Seven Emerging Illinois Developers Awarded Funding to Construct Affordable Housing Communities

CHICAGO - The Illinois Housing Development Authority (IHDA) and the Local Initiatives Support Corporation (LISC) are excited to announce that seven program alumni of the Next Generation Capacity Building Initiative (Next Gen) reached a major milestone, securing Low-Income Housing Tax Credit (LIHTC) awards for affordable housing. These seven developments will deliver 342 homes, including 323 affordable units, across Illinois. The sale of the tax credits is expected to leverage more than $113 million in private equity, demonstrating how the state's investment in emerging developers is translating into tangible housing production.

"The Next Gen program is taking bold steps to deliver hardworking residents the affordable housing options they deserve," said Governor JB Pritzker. "I wish to congratulate our Next Gen alumni awardees, whose milestone accomplishments exemplify the lasting, tangible progress made possible by investing in Illinois' diverse and emerging leaders. With these seven developments, Illinois takes another major step towards becoming a state everyone can call home."

Next Gen is Illinois' flagship program designed to strengthen the pipeline of emerging affordable housing developers across the state and a crucial component of Governor Pritzker's Affordability Agenda. In April, Chicago's Department of Housing granted LIHTC approval to four developments sponsored by previous Next Gen participants. In June, the IHDA Board approved three additional developments. These milestones highlight the ongoing progress made by Next Gen participants in advancing affordable housing initiatives across Illinois.

"Illinois is proving that when we invest in people, we create lasting solutions to our housing challenges," said IHDA Executive Director Kristin Faust. "Through Next Gen, we're expanding opportunities while delivering hundreds of affordable homes for working families, seniors, and veterans across our state. These seven developments reflect the geographic diversity of Next Gen participants and the communities they serve. They are acutely aware of the needs of the places they call home and are committed to bringing stable housing to help their neighbors. Congratulations on your awards."

"The goal of Next Gen is to remove barriers for talented developers who have the vision to transform their communities but often lack access to the networks, technical expertise, and early capital needed to compete," said Meghan Harte, Senior Executive Director of LISC Illinois. "Seeing seven developments sponsored by program alumni receive Low-Income Housing Tax Credit awards demonstrates that this investment is working. These buildings will create lasting affordable housing while building a stronger, more diverse pipeline of developers who will continue delivering results for Illinois for years to come."

"Participating in Next Gen gave me the resources, mentorship, and strategic support to bring Lincoln Prairie at Briarwood to life," Next Gen alumnae Johana Casanova stated. "This development will transform vacant land into 47 affordable housing units, providing much-needed housing to seniors in the southwest suburbs. Thanks to the skills and network I gained, my fellow Next Gen cohort members and I are not only building homes, we're helping shape stronger, more inclusive communities throughout Illinois."

LIHTC is a pivotal federal program that incentivizes private investment in affordable housing. Developers awarded competitive credits leverage them by selling them to investors, generating equity that supplements other public and private financing. This public-private partnership is the leading generator for affordable housing production throughout the United States. Importantly, units developed with LIHTC funding must remain affordable for at least 30 years, underscoring the State's commitment to providing long-term housing solutions for an entire generation.

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