SPRINGFIELD, Ill. (WTVO) — Illinois Gov. JB Pritzker issued an Executive Order on Wednesday, ordering legislators to examine ways to make housing more affordable for working-class residents.
The order creates an Illinois Director of Housing Solutions, who will oversee the exploration of "how Illinois can accelerate plans to expand the supply and access of housing for working families," according to the Governor’s Office.
Nearly one third of Illinois households spend more than 30% of their income on housing, according to the U.S. Department of Housing and Urban Development.
“If we are going to build on this state’s record of growth and prosperity, lower costs for Illinois’ working families, and be a state that everyone can call home, we must build more housing in every Illinois community from Cairo to Chicago,” said Pritzker. “This announcement is just the beginning of some of the most important work we will do over the next few years—work that, if successful, can lower costs for thousands of families and lay the groundwork for decades of sustainable economic growth.”
The order was informed by a report by the Ad-Hoc Missing Middle Housing Solutions Advisory Committee, which proposed a series of interventions the State could pursue to accelerate the production of housing for middle-to-moderate income households.
The full report can be read here.
The Governor also relaunched the SmartBuy program, first launched in December 2020, which offers a 30-year fixed rate mortgage with a $5,000 deferred down payment and/or closing cost assistance.
The program also provides up to $40,000 in student loan relief to borrowers buying a home in Illinois. Potential applicants must have at least $1,000 in student loan debt and must pay off their full remaining student loan debt balance, if more than $40,000, at closing. Partial student loan repayment is not available under SmartBuy. The program is available to both first-time and repeat homebuyers.
Additionally in 2025, a new Illinois law requires the Department of Revenue to conduct a study to evaluate Illinois’ property tax system. The law “provides that the Department may also determine whether the existing property tax levy, assessment, appeal and collection process is reasonable and fair and may issue recommendations to improve that process.”
Illinois homeowners currently pay the second-highest property tax rate in the United States. A study by ATTOM found that Illinois topped the state with the highest property tax rate, with 1.86%. New Jersey (1.73%), Connecticut (1.67%), Vermont (1.55%) and Pennsylvania (1.37) have among the highest in the country.
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December 11, 2024 at 03:55PM
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