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Illinois lawmakers hope to create a state tax credit for affordable housing

Illinois lawmakers hope to create a state tax credit for affordable housing Unmute SPRINGFIELD, Ill. - If you re struggling to keep up with your mortgage or rent, you re not alone. State data shows around 375,000 families in Illinois spend more than half of their monthly income on rent. That s something state lawmakers hope to change by creating a new state tax credit for affordable housing. Rep. Delia Ramirez (D-Chicago) pushed for this plan before the stay-at-home order went into place last year. However, Ramirez says it s needed even more now as Illinois slowly recovers from the COVID-19 pandemic. The Build Illinois Homes tax credit would utilize $35 million annually over 10 years to help create private investment and give families hope for housing.

New Virginia Opportunity Tax Credit Program | Williams Mullen

To embed, copy and paste the code into your website or blog: On March 1, 2021, the Virginia General Assembly approved legislation creating the Virginia Opportunity Tax Credit Program (Program), a new state low-income housing tax credit (LIHTC) that contributes an amount to a qualified project that is equal to the amount received from the federal LIHTC program. The Program will make $15 million in tax credits available each calendar year for a five-year period beginning on January 1, 2021, and ending on January 1, 2026. To qualify a project must be placed in service on or after January 1, 2021, and receive an eligibility certificate from Virginia Housing (formerly known as the Virginia Housing Development Authority). Any housing opportunity tax credit not used in a taxable year is nonrefundable, but may be carried forward for the succeeding five years.

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