SB 1592

Abstract

Amends the Illinois Housing Development Act. Makes changes in the definitions of "affordable housing project" and "sponsor". Defines "project" to mean an affordable housing project, an employer-assisted affordable housing project, general operating support, or technical assistance. Defines "tax credit" as a tax credit allowed under Section 214 of the Illinois Income Tax Act. Provides that a sponsor must apply to an administrative housing agency for approval of a project (now, must apply to the agency that administers the program). Provides that the agency must reserve a specific amount of tax credits for each approved project (now, must reserve the credits for each approved affordable housing project for 24 months after it is approved and the sponsor must receive an eligible donation within that time in order to receive the credit). Provides that tax credits for general operating support can only be reserved as part of a reservation of tax credits for another type of project. Allows tax credits only where an administrative housing agency has reserved tax credits for the project. Limits tax credits for general operating support to 10% of the total tax credit reservation for the related project (now, limited to 10% of the total tax credit allocation for the project). Allows an administrative housing agency to reserve tax credits for any approved projects if the agency is unable to reserve the tax credits set-aside for employer-assisted housing projects and general operating support. Amends the Illinois Income Tax Act. Provides that persons or entities not subject to the tax and who make a donation under the Illinois Housing Development Act are entitled to receive and to transfer a tax credit for affordable housing donations. Makes other changes. Effective immediately.