On August 24, the Governor signed SB 1135, the Affordable Housing Donation Tax Credit, leveraging $26 million for affordable housing.
Governor George Ryan signed SB 1135, the Affordable Housing Donation Tax Credit, on August 24, leveraging $26 million for affordable housing.
The legislation will offer a state tax credit for donations to affordable housing construction and preservation. The bill offers a $.50 tax credit for every $1 donated to an eligible non-profit development. An initial limit of $13 million in credits will generate $26 million for affordable housing in Illinois. This includes a $2 million set-aside for employer-assisted housing, including support for homeownership and rental assistance.