The housing affordability bill, originally introduced by Delia Ramirez in 2020 and now led by Reps. Dagmara Avelar and Ryan Spain, aims to address rising housing costs in Illinois. Avelar highlighted that the bill could spur job creation and private investment by incentivizing new construction. The Illinois Housing Council supports the bill, which is designed to facilitate the development of over 1,000 affordable homes through a state-based model similar to the federal Low-Income Housing Tax Credit program, addressing gaps left by national efforts.
By incentivizing new construction, we can expand housing options, bring down costs, and give families a real shot at homeownership.
But since the bill could produce jobs while incentivizing private investments into Illinois, she thinks that lawmakers could take more notice this time.
A state-based complement could ensure that certain projects not addressed by the federal program could be covered in Illinois.
The legislation is modeled by the federal Low-Income Housing Tax Credit (LIHTC) program and aims to spur the development of at least 1,000 additional affordable homes.
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