Illinois General Assembly - Full Text of SB1911

Sen. Mattie Hunter

Filed: 4/1/2025

10400SB1911sam002 LRB104 09605 HLH 23869 a

AMENDMENT TO SENATE BILL 1911

AMENDMENT NO. ______. Amend Senate Bill 1911 on page 2, line 6, by replacing "substantially rehabilitated" with "the qualifying rehabilitation of a"; and

on page 2, line 7, by replacing "are" with "is are"; and

on page 2, line 23, by replacing "qualifying residential real property" with "qualifying developments"; and

on page 3, by replacing lines 7 through 11 with the following:

"(1) at the conclusion of the new construction or qualifying rehabilitation, the property is a qualifying development consists of a newly constructed multifamily building containing 7 or more rental dwelling units or an existing multifamily building that has undergone qualifying rehabilitation resulting in 7 or more rental dwelling units; and"; and

on page 3, line 23, by replacing "substantially rehabilitated" with "the qualifying rehabilitation of"; and

on page 4, line 8, by replacing "substantially rehabilitated" with "the qualifying rehabilitation of"; and

on page 4, line 13, by replacing "substantially rehabilitated" with "the qualifying rehabilitation of"; and

page 4, line 14, by replacing "are" with "is are"; and

on page 5, line 11, by replacing "for" with "for either"; and

on page 5, lines 12 and 13, by replacing "improvements to an existing residential real property" with "the qualifying rehabilitation of a residential real property improvements to an existing residential real property"; and

on page 5, line 23, by replacing "for" with "for either"; and

on page 5, lines 24 and 25, by replacing "improvements to an existing residential real property" with "the qualifying rehabilitation of a residential real property improvements to an existing residential real property"; and

on page 7, line 17, after "officer", by inserting "or, in the absence of forms issued by the chief county assessment officer, the Department"; and

on page 13, line 24, by replacing "improvements to existing" with "the qualifying rehabilitation of improvements to existing"; and

on page 13, line 25, by replacing "are" with "is are"; and

on page 15, by replacing lines 4 through 7 with the following:

"(H) When the property exits the special assessment program, the entire parcel shall be assessed as otherwise provided by law At the completion of the assessment reduction period described in this Section: the entire parcel will be assessed as otherwise provided by law. At any time prior to exiting the special assessment program, a property owner may apply for a renewed 30-year eligibility period, to begin on the first day of the year following approval.

(H-5) Any property that has reached or will reach the end of its 30-year eligibility period before December 31, 2025 may remain in the program pending a reapplication filed by December 31, 2026. Those applications shall cite qualifying expenditures made in the 2 years before the application. This subparagraph (H-5) is inoperative on and after January 31, 2027."; and

on page 16, immediately below line 5, by inserting the following:

""Consumer Price Index-u" means the index published by the Bureau of Labor Statistics of the United States Department of Labor that measures the average change in prices of goods and services purchased by all urban consumers, United States city average, not seasonally adjusted, all items, 1982-84 = 100."; and

on page 18, immediately below line 19, by inserting the following:

"Qualifying development" means:

(1) property containing a newly constructed multifamily building containing 7 or more rental dwelling units; or

(2) property containing an existing multifamily building that has undergone qualifying rehabilitation resulting in 7 or more rental dwelling units; or

(3) property in a portfolio of properties consisting of 7 or more total rental dwelling units across 2 or more multifamily rental buildings that are each newly constructed or have undergone qualifying rehabilitation if the portfolio meets all the following additional requirements:

(A) all of the properties in the portfolio must be under common ownership and must be part of a single financial entity or treated as a single entity for the purposes of financing, regulatory agreements, or participation in a qualifying income-based subsidy program;

(B) the portfolio, as a whole, must participate in a qualifying income-based subsidy program; and

(C) if the portfolio includes units supported by tenant-based rental assistance, including, but not limited to, the Housing Choice Voucher program, the portfolio must also:

(i) operate under a regulatory agreement with a federal, State, or local housing agency that imposes affordability restrictions; or

(ii) participate in an additional qualifying income-based subsidy program beyond tenant-based assistance."; and

by replacing everything from line 6 on page 19 through line 1 on page 21 with the following:

""Qualifying rehabilitation" means, at a minimum, compliance with local building codes and the replacement or renovation of at least 2 primary building systems to be approved for the reduced valuation under paragraph (1) of subsection (d) of this Section and at least 5 primary building systems to be approved for the reduced valuation under subsection (e) of this Section. Although the cost of each primary building system may vary, to be approved for the reduced valuation under paragraph (1) of subsection (d) of this Section, for work completed between January 1, 2021 and December 31, 2021, the combined expenditure for making the building compliant with local codes and replacing primary building systems must be at least $8 per square foot for work completed between January 1 of the year in which this amendatory Act of the 102nd General Assembly takes effect and December 31 of the year in which this amendatory Act of the 102nd General Assembly takes effect and, in subsequent years, $8 adjusted by the Consumer Price Index for All Urban Consumers, as published annually by the U.S. Department of Labor. For work completed in calendar years beginning on or after January 1, 2022, that combined expenditure amount shall be the combined expenditure amount necessary to be approved for the reduced valuation under paragraph (1) of subsection (d) of this Section in the immediately preceding calendar year, multiplied by one plus the percentage increase, if any, in the Consumer Price Index-u during the immediately preceding calendar year and rounded to the nearest penny. To be approved for the reduced valuation under paragraph (2) of subsection (d) of this Section, for work completed between January 1, 2021 and December 31, 2021, the combined expenditure for making the building compliant with local codes and replacing primary building systems must be at least $12.50 per square foot for work completed between January 1 of the year in which this amendatory Act of the 102nd General Assembly takes effect and December 31 of the year in which this amendatory Act of the 102nd General Assembly takes effect, and in subsequent years, $12.50 adjusted by the Consumer Price Index for All Urban Consumers, as published annually by the U.S. Department of Labor. For work completed in calendar years beginning on or after January 1, 2022, that combined expenditure amount shall be the combined expenditure amount necessary to be approved for the reduced valuation under paragraph (2) of subsection (d) of this Section in the immediately preceding calendar year, multiplied by one plus the percentage increase, if any, in the Consumer Price Index-u during the immediately preceding calendar year and rounded to the nearest penny. To be approved for the reduced valuation under subsection (e) of this Section, for work completed between January 1, 2021 and December 31, 2021, the combined expenditure for making the building compliant with local codes and replacing primary building systems must be at least $60 per square foot for work completed between January 1 of the year that this amendatory Act of the 102nd General Assembly becomes effective and December 31 of the year that this amendatory Act of the 102nd General Assembly becomes effective and, in subsequent years, $60 adjusted by the Consumer Price Index for All Urban Consumers, as published annually by the U.S. Department of Labor. For work completed in calendar years beginning on or after January 1, 2022, that combined expenditure amount shall be the combined expenditure amount necessary to be approved for the reduced valuation under subsection (e) of this Section in the immediately preceding calendar year, multiplied by one plus the percentage increase, if any, in the Consumer Price Index-u during the immediately preceding calendar year and rounded to the nearest penny. This amendatory Act of the 104th General Assembly is not intended to change the combined expenditure amounts determined before the effective date of this amendatory Act of the 104th General Assembly for any work completed before January 1, 2026 and shall not be used as the basis for any appeal filed with the chief county assessment officer, the board of review, the Property Tax Appeal Board, or the circuit court with respect to the scope or meaning of the exemption under this Section for a tax year prior to tax year 2026.

For the purposes of administering this Section, by February 15, 2026, and by February 15 of each year thereafter, the Department of Revenue shall publish on its website the percentage increase, if any, in the Consumer Price Index-u for the immediately preceding calendar year, including historical annual increases in the Consumer Price Index-u going back to calendar year 2022. In counties with a population of 3,000,000 or more, by March 15, 2026, and by March 15 of each year thereafter, the county assessor shall, using the data available on the Department of Revenue's website, calculate and make available on its website the combined expenditure amounts used in the definition of "qualified rehabilitation" for the applicable taxable year.

"Primary building systems", together with their related rehabilitations, specifically approved for this program are:".