The bill is designed to create a structured tax abatement program for housing opportunity areas characterized by lower poverty levels. Specifically, it establishes that properties within defined census tracts that meet certain criteria for housing choice vouchers can receive tax abatements. The housing authorities would be responsible for determining eligibility and managing the application process, ensuring that the properties remain in compliance with local building codes and housing standards.
Summary
House Bill 4657 seeks to amend the Property Tax Code in Illinois by extending the provisions of the housing opportunity abatement program from the current expiration date of tax year 2024 to tax year 2034. This bill aims to promote access to housing near work and to encourage economic diversity across the state. By doing so, it intends to alleviate the concentration of low-income households in high-poverty areas, providing both benefits to economic equity and housing accessibility.
Contention
While proponents of HB4657 argue that it will create a more equitable housing market and encourage diverse economic communities, there are potential points of contention. Critics may argue that such measures could unintentionally encourage displacement in areas targeted for development. Moreover, the formula for determining the eligibility based on the number of qualified units versus total units might be seen as too restrictive or complicated, potentially limiting the participation of smaller property owners in the program.
A bill for an act relating to the powers of educational institutions, political subdivisions, and certain other governmental entities regarding the sale, lease, or transfer of property for educational purposes.(See SF 2333.)
A bill for an act relating to the powers of educational institutions, political subdivisions, and certain other governmental entities regarding the sale, lease, or transfer of property for educational purposes.