IL HB1091

Amends the Property Tax Code to exempt property held by charitable organizations for constructing or rehabilitating residences intended for transfer to qualified low-income families through sale, lease, or contract for deed

Exemption begins when the charitable organization acquires title to the property and continues through the end of the levy year when ownership is transferred to a qualifying family

Defines "qualified low-income family" as a family with adjusted income below 80% of the area median income, adjusted for family size, as determined by HUD for Section 8 housing purposes

Applies to the 2026 taxable year and thereafter

Takes effect immediately upon becoming law