Illinois HB4571 allows counties with populations between 750,000 and 2 million to acquire and transfer real property for affordable housing.
HB4571 amends the Counties Code to enable counties with populations between 750,000 and 2 million to acquire real property for creating or preserving affordable housing for individuals earning up to 150% of the area median income. These counties can enter into agreements to donate, lease below market rate, or sell below market rate real property for this purpose. They can also facilitate affordable housing by offering financial incentives and infrastructure improvements to developers. Counties can impose income restrictions on affordable housing developments as part of these agreements.
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- Legal Framework
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