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Illinois Legislation Would Create State Low-Income Housing Tax Credit

Tuesday, March 2, 2021 - 11:30AM

Legislation introduced in the Illinois Legislature would create a state low-income housing tax credit (LIHTC). S.B. 2445 (and H.B. 3213) would create the Build Illinois Homes Tax Credit as of Jan. 1, 2021, with a $35 million annual allocation, with 24.5% of the credits allocated to the City of Chicago Department of Housing. The allocating authorities would allocate credits to properties only if necessary for the financial feasibility of the qualified development. The credit would have no sunset date. Illinois’ currently has a one-time credit for 50% of a qualified donation to an affordable housing property.

State LIHTCs will be discussed at the Novogradac 2021 Affordable Housing Virtual Conference April 29-30.

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