House Sponsors: TURNER,ART. 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: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status