Initiative Expands Affordable Housing Opportunities in Illinois

The Illinois Housing Development Authority (IHDA), in collaboration with the Local Initiatives Support Corporation (LISC), has launched the latest round of the Next Gen Capacity Building Initiative, a program aimed at increasing affordable housing across the state.

Boosting Affordable Housing through Diversity

As the demand for affordable housing continues to grow in northern Illinois and beyond, this initiative seeks to boost the pipeline of diverse, skilled developers who can help meet the housing needs of underserved communities, according to an IHDA press release.

Governor JB Pritzker emphasized the importance of this initiative, noting that it plays a key role in ensuring every Illinois resident has access to affordable and quality housing.

By equipping BIPOC developers with the training and resources they need, the Next Gen Capacity Building Initiative is boosting the supply of affordable homes and paving the way for a more inclusive housing industry. -Governor JB Pritzker

This program specifically focuses on reducing barriers to funding, particularly through the Low-Income Housing Tax Credit (LIHTC) program, which has been vital in financing affordable housing development across Illinois.

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It also emphasizes geographic diversity, recognizing that the housing needs of northern Illinois may differ significantly from those in central or southern parts of the state.

Impact on Northern Illinois

Affordable housing remains a pressing issue in northern Illinois, where rising home prices and rents are straining middle- and lower-income families.

Programs like Next Gen are critical for addressing the region’s housing shortages. By supporting new developers with capital, training, and technical assistance, the initiative can help ensure that northern Illinois communities are not left behind in the state's efforts to increase affordable housing.

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Kristin Faust, Executive Director of IHDA, highlighted the complex nature of developing affordable housing. "The barriers for new developers are growing as regional and national firms become more common," Faust said.

Training the Next Generation of Developers

Participants in the Next Gen program will receive 160 hours of training on topics such as financing, deal structuring, property management, and more.

This training, set to begin in Spring 2025, aims to ensure that developers can successfully navigate the complexities of affordable housing development.

Upon completion, participants will also be eligible for predevelopment loans, which cover early project costs that often hinder smaller developers.

Two seminars are coming up in November for those who want to learn more about the Next Gen program:

Tuesday, November 12 at 12 noon. CLICK HERE to register.in advance.
Tuesday, November 19 at 5:30 pm. CLICK HERE to register in advance.

Applications will be accepted through 11:59 p.m. (CST) on Friday, December 13, 2024. Next Gen program information and the application can be found online here.