IL HB3269

Creates the Housing Equity, Affordability, and Development Act, establishing a new fund to support homeownership for cost-burdened renters

Imposes a 5% fee on landlords with more than 5 rental units, calculated on the portion of monthly rent exceeding $1,200 per unit (units renting for less than $1,200 are exempt from the fee)

Directs the Illinois Housing Development Authority to create the Housing Independence Program to assist qualifying renters with home purchases

Eligibility for home purchase assistance requires households to have paid more than 30% of their income toward rent for at least 12 consecutive months and have income below 3.33 times the median rent for their metropolitan area

Caps home purchase assistance at $15,000 per household