Tax credit will benefit East St. Louis affordable housing development

State Sen. Christopher Belt, D-Cahokia, announced that The New Broadview housing development project is one of the recipients of a federal Low-Income Housing Tax Credit.

belt christopher2“The creation of The New Broadview will allow East St. Louis senior citizens to remain independent in their community,” Belt said. “Most essentially, this development will provide a reasonably priced path towards equitable housing for low-income families.”

The New Broadview development is a planned renovation of the former Broadview Hotel into 109 affordable apartments for senior citizens.

The Illinois Housing Development Authority Board of Directors approved a total of $28 million in conditional awards to fund 25 affordable housing developments in 16 counties throughout Illinois.

The federal tax credits will generate an estimated $257.7 million in private capital to finance the creation and/or preservation of 1,864 affordable units for low-to moderate-income families, seniors, veterans and persons with special needs.

 

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