310 ILCS 126/5
The State of Illinois faces a large shortage of decent, affordable rental housing for low-income and moderate-income households. The COVID-19 pandemic has dramatically increased this need for affordable housing. The development of affordable housing will help Illinois to address the need for more housing, jobs, tax base, tax revenue, and population in the State. These funds will help developers to overcome increased construction costs related to pandemic-created supply shortages (in lumber and other materials) and to jump-start a housing recovery in Illinois in the wake of the pandemic. These funds will also incentivize and attract private equity and private lending and will allow the State to more fully use and draw down unused federal resources for affordable housing. Funding will be used for the acquisition, construction, development, predevelopment, or rehabilitation of affordable multifamily rental development.
310 ILCS 126/5