Illinois has awarded more than $22.5 million in federal tax credits to help fund 20 new affordable housing developments.
The Illinois Housing Development Authority says the credits will generate about $258 million in private capital to finance 1,442 apartments for low- to moderate-income families, seniors and people with disabilities.
Developers receive the credits then sell them to investors. That generates equity to reduce construction and operating costs. The savings are passed along to renters in the form of lower rents.
Three of the affordable housing developments will be in Chicago. Others are slated for locations in the Chicago suburbs as well as Virginia, Mendota, Arcola, Altamont, Paris, Greenfield, Urbana, Bloomington and Champaign.