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New law creates financing programs to create affordable housing in Illinois

New law creates financing programs to create affordable housing in Illinois
Kevin Bessler, The Center Square
July 30, 2021
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Illinois Gov. J.B. PritzkerThe Center Square
A new law will create financing programs and tax incentives to support the creation of affordable housing across Illinois.
The program will supplement affordable housing developments that qualify for federal tax credits. Funds will be made available through $75 million federal dollars from the American Rescue Plan Act. Officials expect it will fund the development and preservation of up to 3,500 rental homes and apartments by the end of 2024.
“Everyone deserves a safe, stable, and affordable place to live, and this bill (HB2621) will help us bring housing investment and opportunity to the communities where are need the most,” Illinois Housing Development Authority Deputy Executive Director Karen Davis said. ....

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New Law Aims To Expand Affordable Housing Through $75 Million Investment, Tax Credits

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Karen Davis, deputy director of the Illinois Housing Development Authority, speaks at a bill signing event for a measure increasing tax incentives for building affordable housing in Illinois. She said 250,000 affordable housing units are needed in Illinois to meet demand.
Gov. JB Pritzker on Thursday signed a measure aimed at increasing affordable housing investment in Illinois, as well as a measure expanding the state’s low-income energy assistance program.
House Bill 2621 aims to create incentives for building and maintaining affordable housing projects through investment of federal funds and tax credits. Pritzker signed the bill at the Hope Manor II affordable apartment complex in the Englewood neighborhood on the South Side of Chicago. ....

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New law creates financing programs to create affordable housing in Illinois

Normal, IL, USA / www.cities929.com
Jul 29, 2021 | 4:34 PM
(The Center Square) – A new law will create financing programs and tax incentives to support the creation of affordable housing across Illinois.
The program will supplement affordable housing developments that qualify for federal tax credits. Funds will be made available through $75 million federal dollars from the American Rescue Plan Act. Officials expect it will fund the development and preservation of up to 3,500 rental homes and apartments by the end of 2024.
“Everyone deserves a safe, stable, and affordable place to live, and this bill (HB2621) will help us bring housing investment and opportunity to the communities where are need the most,” Illinois Housing Development Authority Deputy Executive Director Karen Davis said. ....

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Gov. Pritzker signs new legislation expanding affordable housing

Gov. Pritzker signs new legislation expanding affordable housing
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FILE - a for rent sign stands in front of a home
On Thursday, Gov. JB Pritzker signed House Bill 2621 into law, creating new financing programs and tax incentives to support the creation and preservation of affordable housing in communities across Illinois.
The legislation includes several provisions aimed at reducing the shortage of affordable housing and builds on efforts to support housing stability in areas disproportionately affected by COVID-19. The bill passed both the House and Senate with unanimous bipartisan support.
Pritzker also signed Senate Bill 0265 into law, prioritizing access to the state s Low-Income Heating and Energy Assistance Program (LIHEAP) for families with young children and expanding access to undocumented residents. ....

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New llinois laws create affordable housing for thousands, assist more families with utility payments

New llinois laws create affordable housing for thousands, assist more families with utility payments
CHICAGO, Ill. – Many across Illinois struggle with homelessness. Leaders hope a new law can help build affordable housing for thousands of people in need.
House Bill 2621 created a large affordable housing plan using funds from the American Rescue Plan to build new homes. In short, the goal is to make sure everyone has access to a proper roof over their head.
The Illinois Housing Development Authority will have $75 million in federal funding to supplement buildings that qualify for low-income housing credits and develop new properties.
“That’s funding for 3,500 new rental units and thousands of families whose lives will be changed for the better as a result of the work of the General Assembly,” said Gov. JB Pritzker. ....

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