IHDA Approves Funding for Keystone Apartments Project

IHDA Approves Funding for Keystone Apartments Project

July 6, 2026

The Illinois Housing Development Authority (IHDA) has approved funding for Keystone Apartments, a planned 36-unit affordable housing development at 1106 Madison St. in Oak Park.

The approved federal and state tax credits will generate more than $12 million toward the nearly $17 million project, marking a significant milestone in expanding affordable housing opportunities in Oak Park.

The development is being led by Interfaith Housing Development Corporation (IHDC), a nonprofit organization dedicated to creating long-term affordable housing for low-income and underserved populations. Earlier this year, the Village of Oak Park committed $1 million from its Affordable Housing Trust Fund to help acquire the property and move the project forward.

With more than 80% of the project's capital costs now committed, construction is anticipated to begin in fall 2027. Keystone Apartments represents another important step toward increasing access to safe, stable and affordable housing in the community.

For more information and to read the full article from the Village of Oak Park, click here.