HB2621 Summary

• Establishes COVID-19 Affordable Housing Grant Program administered by Illinois Housing Development Authority to fund acquisition, construction, development, predevelopment, or rehabilitation of affordable multifamily rental housing.

• Sets goal of funding development and preservation of up to 3,500 affordable rental homes and apartments by December 31, 2024.

• Prioritizes grant applications for developments in areas disproportionately affected by COVID-19, those using disadvantaged business enterprises, project labor agreements, and apprenticeship programs.

• Requires Illinois Housing Development Authority to submit annual reports to General Assembly detailing program administration, number of projects funded, units created, funding awarded, and compliance issues through March 31, 2025.

• Amends Illinois Housing Development Act tax credit program, increases bonding authority from $3.6 billion to $7.2 billion, and creates new property tax assessment reduction programs for newly constructed and rehabilitated affordable rental housing developments.