30 May IHDA releases Tax Credits for Low-Income Housing areas
The Illinois Housing Development Authority (IHDA) Board of Directors awarded more than $26 million in federal Low-Income Housing Tax Credits (LIHTC) to fund 26 affordable housing developments across Illinois. Two of them include the East Bluff Housing in Peoria and Anthony Place of Ottawa.
Once sold to investors, the tax credits will generate an estimated $241.4 million in private capital to finance the creation or preservation of 1,327 affordable apartments for low- to moderate-income families, seniors, veterans, and persons with special needs.
"The Low-Income Housing Tax Credit is instrumental in helping IHDA achieve our mission of financing safe, quality and affordable housing in Illinois," says IHDA Executive Director Audra Hamernik. "This program is a proven public-private partnership that allows us to leverage the resources and expertise of the private sector to create jobs, generate tax revenue, and most importantly, ensure working families, seniors, and people with special needs have a place to call home."