IL HB3642

Amends the Property Tax Code to establish a new property tax exemption for charitable organizations that construct or rehabilitate residences for transfer to qualified low-income families.

Exemption applies to properties transferred through sale, lease, or contract for deed and commences when title transfers to the charitable organization.

Exemption continues through the end of the levy year in which the organization transfers title to a qualified low-income family.

Defines "qualified low-income family" as a family with adjusted income below 80% of the median area income for family size, as determined by the U.S. Department of Housing and Urban Development under Section 8 of the Housing Act of 1937.

Takes effect immediately upon becoming law.