90th General Assembly
Summary of SB0401
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Short description: 
MUNI CD-TIF-AFFORD HOUSE FUND                                              

Synopsis of Bill as introduced:
        Amends the Tax Increment  Allocation  Redevelopment  Act  in  the      
   Illinois  Municipal  Code.  Requires  municipalities to deposit 20% of      
   that portion of the annual  property  tax  increment  generated  by  a      
   district  that is not required to pay interest on bonds that have been      
   issued for that district and 20% of any bond  revenues  generated  for      
   the  district  into  a  special Affordable Housing Fund.  Requires the      
   municipality to use the Affordable Housing Fund revenues  to  preserve      
   or  renovate  existing  low  and  very  low  income housing within the      
   district, to finance new construction or  rehabilitation  of  existing      
   buildings or structures to provide replacement housing to low and very      
   low income households, to maintain the affordability of existing, new,      
   or  replacement  low or very low income housing, to pay for relocation      
   costs of those households that choose to  accept  relocation,  and  to      
   construct  low  or  very  low income housing adjacent to the district,      
   elsewhere in the municipality, or elsewhere in the State.  Requires  a      
   municipality to construct replacement housing for all low and very low      
   income  households  living  within a district before taking any action      
   that would cause those households to be displaced from  their  current      
   residences.    Requires municipalities to use affordable housing funds      
   not dedicated to  low  income  housing  replacement,  improvement,  or      
   preservation  in  a manner that meets the housing demands of the range      
   of low and very low income housing within the municipality.   Provides      
   that  the municipality shall spend affordable housing funds within the      
   district unless the district does not  currently  or  will  not  after      
   redevelopment  contain  residential  uses.   Grants municipalities the      
   authority to spend funds deposited  in  the  affordable  housing  fund      
   outside  the  district  subject  to  certain  guidelines.   Allows the      
   municipality to spend up to 70% of affordable  housing  funds  outside      
   the district. Makes other changes.                                          
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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