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Possible Tax Credit Could Spur Redevelopment

Mon, 12 May 2014 17:03:49 CDT

Lawmakers are exploring a way to stabilize Illinois communities hit hard by the Great Recession. Advocates say letting local governments create a property tax credit would boost development in blighted areas. When houses are left vacant property values decline for the entire block. The bill before the General Assembly would limit the credit to areas that have had poor investment in housing, and would only go to people willing to do significant rehab work on the houses. Charlotte Flickinger of with the Illinois Housing Development Authority says says local governments and schools only stand to gain.

Flickinger says many abandoned houses are being demolished on the taxpayer tab.

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