HB4784 Summary

• Establishes the Rehab Program within the Illinois Housing Development Authority to acquire and rehabilitate vacant and abandoned properties in communities with concentrated poverty (25% or greater poverty rate, or 20% or greater with majority minority or non-metro designation).

• Authorizes the Authority to pay qualified developers (private companies, nonprofits, or land banks) an incentive fee equal to the difference between approved project costs and fair market value, plus 5% of fair market value, within 45 days of project completion.

• Limits pilot program to July 1, 2022 through December 31, 2023 across 10 communities statewide with maximum incentive fees of $20,000,000, funding through appropriations or bond issuance up to $250,000,000 in aggregate indebtedness.

• Permits the Authority to adopt rules requiring developers to hire local workers or set aside fees for minority-owned and woman-owned developers; authorizes bond issuance to pay incentive fees with annual cap of $50,000,000 after pilot period.

• Amends the Illinois Housing Development Act to allow bonds and notes to be issued for payment of Rehab Program incentive fees as part of the Authority's corporate purposes.