IL HB4651

Extends the housing opportunity area abatement program from tax years 2004-2014 to tax years 2004-2024.

Allows property owners in designated housing opportunity areas to receive property tax abatements if they rent units to tenants with housing choice vouchers.

Abatement reduces equalized assessed value by 19% multiplied by the fraction of qualified units to total units, with a maximum of 2 units or 20% of total units per property.

Properties may receive abatement for no more than 10 consecutive tax years, and must meet local building codes and HUD housing quality standards.

Takes effect immediately upon becoming law.