occupied.

#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>Demmer is encouraged by support in the House, as a similar measure also is discussed in
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>the Senate, but is uncertain as to if it will be called for a full vote.

#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>“I think ultimately it will be a part of maybe a larger budget discussion, because even
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>though it doesn’t have any impact this year, it may have a budget impact in future years,”
#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;” />#222222; font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: #ffffff;”>Demmer said.

(Copyright WBGZ Radio / www.AltonDailyNews.com)

Region: Metro East,City: Alton,Feeds,News,Southern,Metro East

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May 3, 2021 at 05:06AM

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