CHAMPAIGN – State Senator Paul Faraci and the Illinois Housing Development Authority announced that families, seniors and people with disabilities in Champaign and Urbana will see new and renovated affordable housing options thanks to funding from federal Low-Income Housing Tax Credits.

“Access to safe and affordable housing is fundamental for all members of our community,” said Faraci (D-Champaign). “This funding represents a significant step toward improving the lives of our residents. By investing in low-income housing initiatives, we are building an environment where everyone can have a place to call home.”

The tax credits will generate an estimated $235 million in private capital to finance the creation and preservation of 1,159 affordable units for low- to moderate-income families, seniors and people with disabilities. The Low-Income Housing Tax Credit program was created through the federal Tax Reform Act of 1986. The IRS allocates a certain number of tax credits annually to each state based on population.

Of the 18 affordable housing developments receiving funding, Parker Glen II in Champaign and Steer Place Apartments in Urbana are among the recipients. Thanks to the tax credits, Parker Glen II will construct a new housing development complex and Steer Place Apartments will rehabilitate and modernize the existing 108-unit apartment complex for seniors 55 and older.

“Too many communities continue to struggle to provide accessible and affordable housing for their residents,” said Congresswoman Nikki Budzinski. “That’s why I’m a proud supporter of strengthening the Low-Income Housing Tax Credit, one of the lead federal sources of funding to help develop and preserve affordable housing in communities in Southern and Central Illinois. This investment in Parker Glen II and Steer Place Apartments will help give families and seniors a safe roof over their heads.”

“We are very excited about Illinois Housing Development Authority’s recent allocation of housing credits to Parker Glen II which will provide 56 affordable apartments for general occupancy,” said Barry Accountius, Vice President of Development for Woda Cooper Companies, Inc. “Parker Glen II is designed to complement Parker Glen I, providing much-needed high-quality affordable housing for the city of Champaign and surrounding counties. It will include one, two, and three-bedroom apartments, plus many community amenities, and it is expected to be LEED Platinum and LEED Zero certified for low monthly energy costs for our residents.”

“Parker Glen is located on the northern side of Champaign and is connected via a public walking trail to many nearby retail outlets, grocery stores, restaurants, and other amenities that residents enjoy and need,” added Liam P. McGuigan of Housing Services Alliance.

To read more about the tax credit, visit the Illinois Housing Development Authority’s Illinois Housing Development Authority’s website.