(310 ILCS 126/15) (Section scheduled to be repealed on April 1, 2025)
Sec. 15. Grant program. Subject to appropriation for this purpose, the Authority shall establish an affordable housing grant program to encourage the construction and rehabilitation of affordable multifamily rental housing in response to the COVID-19 pandemic. Funding may be used for the acquisition, construction, development, predevelopment, or rehabilitation of a qualified development. The goal of the grant program shall be to fund the development and preservation of up to 3,500 affordable rental homes and apartments by December 31, 2024. Project sponsors who wish to participate in the affordable housing grant program shall submit a grant application to the Authority in accordance with rules adopted by the Authority. The Authority shall prescribe, by rule, standards and procedures for the provision of demonstration grant funds in relation to each grant application.
(Source: P.A. 102-175, eff. 7-29-21.) |