Episode 38: Illinois Introduces Bill to Renew State Affordable Housing Tax Credit

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 riseMakes marginal projects feasibleAttracts investors layering state and federal creditsMost states now have state housing credit programsIllinois Program:Supported thousands of affordable units since inceptionRenewal would extend and potentially expand capacityDetails on allocation amounts being finalizedDeveloper Action Items:Illinois 9% LIHTC deadline: February 25, 2026Track HB 4413 progress for financial projectionsConsider state credit in investor conversationsNational Trend:Michigan advocates proposing $42M annual state creditMore states complementing federal creditsSubscribe to The Spring Street Brief for daily coverage of state housing tax credits, LIHTC, QAP deadlines, and affordable housing legislation.