Developers urged to apply for tax-exempt bonds
Deadline looms for program that aids with storm, flood recovery
The Illinois Finance Authority urges developers in Whiteside and 17 other counties affected by 2008 flooding to take advantage of a special tax-exempt financing program, now in its final weeks.
The IFA first offered federal Midwestern Disaster Area Revenue Bonds in 2010 as a way to boost economic development and recovery in areas that suffered storm-related destruction. The deadline to issue the bonds is Dec. 31, the IFA said in a news release.
The MDAB program helps Illinois’ commercial, industrial, manufacturing, retail and public utility industries repair damage and restore jobs to flood-affected regions. Qualified projects can access special reduced-interest financing, with rates typically 1 to 2 percent below conventional loans. All financing comes through local lenders, partnering with the IFA.
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