Mayor Rahm Emanuel's office has announced $30 million in federal tax credits toward affordable housing projects throughout the city. Using low-income housing tax credit money from the Internal Revenue Service toward to raise private equity, 42 selected projects will move forward, creating 930 permanent jobs and 3,100 in total affordable housing apartments.
“I am 100 percent committed to the creation of affordable housing for Chicagoans, and through these tax credits, developers will be able to solicit investors, raise capital, and bring these important housing options for the residents of Chicago,” Mayor Emanuel said in a press release. “Hundreds of jobs will be created in our communities as well. This is truly a win-win.”
HED's selection criteria for the projects considered community area needs and development team experience. Housing developers will use the tax credits to generate an expected $250 million in private equity.