This is from the Advantage paper ..
Edison Avenue Lofts (Granite City): A historic rehabilitation of the former YMCA in downtown Granite City into a mixed-income, mixed-use apartment building offering 37 affordable units. Developed by Rise Community Development, the building is in a walkable section of downtown adjacent to a park, a new community theater, and a historic library.
Once sold to investors, the tax credits will generate an estimated $241.4 million in private capital to finance the creation or preservation of 1,327 affordable apartments for low- to moderate-income families, seniors, veterans, and persons with special needs. The construction activity is expected to support 2,379 full-time construction jobs and 524 permanent jobs after completion.
“The Low-Income Housing Tax Credit is instrumental in helping IHDA achieve our mission of financing safe, quality and affordable housing in Illinois,” IHDA Executive Director Audra Hamernik said. “This program is a proven public-private partnership that allows us to leverage the resources and expertise of the private sector to create jobs, generate tax revenue, and most importantly, ensure working families, seniors, and people with special needs have a place to call home.”
The Low-Income Housing Tax Credit program was created with the passage of the Tax Reform Act of 1986. The Internal Revenue Service allocates a certain number of tax credits annually to each state based on population. IHDA awards the credits in a competitive application process, and once developers receive the credits, they sell them to investors and use the equity generated to reduce construction and operating costs. The savings in underwriting are passed on to the renter in the form of below-market rents, which must remain affordable for a minimum of 30 years. IHDA has administered the program in Illinois since it began in 1986. Since its inception, the program has financed more than 90,975 units of affordable housing in the state, generating $4.9 billion in private capital for affordable housing.