Illinois Tag Archives

Illinois Requires Use of Income-Approach in LIHTC Assessments in Cook County, Extends State LIHTC through 2026

The Illinois state legislate passed the COVID-19 Affordable Housing Grant Program Act (HR 27252), which would require that LIHTC properties in Cook County be assessed using the income-approach, as well as a new property tax incentive policy that would provide reduction in assessed value for both subsidized and market-rate owners that provide affordable units. The omnibus legislation also extends the Illinois State LIHTC through 2026. A full summary of the bill’s provisions is available here from the Illinois Housing Council.  

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Illinois Launches New Market Analysis Application Data Tool

The Illinois Housing Development Authority (IHDA) launched its new Market Analysis Application (IMAA). Designed by IHDA’s Strategic Planning and Reporting (SPAR) team, IMAA allows affordable housing practitioners of all types to derive market areas, see integrated demographic and analytic data, study concentration levels, cross-reference with IHDA’s portfolio of projects and identify the true housing needs within a community.

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