Illinois Housing Development Authority announces creation of 1,000 units of affordable rental housing
Affordable Housing Tax Credits will spur affordable housing development, robust construction jobs, and community reinvestment from Machesney Park to Mt. Vernon
By Tribune Staff • The Illinois Housing Development Authority (IHDA) Board approved awards totaling $37 million in federal Low-Income Housing Tax Credits (LIHTC) and an additional
$39 million in federal and state subordinate resources that will finance the creation and preservation of 22 affordable housing developments in 15 counties throughout Illinois. The LIHTC awards are expected to generate an estimated $303 million in private capital to support the development of 969 affordable homes for low- to moderate-income families, seniors, and veterans.
“A growing Illinois depends on making sure people can afford to live in the communities they call home,” said Governor JB Pritzker. “The Low-Income Housing Tax Credit allows Illinois to turn public investment into more than $300 million in private capital to build the affordable homes our communities need. These projects will help create nearly 1,000 homes, support good-paying construction jobs and expand housing opportunities across the state. Together, we’re expanding opportunity and ensuring more working families, seniors, veterans, and vulnerable Illinoisans have access to safe, stable housing.”
The 22 approved developments include 20 new construction projects and the rehabilitation of two existing developments. New construction developments will bring much-needed housing for seniors in Fox Lake, Rock Island and Highland. Additional efforts include safe and stable housing for youths aging out of the foster care system in Urbana to a new development offering housing and supportive services for women experiencing chronic homelessness in Chicago’s Uptown neighborhood.
“By leveraging the Low-Income Housing Tax Credit, we’re taking a significant step toward ensuring more Illinois families have access to affordable, safe, and stable housing,” said IHDA Executive Director Kristin Faust. “These investments are not just building homes, they’re strengthening neighborhoods, creating jobs, and paving the way for brighter futures for the thousands of residents who will one day call these 22 developments home. We look forward to working with our partners to turn these commitments into lasting opportunities for generations to come.”
LIHTC is a pivotal federal program that incentivizes private investment in affordable housing. Developers leverage these credits by selling them to investors, generating equity that supplements other public and private financing. This public-private partnership is the leading generator for affordable housing production throughout the United States. Importantly, units developed with LIHTC funding must remain affordable for at least 30 years, underscoring the State’s commitment to providing long-term housing solutions for an entire generation.
The only local property on the list will be Alice Place, in Highland.
“Alice Place Highland is a wonderful addition that will make a real difference for seniors in Highland,” State Representative Charles Meier (R-Highland) stated. “These 44 new affordable homes will help our older residents stay connected to their community and enjoy safe, comfortable living. I am grateful for this investment in our town’s future.”
Alice Place’s developers are Iceberg Development Group, Wolfhound Development of Illinois, Fireson Development and Parkbridge Development.
LIHTC allows IHDA to annually deliver new housing opportunities for low- to moderate-income renters across Illinois. Over the past five years alone, IHDA has utilized LIHTC to finance 147 developments, resulting in the creation or preservation of 7,541 much-needed affordable housing units. To learn more about LIHTC, click here.
