Legislation has been introduced in the Illinois House and Senate—and is supported by Illinois REALTORS®—that would provide property tax incentives to owners of newly constructed or rehabilitated multifamily rental units if they meet certain affordable housing guidelines.

Read more about this proposal in the Feb. 28 edition of the Illinois State Capitol Report, which also looks at legislation dealing with the payment process in cleaning up leaking underground storage tanks. A House committee considering a bill repealing the Rent Control Preemption Act did not meet, but the legislation is posted for a subcommittee hearing next week. Illinois REALTORS® will continue to monitor the legislation.

Members can login and read today’s issue of the State Capitol Report or review previous editions.