Illinois Governor Pat Quinn signed into law a bill to extend through 2016 the Illinois Affordable Housing Tax Credit, a valuable tool in financing the creation and preservation of affordable rental housing. Chicago Rehab Network, a recipient of the MacArthur Award for Creative and Effective Institutions, was instrumental in establishing the tax credit. The law provides a 50 percent state income tax credit for affordable housing and employer-assisted donations to qualified nonprofit affordable housing developers. The developers compete for allocations of the credit and sell the credits to raise funds to purchase, rehabilitate, and/or build, or provide financing, technical assistance, or general operating support for an approved affordable housing project. It is estimated that 15,000 jobs will be created as a result of the extension.
MacArthur Award for Creative & Effective Institutions
Continuing MacArthur's tradition of encouraging creativity and building effective institutions to help address some of the world's most challenging problems, these annual awards recognize exceptional Foundation grantees and help ensure their sustainability.