HB3107 Summary

• Amends the Illinois Housing Development Act to establish an affordable housing tax donation credit program administered by the Authority and City of Chicago housing agencies.

• Defines eligible projects as rental properties with at least 25% affordable units at or below 60% area median income, or homebuyer units for households at or below 60% AMI (prior to 2022) or 120% AMI (2022 and after).

• Sets total tax credit authorization at $32,850,352 for fiscal years 2022-2023, increasing 5% annually, with City of Chicago receiving 24.5% and the Authority receiving the remainder.

• Requires $2 million set-aside for employer-assisted housing projects and $1 million for general operating support and technical assistance, with remaining credits used for affordable housing projects.

• Mandates recording of instruments on properties to ensure affordable housing compliance for a minimum of 10 years.