SB 1911PROP TX-AFFORDABLE HOUSING

Latest change summary

+68 / −380 words · LargeConfidence: high

This bill comprehensively repeals Illinois's property tax incentive program for affordable rental housing by eliminating all substantive provisions of the program. The changes remove the entire framework that previously provided tiered assessment reductions (ranging from 25% to 100% over 30 years) for multifamily properties committing to maintain affordable units for low-income households, delete all eligibility criteria (including the 7-unit minimum and various affordability thresholds of 15%, 20%, and 35%), eliminate application and verification procedures administered by county assessment officers, remove definitions of key terms like "affordable units" and "household income," and revoke counties' authority to implement or opt out of the program. The repealed program had allowed properties to receive tax benefits through 2034 with renewable 10-year eligibility periods, but all these provisions are now deleted without replacement language, effectively terminating the statewide affordable housing property tax reduction program.