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Dramatic Change for Illinois Families, Workers and the Economy

In Illinois, there is not enough affordable housing to meet the demand. With a deficit of nearly 200,000 affordable homes and only 73 affordable homes per 100 rental households available, the time for Affordable Illinois is now.¹

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What is Affordable Illinois?

Affordable Illinois (SB2445/SB2304) is a pending Illinois statute that would increase much-needed affordable housing for working families all over the state and create good-paying construction jobs. With its passage, residential new construction and rehabilitation would become more financially viable for developers by providing real estate tax relief for those properties that designate a minimum of 20 percent of units as affordable for up to a 30-year period.

This model has a proven track record in other cities and states, where its success has led to thousands of construction jobs and more than 40,000 new affordable housing units². It gives Illinois the chance to solve a problem that has been intractable until now — with a win-win solution that meets the needs of all.

What Does Affordable Illinois Do?

Helps provide housing

that is affordable, safe and secure to Illinois families who need it most

Creates good-paying jobs

for those in the construction trades at prevailing wages

Acts as an economic engine

for Illinois by spurring construction activity

Protects existing property tax revenues

— and increases them — for local governments

How Does Affordable Illinois Work?

Tax relief for new construction and substantially rehabilitated properties applies only to incremental real estate taxes above the amount currently generated by the property, which means municipalities will benefit from an increase in income relative to current levels. For example, if a vacant land parcel is currently assessed at $10,000, and the improvements of a 100-unit building will render the assessed value at $100,000, the real estate tax relief will be applied to the additional $90,000 of value and municipalities will always net more than they currently do.

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Creates Affordability Where None Existed

Affordable Illinois provides housing in all areas, especially in denser regions with close proximity to resources, jobs and transit — but where affordable housing is limited or nonexistent. For example, a family with a household income of $45,000 would have access to affordable rents at approximately 25% of market-rate rents.

Leads to Higher Quality Affordable Housing

Because Affordable Illinois helps make mixed-income housing possible, the integration leads to higher-quality housing for all who live there.

Paves the Way for Better Outcomes

Affordable Illinois reduces concentrations of poverty. Research has shown that children from low-income families who live in diverse, mixed-income housing have better financial outcomes as adults.