CHICAGO — Illinois Gov. JB Pritzker Thursday signed two new laws to expand affordable housing funding and incentives.
HB 2621 creates new financing programs and tax incentives to support the creation and preservation of affordable housing in communities across Illinois.
The legislation is aimed at reducing the shortage of affordable housing and builds on efforts to support housing stability in areas disproportionally affected by COVID-19.
HB 2621 directs the Illinois Housing Development Authority (IHDA) to create a COVID-19 Affordable Housing Grant Program to support the construction and rehabilitation of affordable rental housing in areas most impacted by the pandemic.
The new program directs $75 million in federal funding from the American Rescue Plan to multifamily development costs to keep rent affordable for low-income households.
HB 2621 passed the House and Senate with unanimous bipartisan support.
SB 0265 was also signed by the governor Thursday, which prioritizes access to the state’s Low-Income Heating and Energy Assistance Program (LIHEAP) for families with young children and expanding access to undocumented residents.
SB 0265 allows assistance to be prioritized for families with children under the age of six. It also expands access to the LIHEAP program, regardless of immigration status.
“These two new laws mark another step forward by state government on our collective mission to ensure all our residents have the basic foundation upon which to build a successful future for themselves and their families,” said Pritzker. “To date, our COVID-19 relief dollars have helped more than 289,000 families pay their utility bills and over 76,000 families stay in their homes, with tens of thousands more to come.
HB 2621 is effective immediately, while SB 0265 is effective Jan. 1, 2022.
