HB2168 Summary

• Amends the Property Tax Code to establish a special assessment program reducing equalized assessed value for newly-constructed or substantially rehabilitated multifamily rental buildings with 6+ units.

• Requires at least 15% of units have rents at or below 60% area median income limits for 10 years; provides 25% assessed value reduction for 15-34% affordable units and 35% reduction for 35%+ affordable units.

• Counties with 3,000,000+ residents must establish the program; smaller counties may establish it by county board ordinance; applications accepted January 1, 2020 through December 31, 2029.

• Specifies detailed application requirements including building permits, contractor affidavits, building code compliance documentation, rent schedules, and household income verification for tenants.

• Allows benefit renewal for up to 20 years total (initial 10 years plus optional 10-year extension) if owner maintains affordability requirements and compliance; includes special provisions for Cook County Class 9 program participants.