CHICAGO — The Illinois Housing Development Authority has allocated federal tax credits to 12 developments to spur the construction of affordable rental apartments.

Officials say the tax-credit allocations will generate about $118 million in private equity to help developers build nearly 700 affordable rental apartments. More than one-third of the units will be set aside for veterans and people with disabilities.

The approved projects include veterans' housing in Cook County and single-family homes in East Alton with a lease-to-own option.