April 19, 2021
To help working families facing housing insecurity, State Senator Ann Gillespie (D-Arlington Heights) passed legislation last week in the Senate Revenue Committee to encourage the development of quality, affordable housing units.
"We must be proactive in addressing the looming eviction crisis and building an equitable recovery," Gillespie said. "Creating incentives in the housing market to produce affordable housing means better options and more stable lives for working and poor families across the state."
The legislation would create a property tax abatement for affordable housing units. To receive it, property owners must commit to keeping rents for least 20 percent of their units at or below the maximum rent for 20 years.
The bill would also require that the families renting those units be at or below maximum household income limits.The Illinois Housing Development Authority (IHDA) would enforce the measure, and the measure would also require local governments to submit affordable housing plans to IHDA.
Senate Bill 2304 passed in the Senate Revenue Committee and awaits consideration before the full Senate.
This press release was produced by ILGA. The views expressed here are the author’s own.
via Arlington Heights, IL Patch
April 19, 2021 at 09:38PM