The Illinois Housing Development Authority (IHDA) reported that it has completed the allocation of $359.2 million in Tax Credit Assistance Program and Tax Credit Exchange Program funds.

The funds, which were authorized under the American Recovery and Reinvestment Act, have enabled the start of construction and rehabilitation of nearly 5,500 affordable rental homes and created an estimated 4,855 jobs statewide, said IHDA officials.

The developments range from new affordable apartments serving homeless veterans in Chicago to rent-to-own single-family homes in Granite City.

The two programs helped jump-start construction on developments that were stalled due to financing gaps created during the national financial crisis.