IL HB2120

Amends the Property Tax Code to exempt property held by charitable organizations for constructing or rehabilitating residences intended for low-income families from property tax.

Exemption applies when property is transferred through sale, lease, or contract for deed to "qualified low-income families" (those with adjusted income below 80% of area median income as determined by the U.S. Department of Housing and Urban Development).

Tax exemption begins when title transfers to the charitable organization and ends at the conclusion of the levy year when the organization transfers title to a qualified low-income family.

Defines "qualified low-income family" using income thresholds established by the U.S. Department of Housing and Urban Development under Section 8 of the Housing Act of 1937, adjusted by family size.

Takes effect immediately upon becoming law.