CHICAGO – The Illinois Housing Development Authority (IHDA) Board approved awards totaling $37 million in federal Low-Income Housing Tax Credits (LIHTC) and an additional $39 million in federal and state subordinate resources that will finance the creation and preservation of 22 affordable housing developments in 15 counties throughout Illinois. The LIHTC awards are expected to generate an estimated $303 million in private capital to support the development of 969 affordable homes for low- to moderate-income families, seniors, and veterans.
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"A growing Illinois depends on making sure people can afford to live in the communities they call home,” said Governor JB Pritzker. “The Low-Income Housing Tax Credit allows Illinois to turn public investment into more than $300 million in private capital to build the affordable homes our communities need. These projects will help create nearly 1,000 homes, support good-paying construction jobs, and expand housing opportunities across the state. Together, we're expanding opportunity and ensuring more working families, seniors, veterans, and vulnerable Illinoisans have access to safe, stable housing."
The 22 approved developments include 20 new construction projects and the rehabilitation of two existing developments. New construction developments will bring much-needed housing for seniors in Fox Lake, Rock Island, and Highland. Additional efforts include safe and stable housing for youths aging out of the foster care system in Urbana to a new development offering housing and supportive services for women experiencing chronic homelessness in Chicago’s Uptown neighborhood.
“By leveraging the Low-Income Housing Tax Credit, we’re taking a significant step toward ensuring more Illinois families have access to affordable, safe, and stable housing,” said IHDA Executive Director Kristin Faust. “These investments are not just building homes, they’re strengthening neighborhoods, creating jobs, and paving the way for brighter futures for the thousands of residents who will one day call these 22 developments home. We look forward to working with our partners to turn these commitments into lasting opportunities for generations to come.”
LIHTC is a pivotal federal program that incentivizes private investment in affordable housing. Developers leverage these credits by selling them to investors, generating equity that supplements other public and private financing. This public-private partnership is the leading generator for affordable housing production throughout the United States. Importantly, units developed with LIHTC funding must remain affordable for at least 30 years, underscoring the State's commitment to providing long-term housing solutions for an entire generation.
“The approval of Valley Homes and Burlington Terrace marks a tremendous step toward ensuring our seniors in Rock Island and Knox Counties have access to affordable, quality housing,” said State Senator Mike Halpin (D-Rock Island). “These 120 new units will help older adults live with dignity and security, and I am thrilled for the positive impact this will have on our community.”
“Sarah’s on Sunnyside will provide 54 safe and supportive homes for women facing hardship in the 7th District, creating new opportunities for stability and independence,” State Senator Mike Simmons (D-Chicago) said. “This investment reflects our commitment to expanding affordable housing and strengthening communities and I am proud to have supported the investments and partnerships that helped make this development possible.”
LIHTC allows IHDA to annually deliver new housing opportunities for low- to moderate-income renters across Illinois. Over the past five years alone, IHDA has utilized LIHTC to finance 147 developments, resulting in the creation or preservation of 7,541 much-needed affordable housing units. To learn more about LIHTC, click here.
“Alice Place Highland is a wonderful addition that will make a real difference for seniors in Highland,” State Representative Charles Meier (R-Highland) stated. “These 44 new affordable homes will help our older residents stay connected to their community and enjoy safe, comfortable living. I am grateful for this investment in our town’s future.”
“The creation of Belden Apartments represents a vital step in providing stable and supportive housing for those experiencing homelessness and living with disabilities,” said State Representative Margaret Croke (D-Chicago). “These 30 affordable units will help transform lives and reinforce our dedication to building a more inclusive and compassionate Chicago.”
The following 22 developments have been approved to receive 2026 Low-Income Housing Tax Credits:
City | Development | Developer |
Carlinville | Macoupin Senior Homes | Macoupin Housing Services and AHDVS |
Carpentersville | Starville Manor | Housing Services Alliance, Inc. |
Chicago | Sarah's on Sunnyside | Sarah's Circle |
Chicago | El Arco | The Resurrection Project |
Chicago | Belden Apartments | Over The Rainbow Association |
Crystal Lake | Residences of Crystal Lake II | Turnstone Development Corporation |
Elk Grove Village | The Groves @ 750 | Housing Opportunity Development Corporation |
Fox Lake | Hillside Landing | Pivotal GP Holding and Zion Development Corporation |
Galesburg | Burlington Terrace | Bywater Development Group, Article continues after sponsor message
SOCAYR, Inc., and Simmons Development Group |
Highland | Alice Place Highland | Iceberg Development Group, Wolfhound Development of Illinois, Fireson Development Group, and Parkbridge Development |
Kankakee | Wildwood Residences | Kankakee County Housing Development Corporation and AHDVS |
Lake Zurich | Liberty Lake Apartments | Full Circle Communities |
Litchfield | The Meadows | Montgomery County Regional Growth & Development Corporation |
Machesney Park | Machesney Park Senior Commons | Bear Development South and Greenprint Partners |
Mount Vernon | Aljunia Springs | Eye Realty Housing Solutions and Home First, LLC |
New Lenox | Lincoln Prairie at Briarwood | Casanova Development and 17 Franklin |
Oak Park | Keystone Apartments | The Interfaith Housing Development Corporation of Chicago |
Red Bud | Lincoln Park Place | North Arrow Development, Prairie Land Community Development, and Danna Capital Corporation |
Rock Island | Valley Homes | Community Home Partners and AHDVS, LLC |
Urbana | Dr. Grant G. Henry Village | Oak Grove Development Corporation and Housing Authority of Champaign County |
Waukegan | Pulaski Senior Apartments | Rhizome Real Estate Development, Lincoln Avenue Capital Management, Fairview Housing Partners, and AIM North I |
Wheeling | HACC Evanston/Wheeling | Housing Authority of Cook County |
About the Illinois Housing Development Authority
IHDA is a self-supporting and mission-driven state agency dedicated to financing the creation and preservation of affordable housing in Illinois. IHDA offers affordable mortgages and down payment assistance for homebuyers, provides financing for the development of affordable rental housing, and manages a variety of assistance programs to create communities where all Illinoisans can live, work, and thrive. Since it was established in 1967, IHDA has delivered more than $29 billion in state, federal, and leveraged financing to make possible the purchase, development, or rehabilitation of 335,750 homes and apartments for low- and middle-income households. For more information on IHDA programs, visit www.ihda.org.
