Affordable Rental Housing Property Tax Programs вђ Ihda No restrictions. (1) a municipality or jurisdiction with less than 1,000,000 inhabitants in which 40% or less of its total year round housing units are affordable, as determined by ihda during the exemption determination process under the affordable housing planning and appeal act; (2)”d” zoning districts in the chicago zoning ordinance; or. Rental assistance; healthy housing, healthy communities (h3c) partnership initiative; affordable rental housing property tax programs; market research; design, construction & regulatory compliance; applying for tax credits or other multifamily housing programs; multifamily program bulletins; ihda connect; developer resource center; legal. about.
Affordable Housing Tax Credit вђ Ihda The property will be classified in the affordable rental housing classification if the rental or all rentals meet the qualifications of this program. the year after being classified as affordable rental housing, the assessed value will not increase by more than 3% if the owner continues to own the property and reapplies to remain in the program. Please refer to property tax code (35 ilcs 200 15 178) for the current law.) the policy does not impact property tax rates or taxing district levies, so there is no risk to taxing districts of lost property tax revenue. in higher cost housing markets, the incentives will keep rents affordable in at least 15% of a property’s housing units. The affordable housing special assessment program incentivizes the rehabilitation and new construction of multi family residential properties to create and maintain affordable housing. this program establishes assessment reductions for multifamily rental developments subjected to certain rent, tenant income, and related restrictions. Chicago – governor jb pritzker and the illinois housing development authority (ihda) board announced awards totaling $23.8 million in federal low income housing tax credits (lihtc) that will finance the creation and preservation of 16 affordable housing developments in 10 counties throughout illinois.
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