IL SB0330

Creates a form requirement for the Illinois Housing Development Authority to include with financing agreements that summarizes terms including affordability periods, property descriptions, and other information needed for county assessors to determine tax assessment eligibility.

Establishes a statewide property tax reduction program for newly constructed or substantially rehabilitated multifamily rental buildings with 7 or more units that commit to maintaining affordable rents for at least 15% of units for 10 years.

Provides assessed value reductions of 25% for properties with 15-35% affordable units and 35% for properties with 35% or more affordable units, with reductions available for up to 30 years (three consecutive 10-year periods) if annual certification requirements are met.

Requires properties to meet affordability standards based on 60% area median income limits and maximum rents as determined by the U.S. Department of Housing and Urban Development, with qualifying rehabilitation requiring minimum expenditures of $8-$60 per square foot and replacement of specified building systems.

Allows counties with fewer than 3,000,000 inhabitants to opt out of the program and permits applications from properties placed in service on or after January 1, 2015, with application window open through December 31, 2030.