Governor Pritzker signs Laws That Will Expand Affordable Housing Funding and Incentives

Governor JB Pritzker signed two new bills into law aimed at improving and preserving affordable housing in Illinois. Pritzker signed House Bill 2621 and Senate Bill 0265 Thursday morning. House Bill create financing programs and tax incentives to create and preserve affordable housing in communities across the state. This rogram will supplement a property that qualify for federal low-income housing tax credits and is expected to fund the development and preservation of up to 3,500 affordable rental homes and apartments by the end of 2024. The bill also extends the Illinois Affordable Housing Tax Credit through 2026. Senate Bil 0265 will prioritize access to the state’s Low-Income Heating and Energy Assistance Program (LIHEAP) for families with young children and expand access to undocumented residents. This  legislation includes many provisions aimed at reducing the shortage of affordable housing and builds on efforts to support housing stability in areas disproportionally impacted by COVID-19. For more information on LIHEAP and to determine if you are eligible for utility payment assistance, go to DCEO’s website. HB 2621 is effective immediately and SB 0265 is effective January 1, 2022.

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