illinois affordable housing tax credit (IAHTC) - 2016 renewal
Illinois Senate IAHTC Renewal Bill: SB 83 (Clayborne, Martinez, Collins)
Illinois House IAHTC Renewal Bill: HB 3711 (Turner, Acevedo, Flynn-Currie)The Illinois Affordable Housing Tax Credit (IAHTC) Program encourages private investment in affordable housing by providing donors to qualified non-profit affordable housing sponsors with a tax credit on their Illinois income tax equal to 50% of the donation.
This program leveraged the creation of 17,800 units of single family and multifamily housing spread throughout in Illinois. The total development exceeded $3.3 billion dollars, which were pumped into local units of government, vendors, and construction trades.
Illinois Affordable Housing Tax Credit (IAHTC) Fact Sheet
Economic Analysis of IAHTC
Project Example: La Estancia
Project Example: McKesson Lofts Employer Assisted Housing
All Projects Receiving IAHTCs (2002-2014)
Projects Receiving IAHTCs (2002-2014) by Illinois Senate Districts:
District 1District 2District 3
Note: IAHTC is also known as the "Donation Tax Credit"
Several trends converged that encouraged CRN to take a deep look at the impact of State of Illinois policies on our affordable housing work in Chicago. The mid-90’s was driven by a federal policy of devolution – pushing decision-making and federal resources to States. The Public Private Finance Initiative, co-convened with the Chicago Department of Housing, targeted a discussion on creating new state resources – and the initiative included leadership from throughout Illinois. One of the results – the Illinois Affordable Housing Tax Credit – created the first new state resources in over 10 years. Our intentional efforts at strengthening leadership for affordable housing led to a current focus on ensuring that elected officials in Illinois are educated about affordable housing and community development – and as a result, CRN expanded its Affordable Housing Fact Book to include counties and municipalities throughout the State of Illinois.
National Mortgage Settlement
Enterprise Community Partners released a report showing how each state has committed its portion of the dollars resulting from the Attorneys' General settlement. Read of Illinois' leadership with those dollars here.
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