New law creates financing programs to create affordable housing in Illinois Kevin Bessler, The Center Square July 30, 2021 FacebookTwitterEmail Illinois Gov. J.B. PritzkerThe Center Square A new law will create financing programs and tax incentives to support the creation of affordable housing across Illinois. The program will supplement affordable housing developments that qualify for federal tax credits. Funds will be made available through $75 million federal dollars from the American Rescue Plan Act. Officials expect it will fund the development and preservation of up to 3,500 rental homes and apartments by the end of 2024. “Everyone deserves a safe, stable, and affordable place to live, and this bill (HB2621) will help us bring housing investment and opportunity to the communities where are need the most,” Illinois Housing Development Authority Deputy Executive Director Karen Davis said.