Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 200/15-95

(35 ILCS 200/15-95)

Sec. 15-95. Housing authorities.

(a) All property of housing authorities created
under the Housing Authorities Act is exempt, if the property and improvements
are used for low rent housing and related uses.  However, property or portions
thereof intended or used for stores or other commercial purposes are not
exempt. Nothing herein shall exempt property of housing authorities or any part
thereof from special assessments or special taxation for local improvements.
Nothing contained in this Section shall be construed as limiting the power of
any political subdivision of this State to sell or furnish a housing authority
with water, electricity, gas, or other services and facilities under the same
basis that those services and facilities are rendered to others under similar
circumstances.

(b) Property otherwise qualifying for an exemption under this Section shall not lose its exemption because the legal title is held by either: (i) an entity that is organized as a partnership or limited liability company, in which the housing authority, or an affiliate or subsidiary of the housing authority, is a general partner of the partnership or managing member of the limited liability company; or (ii) an entity that is organized as a partnership or limited liability company, in which the housing authority, or an affiliate or subsidiary of the housing authority, is a general partner of the partnership or managing member of the limited liability company, for the purposes of owning and operating a residential rental property that has received an allocation of Low Income Housing Tax Credits for 100% of the dwelling units under Section 42 of the Internal Revenue Code of 1986, as amended.

(Source: P.A. 97-451, eff. 8-19-11.)