CHICAGO — The Illinois Housing Development Authority (IHDA) and the Local Initiatives Support Corporation (LISC) are announced this week that seven program alumni of the Next Generation Capacity Building Initiative (Next Gen) reached a major milestone, securing Low-Income Housing Tax Credit (LIHTC) awards for affordable housing.
Seven developments will build 342 homes, including 323 affordable units, across Illinois. “The Next Gen program is taking bold steps to deliver hardworking residents the affordable housing options they deserve,” said Governor JB Pritzker. “I wish to congratulate our Next Gen alumni awardees, whose milestone accomplishments exemplify the lasting, tangible progress made possible by investing in Illinois’ diverse and emerging leaders. With these seven developments, Illinois takes another major step towards becoming a state everyone can call home.”
According to a release from the Pritzker administration, Next Gen is a flagship program designed to strengthen the pipeline of emerging affordable housing developers across the state and a crucial component of Governor Pritzker’s Affordability Agenda.
“Illinois is proving that when we invest in people, we create lasting solutions to our housing challenges,” said IHDA Executive Director Kristin Faust. “Through Next Gen, we’re expanding opportunities while delivering hundreds of affordable homes for working families, seniors, and veterans across our state. These seven developments reflect the geographic diversity of Next Gen participants and the communities they serve. They are acutely aware of the needs of the places they call home and are committed to bringing stable housing to help their neighbors. Congratulations on your awards.”
Next Gen is tasked with equipping emerging developers with technical skills, industry access, and hands-on support to not only gain entry into affordable housing development but also compete in the Low-Income Housing Tax Credit (LIHTC) program, the primary financing tool to build this type of rental housing nationwide. Participants are trained in developmental team building, deal structuring, navigating IHDA programs, property management, and more, supported by dedicated coaching and industry networking.
“The goal of Next Gen is to remove barriers for talented developers who have the vision to transform their communities but often lack access to the networks, technical expertise, and early capital needed to compete,” said Meghan Harte, Senior Executive Director of LISC Illinois. “Seeing seven developments sponsored by program alumni receive Low-Income Housing Tax Credit awards demonstrates that this investment is working. These buildings will create lasting affordable housing while building a stronger, more diverse pipeline of developers who will continue delivering results for Illinois for years to come.”
