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State Housing Department puts $471 million toward financing 5,000 affordable rental homes for Illinoisans in 2013

Gov. Pat Quinn on Friday announced the Illinois Housing Department Authority in 2013 provided over $471 million in financing to make 5,000 affordable rental homes available to working families, seniors and persons with disabilities.

“Renters represent nearly one-third of households in Illinois, and approximately 425,000 are extremely low-income,” IHDA Executive Director Mary R. Kenney said in a press release from the governor. She added, “Governor Quinn’s administration is focused on working together with our federal, local and private partners to create and sustain affordable housing statewide to meet the needs of Illinois residents.”

According to the Governor’s Office, affordable rental housing acts as an economic engine, helping to create jobs and spur local economic activity in Illinois communities. The affordable housing financed through the state this year created approximately 3,200 construction and post-construction jobs, Friday’s press release noted.  

“Affordable housing is important to the fabric of our communities,” Quinn explained. “That’s why we are working tirelessly to increase affordable housing options for working families, seniors and people with disabilities throughout Illinois, which also creates thousands of jobs and drives our economy forward.”

To qualify for affordable rental units financed through the state, residents must earn 60 percent of the area median income or less. The IHDA provides a list of developments offering affordable housing through www.ihda.org and www.ilhousingsearch.org

Photo Caption: 

Greenleaf Manor development in Glenview, which the IHDA helped finance (via www.ilhousing.org)