Bill > HB3269

This bill establishes the Housing Equity, Affordability, and Development Act, which creates two main mechanisms to address housing affordability. First, the bill requires the Department of Revenue to collect a fee from landlords with more than 5 rental units, charging 5% of the difference between a unit's monthly rental income and $1,200 (if the rental income exceeds $1,200), with these funds being deposited into a new Housing Equity, Affordability, and Development Fund. Second, the bill directs the Illinois Housing Development Authority to create a Housing Independence Program that provides up to $15,000 in home purchase assistance to households that meet specific criteria: their tenant payments (including rent, utilities, maintenance, and other fees) have exceeded 30% of their income for 12 consecutive months, and their income is less than 3.33 times the median rent in their metropolitan area. The bill defines "tenant payments" comprehensively to include not just rent, but also various mandatory fees associated with renting. The legislation aims to support renters who are experiencing significant housing cost burdens by helping them transition to homeownership, while also generating a funding mechanism through a fee on larger rental property owners.

Housing and Urban Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3269&GAID=18&DocTypeID=HB&SessionID=114&GA=104