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Monmouth Housing development awarded federal tax credits

The Illinois Housing Development Authority Board announced last week the conditional awards of $26 million in federal Low-Income Housing Tax Credits to 21 developments around the state and one of those recipients is a new development in Monmouth.

The Monmouth Townhomes development, that WGIL reported on back in March, is set to receive the credits, according to a release from the Housing Authority.

Lew Steinbrecher, Monmouth’s City Administrator, says that the city is moving forward with selling the seven acres of land the development will sit on to the developer, Iceberg Development.

“They have engaged the services of an engineering firm to do the design work and we are working with the developer on getting things prepared so that they can close on the purchase of the property,” Steinbrecher told WGIL on Tuesday. “I would expect they will be all geared up and ready to start construction next spring, as soon as the winter breaks.”

He adds that new housing development has been one of the big focuses since he was hired.

“One of our priorities over the last few years that I’ve been here has been trying to get new housing development. And so it looks like we’ve got our first big fish there.”

The development will consist of 44 units across 10 one-story and 12 two-story duplex buildings. Each unit will include a one-car garage and a driveway. Building designs will provide natural light as well as energy efficiency and universal design components. Additional amenities will include a common space, fitness facility, and a community playground.

The Low-Income Housing Tax Credit program was created with the passage of the Tax Reform Act of 1986. IHDA awards the credits through a competitive application process, and, once developers receive the credits, they sell them to investors and use the equity generated to reduce construction and operating costs.

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