Illinois Governor JB Pritzker and the Illinois Housing Development Authority have officially announced a significant investment in affordable housing across the state. A total of $23.8 million in Low-Income Housing Tax Credits (LIHTC) will help to create and preserve 792 affordable homes for families, seniors, and those with special needs in 10 counties. "Everyone deserves access to stable and affordable housing - no matter their zip code," Governor Pritzker said, as stated by illinois.gov. This year's recipient projects include the transformation of an unused school and a closed bank, among others, into key affordable housing developments.
The developments range in support, with varying levels of affordability based on the Area Median Income (AMI). "Access to a safe, decent and affordable place to live is a fundamental human right that everyone in this state can and should have," said IHDA Executive Director Kristin Faust, as per illinois.gov. The updated 2024-2025 Qualified Allocation Plan (QAP) has driven IHDA to strongly focus on statewide equity, vulnerable populations, and sustainability for this initiative. Notably, three projects will feature new Permanent Supportive Housing (PSH) units to aid individuals at high risk of homelessness, as part of Governor Pritzker's "Home Illinois" initiative. This marks a first in the QAP to prioritize PSH in such a manner.
Advocates for affordable housing have praised the LIHTC program for making high-need projects possible. Case in point, a dilapidated building at Western and 63rd is set to be demolished and replaced with new, affordable homes – a move strongly supported by Assistant Majority Leader Mattie Hunter. "I have and always will be a strong supporter for the creation of additional affordable housing opportunities," Hunter told www.illinois.gov.
In the past five years, IHDA's LIHTC funding has contributed to 157 developments, providing 8,639 affordable housing units throughout Illinois. These developments have been a crucial component in the state's effort to offer low-income renters new housing opportunities with each passing year. For more details on the LIHTC program, interested parties can click here.
