SB 3013

Abstract

Amends the Property Tax Code. Provides for property tax incentives for newly constructed or rehabilitated rental property if the owner of the residential real property commits that, for a period of 20 years, at least 20% of the multifamily building's units will have rents that are at or below maximum rents and are occupied by households with household incomes at or below maximum income limits. Provides that the chief county assessment officer of a county with 3,000,000 or more inhabitants shall establish such a program, and the chief county assessment officer of a county with less than 3,000,000 inhabitants shall establish such a program upon passage of an ordinance by a majority vote of the county board. Sets forth application requirements and the amount of the reduction. Amends the Affordable Housing Planning and Appeal Act. Provides that to enforce compliance with the Act's affordable housing plan requirements and to encourage local governments to submit their affordable housing plans to the Illinois Housing Development Authority (Authority) in a timely manner, the Authority shall notify any local government and may notify the Office of the Attorney General that the local government is in violation of State law if the Authority finds that the affordable housing plan submitted is not in substantial compliance with the Act or that the local government failed to submit an affordable housing plan. Grants the Attorney General enforcement authority under the Act, including notifying the State Comptroller and the State Treasurer of the noncompliance of any local government. Contains provisions concerning appeals to the State Housing Appeals Board. Limits home rule powers. Effective immediately.