Chicago Construction News staff writer
Seven graduates of Illinois’ Next Generation Capacity Building Initiative have secured Low-Income Housing Tax Credit awards for affordable housing developments that will build 342 new homes across the state.
The developments, which include 323 affordable units, are expected to generate more than $113 million in private equity through the sale of tax credits, marking a major milestone for Illinois’ effort to expand affordable housing production.
The awards were announced by the Illinois Housing Development Authority and the Local Initiatives Support Corporation, which jointly operate the Next Gen program. The initiative is designed to strengthen the pipeline of emerging affordable housing developers and help them compete for LIHTC funding, the primary financing tool for affordable rental housing nationwide.
“The Next Gen program is taking bold steps to deliver hardworking residents the affordable housing options they deserve,” Gov. JB Pritzker said. “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.”
The seven projects reflect the geographic diversity of Next Gen participants and will provide affordable housing for residents including working families, seniors and veterans.
In April, Chicago’s Department of Housing approved LIHTC awards for four developments sponsored by former Next Gen participants. In June, the IHDA Board approved three additional developments.
“Illinois is proving that when we invest in people, we create lasting solutions to our housing challenges,” IHDA Executive Director Kristin Faust said. “Through Next Gen, we’re expanding opportunities while delivering hundreds of affordable homes for working families, seniors, and veterans across our state.”
Now in its third year, Next Gen provides emerging developers with technical training, industry connections and hands-on support to help them navigate the affordable housing development process.
Participants receive training in areas including development team building, deal structuring, IHDA programs, property management and other key components of affordable housing development.
“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.
The program’s success is reflected in projects such as Lincoln Prairie at Briarwood, a planned development that will create 47 affordable housing units for seniors in the southwest suburbs.
“Participating in Next Gen gave me the resources, mentorship, and strategic support to bring Lincoln Prairie at Briarwood to life,” said Next Gen alumna Johana Casanova. “This development will transform vacant land into 47 affordable housing units, providing much-needed housing to seniors in the southwest suburbs.”
Officials said the latest LIHTC awards demonstrate the impact of investing in emerging developers and will help create a stronger, more diverse pipeline of affordable housing leaders throughout Illinois.
