Rent Control efforts in Illinois failed to gain traction in the spring session of the Illinois General Assembly, but the effort to address affordable housing needs did show up in a recently passed capital bill.
The result is more than $230 million in funding outlined in House Bill 62 (P.A. 101-29) which shows a strong commitment and emphasis on addressing the need for affordable housing.
The inclusion of funds to target affordable housing is significant, especially since Rent Control would actually decrease the supply and quality of rental housing.
Illinois REALTORS® urged lawmakers to focus on providing funding and incentives to foster the development of more affordable housing. House Bill 62 was one of the capital project funding bills recently signed into law by Governor J.B. Pritzker after it passed both the House and Senate with strong bi-partisan votes.
Among the amounts approved:
$200 million for the Illinois Housing Development Authority for affordable housing grants, loans and investments for low-income families, low-income senior citizens, low-income persons with disabilities and at risk displaced veterans.
$12 million to the Department of Commerce and Economic Opportunity for a grant to the Southwest Organizing Project-Chicago for costs associated with acquiring and renovating vacant buildings for affordable housing.
$20 million to the Department of Commerce and Economic Opportunity for a grant to the Catholic Charities of the Archdiocese of Chicago for costs associated with affordable housing and a veteran housing campus.
$675,000 to the Department of Commerce and Economic Opportunity for a grant to AFC Community Development Corporation for costs associated with affordable housing.
$2 million to the Department of Commerce and Economic Opportunity for a grant to LUCHA for costs associated with capital improvements and construction of affordable housing.
$343,000 to the Department of Commerce and Economic Opportunity for a grant to the Arthur Lockhard Resource Institute for costs associated with construction of affordable housing.
In addition to IHDA grants outlined in the capital bill, the agency also conditionally approved the sale of $28 million in Low-Income Housing Tax Credits. These will fund 25 affordable housing developments in 16 counties. Once sold, the tax credits are expected to generate almost $258 million to create and preserve more than 1,800 housing units for those with low– to moderate–incomes.
Sharon Gorrell, Illinois REALTORS® director of housing, global business & diversity, contributed to this report.