43 Green has been selected as one of the developments to receive Affordable Housing Tax Credits by the city of Chicago under the Qualified Allocation Plan.
Affordable Housing Tax Credits
Each year the city receives an allocation of Low-Income Housing Tax Credits (LIHTC) which are distributed to qualified projects. Last year the city improved the guidelines for qualification and distribution under the Qualified Allocation Plan (QAP).
According to the guidelines, the purpose of the QAP is for the ‘creation and preservation of quality, affordable housing units for a wide-range of individuals and families, effectively uses available public resources, and also encourages the development and maintenance of diverse, livable neighborhoods that provide opportunities for high quality jobs, education and services, as well as safe and healthy lifestyles for Chicagoans, including low-income residents.’
The purpose of the revamp in guidelines was to help fill the gap in shortage of affordable housing rentals. A number that may soon grow due to the recent effects of the coronavirus pandemic.
Selection
Out of 43 applicants to QAP, 11 were selected including 43 Green. The mixed-use development submitted its application to provide affordable housing to the Bronzeville community.
Housing Commissioner Marisa Novara had this to say about the selection process: “This is the single biggest source that we have as a city to finance affordable rental development. … That’s why we’ve had a very thoughtful process. Since the applications came in in the fall, our team has been meeting weekly with a cross-departmental team. … They’ve reviewed each and every project in detail to get to this final eleven.”
P3 is honored to be considered and chosen out the many developments around the city that applied. We plan to deliver on our promise to provide the community with not only affordable housing options, but also easy access to transportation and close proximity to retail locations. Conveniences we hope will attract and retain young professionals to stay in the neighborhood they currently call home.
Impact
With the access to these tax credits, P3 is able to continue its mission to elevate the Bronzeville community especially to those who are under-served. Through this public-private partnership with the city and recent changes to the QAP we are on track to support the residents with much needed housing.
P3 is aiming to break ground in 2022 and is open to additional public-private partnerships to ensure a successful project completion. To find out more please contact us today.
For information about Affordable Housing Tax Credits visit the Illinois Housing Development Authority 2020-2021 Allocation Plan here.