Illinois Proposes Five-Year Extension of State LIHTC, Funds for Pandemic-Related Development
The Illinois Legislature sent last week the COVID-19 Affordable Housing Grant Program Act to the desk of Gov. J.B. Pritzker. H.B. 2621 would extend the state’s low-income housing tax credit (LIHTC) five years through Dec. 31, 2026. The bill authorizes grant funding to bolster construction and rehabilitation of as many as 3,500 affordable homes by Dec. 31, 2024, in areas disproportionately affected by the global pandemic. The bill also would require assessment of LIHTC properties in Cook County using an income-approach as well as a property tax incentive policy that would provide reduction in assessed value for both subsidized and market-rate owners that provide affordable homes.
Learn more about state LIHTCs in this weeks’ Tax Credit Tuesday podcast.