HB1091

Illinois HB1091 amends the Property Tax Code to exempt property used for constructing or rehabilitating residences for low-income families.

HB1091 amends the Property Tax Code to exempt property held by charitable organizations for constructing or rehabilitating residences for eventual transfer to qualified low-income families. The exemption applies if the organization provides evidence of its exempt status under the Internal Revenue Code and either has bylaws allowing a waiver or reduction of fees based on ability to pay, or is a not-for-profit health maintenance organization. The exemption begins when the property is transferred to the organization and ends when it is transferred to a qualified low-income family.