12/27/2013 12:51:00 PM State: $471M to finance affordable housing
CHICAGO – Governor Quinn today announced that the Illinois Housing Development Authority (IHDA) provided more than $471 million in financing this year to make 5,000 quality affordable rental homes available to working families, seniors and people with disabilities.
Since Quinn took office, IHDA has provided $2.2 billion in financing to build or preserve more than 19,600 affordable apartments in 131 communities across the state, generating an estimated 20,280 jobs, the governor’s office says.
Affordable housing financed through the state in 2013 is estimated to create 3,200 construction and post-construction jobs, according to the governor’s office.
The need for affordable housing is nationwide, the governor says. In 1960, about one in four renters were cost burdened, or paid more than 30 percent of their income for housing. Today, one in two are cost burdened, according to the Joint Center for Housing Studies of Harvard University.
“Renters represent nearly one-third of households in Illinois, and approximately 425,000 are extremely low-income,” IHDA Executive Director Mary R. Kenney said.
To qualify for affordable units financed through the state, residents must earn at or below 60 percent of the area median income (AMI), or $36,300 in the Springfield area, $36,000 in Peoria area or $37,380 in Metro East for a three-person household.
A list of developments offering affordable rents is available at www.ihda.org or www.ilhousings earch.org.