Establishes a three-year pilot program for middle-income housing grants in Illinois.
The Illinois Middle-Income Housing Grant Pilot Act creates a three-year pilot program to facilitate housing development in targeted communities. The Illinois Housing Development Authority will administer the program, which provides grants to eligible developers for both redevelopment and new development projects. Grants are available at $20,000 per unit, up to $200,000 per unit, and $1,000,000 per project. The program targets communities with an authorized River Edge Redevelopment Zone and requires a $1,000 local match investment. Rental units must be rented at or below the U.S.
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