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Illinois Bill Seeks to Bolster Affordable Housing in Light of Pandemic
Illinois Gov. J.B. Pritzker signed a bill Thursday to create an affordable housing grant program to encourage the construction and rehabilitation of rental housing for low-income and moderate-income households. H.B. 2621 is a response to housing complications concerning the COVID-19 pandemic, aiming to create as many as 3,500 homes before Dec. 31, 2024. The legislation is effective through April 1, 2025. The bill also extends the tax credit for affordable housing donations to Dec. 31, 2026; it was set to expire this year. The legislation changed the valuation of developments that qualify for the low-income housing tax credit (LIHTC), among other changes to tax codes.
The newly updated Novogradac Low-Income Housing Tax Credit Handbook is an essential resource for affordable rental housing owners, developers, managers and investors.