Strengthening leadership for affordable housing
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.
Illinois Affordable Housing Tax Credit (IAHTC) - 2016 RENEWED!
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.