Bill Text: IL SB1378 | 2023-2024 | 103rd General Assembly | Introduced
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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1 | AN ACT concerning housing.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Housing Development Act is amended | |||||||||||||||||||
5 | by adding Section 7.24i as follows:
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6 | (20 ILCS 3805/7.24i new) | |||||||||||||||||||
7 | Sec. 7.24i. Allocated tax credits for permanent housing | |||||||||||||||||||
8 | for homeless veterans. Notwithstanding any other law to the | |||||||||||||||||||
9 | contrary, as part of the development of the Qualified | |||||||||||||||||||
10 | Allocation Plan for 2024-2025, as required under 42(m) of the | |||||||||||||||||||
11 | federal Internal Revenue Code of 1986, the Authority must set | |||||||||||||||||||
12 | aside no less than 10% of its allocated tax credits for | |||||||||||||||||||
13 | projects sponsored by nonprofits that will provide permanent | |||||||||||||||||||
14 | housing for formerly homeless veterans in a service-based | |||||||||||||||||||
15 | multifamily property and projects of no fewer than 20 units.
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16 | Section 99. Effective date. This Act takes effect upon | |||||||||||||||||||
17 | becoming law.
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