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Extension of Illinois Affordable Housing Tax Credit Passed
A group of state officials and organizations says extension of some existing legislation will help put people in the state to work and, more importantly, more families into homes.

Governor Pat Quinn recently signed a bill into law that extends a statewide program that leverages private investment in the development of affordable housing -- called the Illinois Affordable Housing Tax Credit.

Gloria Materre is executive director of the Illinois Housing Development Authority, and says many jobs in the state have already been created because of the tax credit since it was first put into place.

"From 2004 to 2010, there were 15,000 jobs created because of the tax credit," Materre said. "Extending this to 2016 is going to do the same. We expect 15,000 jobs to come from this."

The extension of the tax credit, which takes effect immediately, provides a 50% state income tax credit for affordable housing, as well as employer-assisted donations to those organizations that sponsor affordable housing.

In signing the law, Quinn says a measure like this is crucial in tough economic times.
08 29 10 by Newsroom
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