IL HB4657

Extends the housing opportunity area abatement program through tax year 2034 instead of the current expiration date of 2024.

Allows property owners in designated housing opportunity areas who have housing choice voucher contracts to receive tax abatements on units rented to voucher-holding tenants.

Limits abatement to no more than 2 units or 20% of total units per property, whichever is greater, and restricts abatement eligibility to a maximum of 10 tax years per property.

Reduces equalized assessed value by 19% multiplied by the ratio of qualified units to total units in the property to determine the abatement amount.

Establishes procedures for housing authorities to identify eligible properties and housing opportunity areas, with county clerks responsible for implementing the tax abatement.