Many states have adopted programs and initiatives to tackle the affordability crisis. In Illinois, policymakers and the housing industry have made concerted efforts to address the problem. Examples include:
Chicago Low-Income Housing Trust Fund
The Chicago Low-Income Housing Trust Fund provides targeted subsides supporting the housing needs of low income families, the disabled and seniors.
Illinois Homeless Prevention Program
Illinois’ Homeless Prevention Program provides targeted assistance to individuals and families who are in danger of eviction, foreclosure, homelessness or are currently homeless.
Housing Advocacy Cash and Assistance Program
Also called “Norman,” the program provides targeted emergency assistance to families with children to support critical needs, including housing assistance.
Tax Incentive for Affordable Rental Properties
HB2168 proposes property tax relief for apartment owners who build new or rehab existing units and agree to keep the rents affordable.
Illinois Rental Housing Support Program
The Illinois Rental Housing Support Program supports the immediate needs of thousands of renters each year. The program is funded via a $10 surcharge on County Recordation Fees. Additional funds from an increased surcharge would help increase capacity of the Chicago Low-Income Housing Trust Fund and other rental subsidy programs around the state.