MACHESNEY PARK, Ill. (WTVO) — A new affordable housing development for seniors in Machesney Park is moving forward after receiving a share of state housing tax credits approved by the Illinois Housing Development Authority.
The IHDA Board recently approved $37 million in federal Low-Income Housing Tax Credits and an additional $39 million in federal and state funding for 22 affordable housing developments across Illinois. The awards are expected to help finance 969 affordable housing units statewide and generate an estimated $303 million in private investment.
Among the projects receiving support is Machesney Park Senior Commons, a development planned by Bear Development South and Greenprint Partners. The project was included in IHDA’s 2026 Low-Income Housing Tax Credit awards announced this week.
State officials said the tax credit program serves as Illinois’ primary tool for encouraging private investment in affordable housing construction and rehabilitation. Developers sell the tax credits to investors and use the proceeds to help finance projects that might otherwise be difficult to build. Housing developed through the program must remain affordable for at least 30 years…