CHICAGO – The Illinois Housing Development Authority (IHDA) Board approved awards totaling $24 million in federal Low-Income Housing Tax Credits (LIHTC) and an additional $39 million in federal and state subordinate resources that will finance the creation and preservation of 16 affordable housing developments in 11 counties throughout Illinois. The LIHTC awards are expected to generate an estimated $180 million in private capital to support the development of 850 affordable homes for low- to moderate-income families, seniors, and veterans.

“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 16 approved developments include 11 new construction projects and five rehabilitation or adaptive reuse of existing buildings. New construction developments will create much-needed housing for seniors in Aurora, Du Quoin, and Channahon. Notable preservation efforts include the adaptive reuse of a closed school in Aledo and the rehabilitation of the historic Werner Brothers Storage Warehouse in Chicago’s Rogers Park.

“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.”

LIHTC is a pivotal federal program that incentivizes private investment in affordable housing. Developers leverage these credits by selling them to investors, generating equity that supplements other public and private financing. This public-private partnership is the leading generator for affordable housing production throughout the United States. Importantly, units developed with LIHTC funding must remain affordable for at least 30 years, underscoring the State’s commitment to providing long-term housing solutions for an entire generation.

“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.”

LIHTC allows IHDA to annually deliver new housing opportunities for low- to moderate-income renters across Illinois. Over the past five years alone, IHDA has utilized LIHTC to finance 121 developments, resulting in the creation or preservation of 5,901 much-needed affordable housing units. To learn more about LIHTC, click here.

“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.”