Illinois State Senate District 14 issued the following announcement on July 10.
State Senator Emil Jones, III (D-Chicago) applauds the West Pullman Elementary School project being a recipient of the Illinois Historic Preservation Tax Credit Program, which will allow for the recently-closed school to turn into an affordable housing complex.
“This program prioritizes revitalization projects in underprivileged communities and will ultimately accommodate the improvement of the local economy,” Jones said. “I fully support any agenda that drives investments to low-income communities and leads to new jobs, better housing, and other ways to redevelop the community.”
In 2013, West Pullman Elementary School was one of the 49 schools closed across Chicago. The school will be renovated into a 60-unit affordable senior housing. The project is a certified rehabilitation project making it eligible for a tax credit of 25% of its qualified rehabilitation costs up to $3 million per project. Credits are limited to $15 million per year, with a total of $75 million in tax credits available over the five years.
The West Pullman Elementary project is one of four building rehabilitation projects receiving allocations for state income tax credits in the second application round. During the first application round, 16 historic properties in nine different communities received the state’s tax credit across— putting the total private reinvestment of all projects to exceed an estimated $290 million.
The Illinois Historic Preservation Tax Credit Program, administered by the Illinois Department of Natural Resources, provides a priority for buildings in low-income areas, federally declared disaster areas, and counties that border a state with a competitive statewide historic tax credit.
Original source can be found here.
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