SPRINGFIELD – The Illinois Senate passed an omnibus bill Sunday aimed at creating additional affordable housing units in the state.
House Bill 2621 aims to create monetary incentives including a COVID-19 Affordable Housing Grant program to provide funding to support affordable housing in areas “disproportionately impacted” by COVID-19. The program would supplement affordable housing developments which qualify for federal tax credits.
Funds for the program, which are subject to appropriation, will be made available through federal dollars from the American Rescue Plan Act with statutory language to be repealed in April 2025.
The bill also aims to extend the Illinois Affordable Housing Tax Credit, which offers incentives to developers which donate money or real estate to affordable housing developments. The specific amount of funding to be made available under the programs is still being negotiated.
The bill passed the Senate 59-0 and will be sent back to the House for concurrence on an amendment before it can be sent to the governor.