The Illinois Housing Development Authority (IHDA) has reserved more than $26 million in federal low-income housing tax credits (LIHTCs) to 21 developments in 11 counties throughout the state.
The developments will create or preserve 1,188 affordable units for families, seniors, and people with disabilities.
“With more and more families and seniors increasingly rent burdened and reeling from the impact of the pandemic, it is crucial that we continue to build and preserve affordable housing throughout Illinois to address this urgent need,” said IHDA executive director Kristin Faust. “The low-income housing tax credit program is the strongest tool in Illinois to spur the much-needed development of additional affordable housing, and these awards build on our efforts to provide real relief to local renters hit hardest by the economic downturn.”
Once sold to investors, the tax credit will generate an estimated $238.4 million in private capital to finance the developments.
The projects receiving LIHTCs include an 82-unit development for veterans and their families in Chicago Heights by the Housing Authority of Cook County.
In Peoria, Bear Development and the Peoria Housing Authority will redevelop Taft Homes through the federal Rental Assistance Demonstration program.
In Lansing, the Christian Community Health Center is donating land to support the construction of 48 units of integrated housing geared toward veterans, individuals with disabilities, and others in need of supportive housing. The ground floor will feature a medical center. The developer of Torrence Place is Full Circle Communities, which received two LIHTC awards this year.
