Monday, July 20, 2020

Carlton Apartments Awarded Federal Tax Credits To Create Homeless/Special Needs Housing

Today the State of Illinois revealed the names of 21 developments that will receive federal Low-Income Housing Tax Credits (LIHTC) to fund affordable housing throughout Illinois.

One of them is in Uptown. The Carlton Apartments, at 4626 North Magnolia, is a 1920s building that has been owned and operated by Mercy Housing since 1993.

According to the announcement, the vintage building "will be rehabilitated from 70 single room occupancy units into 68 studio apartments for individuals struggling with homelessness and/or residents with special needs. ... The credits will be used to modernize the units in the building, especially kitchens, bathrooms and common areas."

Each year, many organizations apply for the federal tax credits. This year there were only four developments in the city of Chicago that received them (and only 21 statewide). All units created by the program must remain affordable for a minimum of 30 years.

The tax credits awarded this year will create or preserve 1,188 units of  housing for low- to moderate-income families, seniors, veterans and persons with special needs.  In the past five years, the program has financed more than 18,600 units of affordable housing in the state and generated $1.7 billion in private capital.

You can read more about today's announcement here.

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