Springfield, IL (CAPITOL CITY NOW) – The extension of tax credits for those willing to build affordable housing, donate land to the cause, or donate to it, is one an Illinois agency is applauding.
The Illinois Housing Council says the ten year extension of tax credits that were about to expire is important, given how housing in general, and affordable housing in particular, is in short supply.
“We are, really, in a severe housing shortage,” said Allison Clements, Executive Director, on the WTAX Morning Newswatch. “The state faces a deficit of nearly 300,000 affordable rental homes for our lowest income residents. We really just haven’t been building enough housing. We know that between 2017 and 2023, our housing production rate fell 33 percent.”
As for the idea of a tax credit, Clements says there’s proof the state is getting something back for the investment, and that’s people living in their own homes.
Up next for the council is continuing to see if lawmakers want to support Governor JB Pritzker’s proposed “BUILD Illinois” program, which could further provide funding for affordable housing, but which was not taken up during the Spring legislative session.
“We are pushing for more capital investment,” said Clements. “We were really excited about the expansion of the Illinois Affordable Housing Tax Credit. But, we know to meet that need, the deficit of 300,000 affordable rental homes, we need the state to continue to invest in capital resources that will help build new housing.”
