Nine developments that will provide 626 affordable housing units have been selected to receive low-income housing tax credits (LIHTCs) from the Illinois Housing Development Authority (IHDA).
The credits will generate an estimated $62.2 million in overall equity for the projects and help generate more than 930 jobs, according to IHDA officials.
About half of the deals receiving credits in this round are projects that will preserve the affordability of existing developments. Several will also strive for Enterprise Green Communities certification.
The projects receiving LIHTCs include Parkside Homes in Athens sponsored by Central Illinois Services, Inc. Abandoned and vacant properties will be replaced by 33 new one-, two-, three-, and four-bedroom single-family homes.
LIHTCS will also be used to help the Metropolitan Housing Development Corp. finance the construction of The Cottages at Cathedral Square, a 32-unit development for seniors in Belleville. The adjoining McCormick Center, owned by St. Peter’s Cathedral Parish, will host events for residents.
The full list of developments receiving tax credits is available here.