SB1378 103RD GENERAL ASSEMBLY

LRB103 25511 KTG 51860 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB1378

Introduced 2/6/2023, by Sen. Jil Tracy

SYNOPSIS AS INTRODUCED:

20 ILCS 3805/7.24i new

Amends the Illinois Housing Development Act. Provides that, as part of the development of the Qualified Allocation Plan for 2024-2025, the Illinois Housing Development Authority must set aside no less than 10% of its allocated tax credits for projects sponsored by nonprofits that will provide permanent housing for formerly homeless veterans in a service-based multifamily property and projects of no fewer than 20 units. Effective immediately.

A BILL FOR

AN ACT concerning housing.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Housing Development Act is amended by adding Section 7.24i as follows:

(20 ILCS 3805/7.24i new)

Sec. 7.24i. Allocated tax credits for permanent housing for homeless veterans. Notwithstanding any other law to the contrary, as part of the development of the Qualified Allocation Plan for 2024-2025, as required under 42(m) of the federal Internal Revenue Code of 1986, the Authority must set aside no less than 10% of its allocated tax credits for projects sponsored by nonprofits that will provide permanent housing for formerly homeless veterans in a service-based multifamily property and projects of no fewer than 20 units.

Section 99. Effective date. This Act takes effect upon becoming law.