IHDA Writes Rules for the New Illinois Housing Tax Credit

 
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At the HPI Housing Solutions Workshop held in Galena, IL on August 29, 2001, Charlotte Flickinger, Director of Tax Credits at the Illinois Housing Development Authority discussed the new Illinois Housing Tax Credit Program. Flickinger gave the noon keynote address to the group of 65 community leaders and non-profit housing organizations from across NW Illinois assembled to learn about how to address affordable housing needs in their communities.
According to Flickinger, earlier this year the Illinois State Legislature created a State Low-Income Housing Tax Credit Program to assist developers in building or renovating affordable rental housing across the state. The program was signed into law by Governor George Ryan. IHDA is carefully writing the rules for the program, which will be released for public comment later this fall.
The program is intended to provide a state tax credit to support the development of affordable and employer-assisted housing in Illinois. The program is expected to address both for-sale housing and affordable rental housing to meet community needs. A credit cap is set for the program at $13 million per year and will increase 5% each subsequent year. 75% of the funds will be earmarked for areas outside the City of Chicago. The tax incentive will be a tax credit available to tax payers equal to 50% of the value of donations to non-profit sponsors of affordable housing. Eligible donations include money, securities or real estate donated to sponsor the purchase, construction or rehabilitation of affordable housing; employer-assisted housing; general operating support for non-profit providers of affordable housing; or technical assistance involving for-sale housing.
The workshop at which Flickinger was speaking was sponsored by Heartland Properties, Inc., and the Blackhawk Hills Economic Development District. HPI is the affordable housing subsidiary of Alliant Energy Corporation.

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