Illinois awards over $22.5 million in tax credits for affordable housing

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CHICAGO (AP) -- Illinois has awarded more than $22.5 million in federal tax credits to help fund 20 new affordable housing developments.

The credits will generate about $258 million in private capital to finance 1,442 apartments for low- to moderate-income families, seniors and people with disabilities, says the Illinois Housing Development Authority.

Developers receive the credits then sell them to investors. That generates equity to reduce construction and operating costs. The savings are also passed along to renters in the form of lower rents.

Three of the developments will be in Chicago with others slated to be in Mendota, Urbana, Bloomington and Champaign.