SPRINGFIELD, Ill. (WMBD) — A Peoria state senator is behind a new bill that would offer incentives to landlords to clean up their properties within cities like Peoria as a way to tackle urban decay.
“Peoria has seen a rapid decline in population recently, leading to vacant properties and businesses closing their doors,” said David Koehler, a Peoria Democrat. "In order to keep our families here, we need to invest in our neighborhoods.”
Under current law, only newly built single family homes and duplexes qualify for a tax break. Senate Bill 2936, if approved would allow remodeled homes and duplexes in areas of urban decay to qualify for this tax break, giving landlords an incentive to upgrade properties in order to revitalize neighborhoods.
“This bill gives our community the tools to bolster our economy, provide adequate housing and present new opportunities for our residents,” said Koehler. “I am proud to call Peoria my home, and I want everyone in our community to feel the same way I do about our city.”
The bill passed the Senate Revenue Committee on Wednesday and heads to the Senate floor for further discussion.
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February 22, 2024 at 07:56PM
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