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The agency actively encourages the use of energy-efficient building standards and materials in the construction of community real estate developments. Project example: In 2007, CCLF provided nearly $1.2 million in pre-development funding to the Historic Pacesetter LP / Whistler Crossing project in Riverdale, Illinois. The money went to support ...
Tax increment financing subsidies, which are used for both publicly subsidized economic development and municipal projects, [2]: 2 have provided the means for cities and counties to gain approval of redevelopment of blighted properties or public projects such as city halls, parks, libraries etc.
Cook County has their plan and we're working also on something in Illinois.” As part of the county’s plan set to go into effect early in 2025, residents deemed eligible for the program will ...
The Tax Credit Assistance Program (TCAP) is a Federal housing grant program administered by HUD which assists Low Income Housing Tax Credit (LIHTC) projects funded during 2007, 2008 and 2009. The TCAP program is part of the American Recovery and Reinvestment Act which was signed by President Obama on February 17, 2009.
SPRINGFIELD, Ill. (WTVO) — Voters in Illinois will get a chance to decide whether Illinois millionaires should pay an additional tax to fund a statewide property tax relief fund. Former Illinois ...
The NMTC Program provides tax credits to investors for equity investments in certified Community Development Entities (CDEs), which invest in low-income communities. [ 2 ] [ 3 ] The credit equals 39% of the investment paid out over seven years (5% in each of the first three years, then 6% in the final four years).
Illinois residents will vote on a 3% tax for millionaires in November. The governor says the tax could generate $4.5 billion annually and alleviate high property taxes. Illinois has the second ...
The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.