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...HEAT ADVISORY REMAINS IN EFFECT FROM NOON CDT /1 PM EDT/ SATURDAY
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&&

$29 Million awarded in tax credits to create affordable housing in Illinois

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By adwpadmin

(WSIL) -- The Illinois Housing Development Authority (IHDA) Board announced conditional awards totaling more than $29 million in federal Low-Income Housing Tax Credits (LIHTC) that will fund 24 affordable housing developments in 15 counties throughout Illinois.

Once sold to investors, the tax credits will generate an estimated $253 million in private capital to finance the creation and/or preservation of 1,229 affordable units for low- to moderate-income families, seniors, veterans and persons with special needs.

“Illinois� tax credit program is a critical tool in our efforts to provide safe and affordable housing for all of our residents, and to build an economy that works for everyone,” said Governor JB Pritzker. “While much progress has been made in addressing housing needs and disparities, we know that much more help is needed to lift up our underserved communities. These awards represent significant investments and innovative partnerships that will advance equity and opportunity for our families and communities.�

The Internal Revenue Service allocates a certain number of tax credits annually to each state based on population. Once developers receive the credits, they sell them to investors and use the equity generated to reduce construction and operating costs. The savings in underwriting are passed on to the renter in the form of below-market rents, which must remain affordable for a minimum of 30 years.

In southern Illinois the grant will benefit the communities of Marion and Carlyle.

  • In Marion, Rolling Acres Apartments will consist of 56 units spread over 28 duplex homes across 10 acres. Budslick Investments will bring this much-needed affordable housing to Marion for those earning at-or-below 60% Area Median Income for Williamson County.
  • In Carlyle, the Southwestern Illinois Development Authority (SWIDA) and Bywater Development will convert 6 acres of vacant farmland into 48 units of affordable housing across eight 6-plex buildings for seniors. The Lakeside Villas development will have larger living and storage spaces compared to most newer developments and also have walking paths and outdoor seating.

Greg Budslick, President of Budslick management company, says these days affordable housing is needed more than ever after receiving an Illinois Housing Development Authority grant to build Rolling Acres Apartments in Marion.

"Through the pandemic, people that lost a job, and still Marion is over there expanding, so I mean the housing--they're almost in a crisis over there so it is very well-needed," he said.

He says he's already worked twice with the city of Marion to bring developments to the town and is excited about the new project that will house those earning at-or-below 60% Area Median Income for Williamson County.

Budslick says plans are still in early stages hoping to break ground by Spring 2022 but says it's important to keep building affordable housing because the demand has continued to grow.

"You know, there's not a whole lot being built in southern Illinois right now. As everyone knows, the past year has been tough and it's been tougher to get big stuff like this developed. And it's nice that it's something that people of the whole income spectrum can afford to have a nice place to live," he said.

According to the National Low Income Housing Coalition, 68% of extremely low-income renter households are severely cost burdened, or spend more than half of their income on housing. 

Since 1987, IHDA has administered the LIHTC program to facilitate the creation and preservation of affordable housing in Illinois. Since 2016, the program has financed more than 7,270 units of affordable housing in the state and generated $1.2 billion in private capital. For more information regarding LIHTC, please visit: .