IHDA provided funds for the maintenance, demolition and reuse of 2,300 properties while also leveraging the Low-Income Housing Tax Credit program to support targeted revitalization efforts.
Award-Winning Innovation
Abandoned to Affordable
With vacant homes plaguing communities across the state and rents continuing to rise, IHDA has come up with an innovative solution. By leveraging federal tax credits and low-interest loans, IHDA helped one developer buy and renovate 26 central Illinois homes that had been foreclosed upon and were sitting vacant. The result: IHDA is assisting existing homeowners, strengthening neighborhoods and boosting affordable housing options for working families. And that’s only the beginning.
challenges
IHDA’s Solution
IHDA creates programs to provide local communities with funding aimed at acquiring and renovating or demolishing abandoned homes to help revitalize their neighborhoods.