The Illinois Housing Development Authority (IHDA) and the Local Initiatives Support Corporation (LISC) are rolling out the welcome mat for applications to the Next Gen Capacity Building Initiative, an initiative aimed at boosting diversity and expanding the talent pipeline within the affordable housing development sector in Illinois. The program provides capital, training, and technical assistance, with a particular emphasis on the Low-Income Housing Tax Credit (LIHTC) program, according to a statement from the Illinois government.
With a firm belief in diversity and quality housing for all, Illinois' Governor JB Pritzker is backing the program and its benefits, reportedly stating, "Here in Illinois, we are building a future where everyone has access to affordable, quality housing - and that starts with empowering diverse affordable housing developers," and asserting that the initiative will help foster an inclusive industry reflective of Illinois's diversity, as per the State of Illinois. IHDA's initial Next Gen cohort saw 22 emerging developers chosen from diverse locales within the state, expressing the importance of geographic diversity in meeting the distinct housing needs across Illinois, despite the program running into the complexity of affordable housing development and the growing presence of larger firms that have been increasingly dominating the field.
"Developing affordable housing is complex work, and the barriers for new developers are growing as regional and national firms are becoming more common," said IHDA Executive Director Kristin Faust, highlighting the rationale behind the initiative, Faust added that this is why the Next Gen program was created, to provide emerging developers with "the guidance, resources, and hands-on experience they need to navigate the LIHTC program and change lives through affordable housing," as stated by the State of Illinois.
Those interested are urged to attend either of the webinars run by LISC on November 12 or November 19, with the necessity of prior registration underscored. The deadline for applications is sharply set for December 13, at 11:59 p.m. (CST) with details available online.
