The Illinois Housing Development Authority said it would use proceeds of its recent sale of $33.4 million of tax-exempt housing revenue bonds to finance four affordable multifamily developments.

The spending will help preserve more than 500 units, including 400 elderly units, in four developments in Chicago, Decatur, Moline, and East Moline.

Repayment of the debt is secured by Fannie Mae and Freddie Mac.

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