In an effort to keep housing developers affordable and diverse, the Illinois Housing Development Authority has partnered with the Low-Income Tax Credit program to allow for an expanding talent pool and to promote equity for attainable housing development. The IHDA has approved a 5 million dollar award for the Next Generation Capacity Building Initiative that will provide not only affordable housing, but it will bring the capital, training, and technical assistance required for large projects.
Governor JB Pritzker is excited for the new initiative saying, "Programs like the Next Generation Capacity Initiative are reducing barriers of entry for our most underrepresented workers and developers, while building more affordable housing for those who need it the most."
Diversity amongst developers will help the companies that create buildings along with the people that will live in them. Kristin Faust, the Illinois Housing Development Authority Executive Director stated, " IHDA believes that greater diversity among the state's development partners will lead to more inclusive outcomes for residents and greater community engagement in the developments we fund."
The driving force behind the equity of housing developers is the Low-income Housing Tax credit Program (LIHTC). New developers have failed when it comes to workers having the right technical knowledge, training, and connections to begin the job.
The Next Gen. Initiative will target the disparity in three ways,
First the IHDA will use the $5 million grant to support pre-construction, and planning costs. Next, an in-depth training series will prepare workers with 160 hours of curriculum and training, connecting many workers to valuable industry professionals. And finally, assistive measures from the IHDA can be utilized when specific needs are not met.
The Illinois Housing Development Authority along with the Low-Income Tax Credit Program are lowering the barriers that the next generation of workers and homeowners may have to face.
For information on the Illinois Housing development Authority visit www.ihds.org.
