04142021CM0660rSPRINGFIELD – An effort to create more affordable housing for Illinois residents led by State Senators Mattie Hunter (D-Chicago), Ann Gillespie (D-Arlington Heights), and Sara Feigenholtz (D-Chicago) passed the Senate Revenue Committee Wednesday afternoon.

“People are still reeling from the financial struggles brought on by the pandemic, and affordable housing is a necessity now more than ever,” Hunter said. “With many people behind on rent and struggling with unemployment, we have to have to do more to help renters.”

Senate Bill 2445 would create several monetary incentives for residential developers to create affordable housing in Illinois, including the Build Illinois Homes Tax Credit, which would award credits for qualified low-income housing.

A property tax abatement would also be created for developers of newly constructed multi-family developments who agree to set aside at least 20% of their units for low-income renters in areas with low affordability.

Another property tax abatement would be given to developers of newly-constructed or rehabilitated rental property if, for a period of 10 years, at least 15% of a multifamily building's units are occupied by households with low or extremely low incomes.

Lastly, the legislation provides a sales tax exemption for the purchase of building materials used in affordable housing developments.

“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 low-income families across the state.”

“The need for affordable housing across Illinois has continued to escalate as the pandemic continues,” Feigenholtz said. “The housing crisis is one of the most crucial issues we are facing in Illinois, and providing landlords with incentives to offer tenants more affordable rent is a necessary step forward.”

The measure now heads to the full Senate for further consideration.

Category: Press Releases

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