IL SB1926

Creates a 3-year Illinois Middle-Income Housing Grant Pilot Program administered by the Illinois Housing Development Authority to provide grants for housing development in communities with authorized River Edge Redevelopment Zones

Targets households earning between 80% and 140% of Illinois median household income, with grants of $20,000 per unit (10% of eligible development costs up to $200,000), capped at $1,000,000 per project

Limits overall project costs to $300,000 per unit and requires a minimum $1,000 local match investment for qualified residences

Requires rental units to remain priced at or below HUD's recommended price point for 140% of area median income for 10 years, with certification by developers and cities

Establishes the Illinois Middle-Income Housing Grant Pilot Program Fund as a special fund in the State treasury to hold appropriated moneys and earned interest for the program