Illinois State Sen. Suzy Glowiak-Hilton (D-Western Springs) | Facebook
Illinois State Sen. Suzy Glowiak-Hilton (D-Western Springs) | Facebook
Illinois State Sen. Suzy Glowiak-Hilton (D-Western Springs) is pushing legislation to support affordable housing projects by renewing the state’s tax credit program and steadily increasing benefits over time.
House Bill 3107 will extend the Illinois Affordable Housing Tax Credit (IAHTC) program, which is currently scheduled to end Dec. 31, for another five years. The program would cap the credit amount at $32.85 million for the next two fiscal years and increase by 5% each year after.
"The Illinois Affordable Housing Tax Credit has been instrumental in the development and preservation of affordable housing across the state over the last two decades," Glowiak-Hilton posted to Facebook May 12. "With its renewal, Illinois stays committed to the public and private partnerships needed to provide ongoing economic activity in communities."
The program allows a 50-cent state income tax credit applied to every dollar provided to a qualified affordable housing project. Contributions must be at least $10,000, and project sponsors must be nonprofit organizations focused on constructing renovating affordable housing.
“By renewing the IAHTC program, our state is working to ensure nonprofit sponsors have access to resources to rehabilitate buildings and construct affordable homes for renters and homebuyers,” Glowiak-Hilton said. “This credit supports a more flexible affordable housing approach that allows donors to support projects that meet community needs.”
House Bill 3107 recently passed the Senate Revenue Committee and now moves before the full Senate for further consideration.
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