Illinois General Assembly - Full Text of SB1378
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Full Text of SB1378  103rd General Assembly

SB1378 103RD GENERAL ASSEMBLY

  
  

 


 
103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB1378

 

Introduced 2/6/2023, by Sen. Jil Tracy

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 3805/7.24i new

    Amends the Illinois Housing Development Act. Provides that, as part of the development of the Qualified Allocation Plan for 2024-2025, the Illinois Housing Development Authority must set aside no less than 10% of its allocated tax credits for projects sponsored by nonprofits that will provide permanent housing for formerly homeless veterans in a service-based multifamily property and projects of no fewer than 20 units. Effective immediately.


LRB103 25511 KTG 51860 b

 

 

A BILL FOR

 

SB1378LRB103 25511 KTG 51860 b

1    AN ACT concerning housing.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Housing Development Act is amended
5by adding Section 7.24i as follows:
 
6    (20 ILCS 3805/7.24i new)
7    Sec. 7.24i. Allocated tax credits for permanent housing
8for homeless veterans. Notwithstanding any other law to the
9contrary, as part of the development of the Qualified
10Allocation Plan for 2024-2025, as required under 42(m) of the
11federal Internal Revenue Code of 1986, the Authority must set
12aside no less than 10% of its allocated tax credits for
13projects sponsored by nonprofits that will provide permanent
14housing for formerly homeless veterans in a service-based
15multifamily property and projects of no fewer than 20 units.
 
16    Section 99. Effective date. This Act takes effect upon
17becoming law.