The Illinois Housing Development Authority Board has announced a major boost for affordable housing, approving $24 million in federal tax credits along with $39 million in additional funding. This investment targets 16 projects in 11 counties, aiming to create or preserve 850 homes for families, seniors, and veterans. Officials say the initiative will also draw significant private investment and generate new construction jobs throughout the state. These projects seek to address the critical statewide need for affordable housing while promoting economic development in local communities. Construction on several of the developments is expected to begin later this year. To learn more about LIHTC, click here.
“Every Illinoisan – present and future – deserves a safe and affordable place to call home,” said Governor JB Pritzker. “By leveraging the Low-Income Housing Tax Credit to spur millions in private development, we’re offering real housing solutions for working families, seniors, and veterans while creating jobs in construction and revitalizing communities up and down the state.”
“The Low-Income Housing Tax Credit is the most powerful tool we have to create affordable homes for working parents, for children who need a safe place to do their homework, and everyone who feels the crunch as rents continue to outpace wages,” said IHDA Executive Director Kristin Faust. “Every one of these awards is an investment in stronger communities, a more competitive economy, and a better quality of life for families across the state, and we are committed to working with our awardees as we make sure every Illinoisan has a safe, stable, and affordable home.”
“Creekside Residences represents a significant step forward in providing much-needed affordable housing in Rockford,” said State Senator Steve Stadelman (D-Rockford). “This 64-unit development will provide residents with modern amenities while living with the comfort of knowing they can make their monthly rent payments. Creekside Residences is also a key component of a larger master-planned community, which will ultimately include diverse housing options, an urban farm, and an arts incubator, all designed to enrich the lives of Rockford residents. I cannot wait to see this vibrant community continue to grow in the coming years.”
“The rehabilitation of the Claridge Apartments represents a vital opportunity to preserve a key multifamily housing development in Evanston’s Lakeshore Historic District,” said State Representative Robyn Gabel (D-Evanston). “The scope of this project will help maintain critically needed affordable housing just blocks from Lake Michigan for decades to come. This investment is not just about renovating a building; it’s about repositioning Claridge Apartments for long-term success, fostering stability for its residents and growing the surrounding neighborhood.”
