CHICAGO (WMBD)– Illinois will soon receive $26 million in low-income housing tax credits.
An Illinois Housing Development Authority (IHDA) press release, confirms that the money will fund 18 affordable housing developments in 12 counties across Illinois.
The credits will finance the building or maintenance of 1,159 affordable units for low- to moderate-income families, seniors, and people with disabilities.
“Here in the Land of Lincoln, housing isn’t a privilege—it’s a right. And my administration is committed to making sure that every Illinoisan has access to affordable housing, so they can build better lives for themselves and their families,” said Governor JB Pritzker. “That’s why we are dispersing $26 million through Low-Income Housing Tax Credits to build more units, reaching even more families up and down the state with a safe place to call home.”
The National Low-Income Housing Coalition estimates 73% of extremely low-income renter households in Illinois spend half of their income on housing.
The Low-Income Housing Tax Credit (LIHTC) program passed Congress in 1986. The IRS allocates tax credits annually to each state based on their population.
The LIHTC has generated more than $208 billion in equity investment and produced over 10 million affordable homes.
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June 21, 2023 at 02:38PM
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