Chicago Construction News staff writer

The Illinois Housing Development Authority (IHDA) has approved $24 million in federal Low-Income Housing Tax Credits (LIHTC) and an additional $39 million in federal and state resources to support 16 affordable housing developments across 11 counties.

The LIHTC awards are expected to generate about $180 million in private capital and support the development or preservation of 850 rental homes for low- to moderate-income families, seniors, and veterans, according to the IHDA.

The approved projects include 11 new construction developments and five that involve the rehabilitation or adaptive reuse of existing buildings. Among them are senior housing initiatives in Aurora, Du Quoin, and Channahon. Preservation efforts include the conversion of a former school in Aledo and the restoration of the historic Werner Brothers Storage Warehouse in Chicago’s Rogers Park neighborhood.

LIHTC is a federal program that encourages private investment in affordable housing by allowing developers to sell tax credits to investors. The proceeds are then used as equity in affordable housing projects. Units developed through this program are required to remain affordable for at least 30 years.

In Rockford, the Creekside Residences development is one of the projects benefiting from this year’s funding. The 64-unit complex is part of a larger master-planned community that includes mixed housing, an urban farm, and an arts incubator.

In Evanston, the Claridge Apartments project will undergo rehabilitation aimed at preserving affordable units near Lake Michigan. The building is located in the city’s Lakeshore Historic District.

IHDA said it has financed 121 affordable housing projects through LIHTC over the past five years, creating or preserving nearly 6,000 housing units statewide.