Bill Text: IL SB1378 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Illinois Housing Development Act. Provides that, as part of the development of the Qualified Allocation Plan for 2024-2025, the Illinois Housing Development Authority must set aside no less than 10% of its allocated tax credits for projects sponsored by nonprofits that will provide permanent housing for formerly homeless veterans in a service-based multifamily property and projects of no fewer than 20 units. Effective immediately.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced) 2024-05-03 - Rule 3-9(a) / Re-referred to Assignments [SB1378 Detail]

Download: Illinois-2023-SB1378-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1378 Introduced 2/6/2023, by Sen. Jil Tracy SYNOPSIS AS INTRODUCED:
20 ILCS 3805/7.24i new
Amends the Illinois Housing Development Act. Provides that, as part of the development of the Qualified Allocation Plan for 2024-2025, the Illinois Housing Development Authority must set aside no less than 10% of its allocated tax credits for projects sponsored by nonprofits that will provide permanent housing for formerly homeless veterans in a service-based multifamily property and projects of no fewer than 20 units. Effective immediately.
LRB103 25511 KTG 51860 b
A BILL FOR
SB1378 LRB103 25511 KTG 51860 b
AN ACT concerning housing.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Housing Development Act is amended
by adding Section 7.24i as follows:
(20 ILCS 3805/7.24i new)
Sec. 7.24i. Allocated tax credits for permanent housing
for homeless veterans. Notwithstanding any other law to the
contrary, as part of the development of the Qualified
Allocation Plan for 2024-2025, as required under 42(m) of the
federal Internal Revenue Code of 1986, the Authority must set
aside no less than 10% of its allocated tax credits for
projects sponsored by nonprofits that will provide permanent
housing for formerly homeless veterans in a service-based
multifamily property and projects of no fewer than 20 units.
Section 99. Effective date. This Act takes effect upon
becoming law.