IL SB3147

Extends the housing opportunity area tax abatement program from expiring in 2014 through tax year 2024, unless further extended by law.

Property owners in housing opportunity areas with housing choice voucher contracts can apply annually for tax abatement on units rented to voucher holders.

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.

Housing authorities determine eligible areas (census tracts with less than 10% poverty, or less than 12% in municipalities with 1,000,000+ inhabitants) and deliver annual lists of qualifying properties to county clerks by December 31st.

Municipalities with over 2.5% of residential units occupied by housing choice voucher holders may petition annually to be excluded from the program.