Kane County Reporter

Illinois Gov. J.B. Pritzker (D) and the Illinois Housing Development Authority (IHDA) announced the conditional awarding of nearly $26 million in federal Low-Income Housing Tax Credits (LIHTC) in a press release published by Pritzker's Office on Wednesday. The credits will fund 18 affordable housing developments in 12 counties throughout the state. 

Once sold to investors, the credits will generate approximately $235 million in private capital to finance the creation and/or preservation of 1,159 affordable units for low- to moderate-income families, seniors, and the disabled. The LIHTC program was created by Congress following the signing of the Tax Reform Act of 1985 into law. The Internal Revenue Service allocates a specific number of tax credits every year to each U.S. state based on their population.

"Here in the Land of Lincoln, housing isn't a privilege — it's a right. And my administration is committed to making sure that every Illinoisan has access to affordable housing, so they can build better lives for themselves and their families," said Pritzker. "That's why we are dispersing $26 million through Low-Income Housing Tax Credits to build more units, reaching even more families up and down the state with a safe place to call home."

"Every person in Illinois deserves access to affordable housing, and that is why our state is committed to improving housing opportunities for our vulnerable communities," said Lt. Gov. Juliana Stratton. "I applaud Governor Pritzker and the Illinois Housing Department Authority's efforts to strengthen the Low-Income Housing Tax Credit, which will help uplift our communities and prevent the trauma of homelessness across our state."

According to data from the National Low Income Housing Coalition, 73% of extremely low-income renter households in Illinois are greatly cost-burdened or spend over half of their income on housing. The problem is intensified by a severe shortage of affordable units for extremely low-income families. The state will need to create and maintain over 293,354 housing units to close the gap and make sure that the aforementioned households are less burdened and more secure in making their rent payments.

"All Illinoisans have a right to a safe, decent, and affordable place to live and call home and IHDA will continue to utilize every tool at our disposal to deliver equitable access to housing and economic opportunity for the most vulnerable," said IHDA Executive Director Kristin Faust. "Once constructed, the two developments in Peoria will bring the city to homelessness to functional zero meaning anyone who needs a place to spend the night will have a bed while they obtain the resources for more permanent and stable housing. This is a tremendous milestone in Governor Pritzker's goal to end homelessness in Illinois."