IL HB0575

Adds property tax exemption for charitable organizations that construct or rehabilitate residences for eventual transfer to qualified low-income families through sale, lease, or contract for deed.

Exemption begins on the day title transfers to the charitable organization and ends at the close 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 their family size, using standards set by the U.S. Department of Housing and Urban Development for Section 8 housing.

Takes effect immediately upon becoming law.