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IHDA Board Approves Tax Credit Financing to Create or Preserve More than 1,000 Units of Affordable Housing Across Illinois(Targeted News Service Via Acquire Media NewsEdge) CHICAGO, Oct. 21 -- The Illinois Housing Development Authority issued the following news release: A total of 1,032 affordable rental apartments will be built or preserved across Illinois following the Illinois Housing Development Authority's (IHDA) Board of Directors' approval of more than 13 million in housing tax credits on Friday, October 17. The housing credits will leverage an estimated $128 million in private equity to support the 14 developments and more than 1,760 jobs. "Governor Pat Quinn is dedicated to leveraging public-private partnerships to meet the affordable housing needs of working families, seniors and people with disabilities," IHDA Executive Director Mary R. Kenney said. "Our communities improve as a whole when low- to moderate-income residents have options for affordable housing, and these new developments will create quality full-time jobs that keep our economy moving forward." Building on the Governor's commitment to improve the quality of life for people with disabilities and Veterans, more than 310 units will be supportive housing, providing more options for residents to live independently in the community of their choice. Three of the approved projects target 151 Veterans and their families to help them return to civilian life and regain self-sufficiency. The housing credit is the most successful federal affordable housing program in the nation's history. The credits generate private investment in affordable housing when they are sold to private investors, leaving them to bear the risk rather than the federal government or the taxpayer. The equity generated reduces the debt that the developer would otherwise have to borrow, and as a result, a property can offer lower rents. The housing credit serves those whose income is 60 percent or less of the area median income (AMI) or $30,420 for a one-person household in the Chicago metropolitan area and $26,760 for a one-person household in the East Peoria area. However, the housing credit exceeds this requirement by assisting households well below that limit. Since its creation in the Tax Reform Act of 1986, the national tax credit program has produced and preserved close to 100,000 affordable rental homes annually through public-private partnerships. It creates quality affordable housing for working families and people with special needs (such as the elderly, the disabled, Veterans and the homeless) in urban, suburban and rural communities throughout the country. The housing credit has enabled IHDA to provide a critical financing tool for the development of 80,000 units and created an estimated 80,000 jobs in Illinois. Since Governor Pat Quinn took office, 16,450 units have been built and an estimated 16,000 jobs have been generated across the state due to the housing credit program. A complete list of the developments approved for housing credits on Friday is below. For more details, visit http://www.ihda.org/developer/approvedProjects.htm. * 65th Infantry Regiment Veterans Housing (Chicago) * Parkway Apartments (Chicago) * Albert Goedke and Armond King Apartments (Arlington Heights and Skokie) * Garden Place Apartments (Cary) * Hawthorne Lakes Senior Residences (Frankfort) * Hope Manor Apartments (Joliet) * Melrose Park Veterans Housing (Melrose Park) * Wisdom Village Northlake (Northlake) * Bond County Homes (Greenville) * Dixon Square Apartments (Dixon) * Lincoln Village Apartments (Marion) * Kankakee Senior Housing (Kankakee) * Laborers' Home Development III (East Peoria) * Woodland Park Apartments (Collinsville) CC AutoTriage5rn-141022-30FurigayJane-4908345 30FurigayJane (c) 2014 Targeted News Service |