IL HB4571

Counties with populations between 750,000 and 2 million may acquire real property to create or preserve affordable housing for households earning up to 150% of area median income.

Qualifying counties may donate, lease below market rate, or sell below market rate real property for affordable housing development, and may transfer property to local governments, school districts, or the State for this purpose.

Counties may offer financial incentives including grants, loans, and infrastructure improvements (such as stormwater detention, water, and sewer) to affordable housing developers, with such improvements deemed a public purpose.

Counties may impose deed restrictions limiting resident income levels for up to 15 years on developments receiving county assistance, using HUD fair market rent tables to calculate maximum allowable rents.

Counties may enter agreements with property owners for clearance and remediation activities and may select purchasers and lessors for county-held properties, land banks, or land trusts without regard to fair market value to promote affordable housing.