The Spring Street Brief

Illinois House Bill 4413 seeks to renew the state affordable housing tax credit program that layers with federal LIHTC, as the February 25th 9% application deadline approaches.

Show Notes

The Illinois General Assembly has introduced House Bill 4413 to renew the Illinois Affordable Housing Tax Credit — a state-level credit that layers with federal LIHTC.

State Credit Importance:

  • Fills financing gaps as development costs rise
  • Makes marginal projects feasible
  • Attracts investors layering state and federal credits
  • Most states now have state housing credit programs

Illinois Program:

  • Supported thousands of affordable units since inception
  • Renewal would extend and potentially expand capacity
  • Details on allocation amounts being finalized

Developer Action Items:

  • Illinois 9% LIHTC deadline: February 25, 2026
  • Track HB 4413 progress for financial projections
  • Consider state credit in investor conversations

National Trend:

  • Michigan advocates proposing $42M annual state credit
  • More states complementing federal credits

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