Episode 38: Illinois Introduces Bill to Renew State Affordable Housing Tax Credit
Illinois House Bill 4413 seeks to renew the state affordable housing tax credit program that layers with federal LIHTC, as the February 25th 9% application deadline approaches.
The Illinois General Assembly has introduced House Bill 4413 to renew the Illinois Affordable Housing Tax Credit — a state-level credit that layers with federal LIHTC.
State Credit Importance:
- Fills financing gaps as development costs rise
- Makes marginal projects feasible
- Attracts investors layering state and federal credits
- Most states now have state housing credit programs
Illinois Program:
- Supported thousands of affordable units since inception
- Renewal would extend and potentially expand capacity
- Details on allocation amounts being finalized
Developer Action Items:
- Illinois 9% LIHTC deadline: February 25, 2026
- Track HB 4413 progress for financial projections
- Consider state credit in investor conversations
National Trend:
- Michigan advocates proposing $42M annual state credit
- More states complementing federal credits
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