Illinois Governor Pat Quinn signed into law a bill to extend through 2016 the Illinois Affordable Housing Tax Credit, a valuable tool in financing the creation and preservation of affordable rental housing. Chicago Rehab Network, a recipient of the MacArthur Award for Creative and Effective Institutions, was instrumental in establishing the tax credit. The law provides a 50 percent state income tax credit for affordable housing and employer-assisted donations to qualified nonprofit affordable housing developers. The developers compete for allocations of the credit and sell the credits to raise funds to purchase, rehabilitate, and/or build, or provide financing, technical assistance, or general operating support for an approved affordable housing project. It is estimated that 15,000 jobs will be created as a result of the extension.
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