Bill > SB2126

This bill amends the Property Tax Code to provide property tax exemptions and potential abatements for affordable housing developments. Specifically, properties owned by faith-based organizations or 501(c)(3) nonprofits that are leased for at least 50 years and primarily used to provide affordable housing for households earning between 20% and 90% of the area median income will be exempt from property taxes. The tax exemption will remain in effect until either the ground lease expires or the property is no longer used for affordable housing purposes, whichever occurs first. Additionally, the bill allows taxing districts to vote to abate (reduce or eliminate) all or a portion of property taxes for qualified affordable housing developments. By offering these tax incentives, the bill aims to encourage the creation and maintenance of affordable housing options for moderate-income households, potentially helping to address housing accessibility challenges.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2126&GAID=18&DocTypeID=SB&SessionID=114&GA=104