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Soon to expire housing tax credit subject of Senate hearing

HutchinsonCommitteeA state income tax credit that supports the development of affordable housing units will expire at the end of December if it is not renewed by the General Assembly.

Earlier this week, State Senator Toi Hutchinson (D – Chicago Heights) led a hearing of the Senate Revenue Committee in discussing the importance of the credit and a proposal by State Senator James Clayborne (D – Belleville) that would extend the tax credit for five years.

“Affordable housing projects are not developed by just one entity,” Hutchinson said. “It takes a combination of businesses, non-profits and government agencies to all come together to make important projects like these a reality.”

The Illinois Affordable Housing Tax Credit gives a partial income tax credit to individuals, foundations or corporations that donate money to non-profit organizations who build affordable housing units.

Since the credit’s creation in 2000, more than $370 million has been donated to help construct more than 18,000 housing units for low-income households. The program has helped sustain 27,000 jobs in the 51 projects across the state.

“The Illinois Affordable Housing Tax Credit is the single largest tool that the state of Illinois has in our state tool basket to provide private equity into the affordable housing market,” said Audra Hamernik, executive director of the Illinois Housing Development Authority. “This is the smallest tax credit that Illinois has on its books right now, yet it’s one of the most effective for us in getting affordable housing projects completed.”

Clayborne’s proposal to extend the tax credit is contained in Senate Bill 83.

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