SPRINGFIELD – State Senator Sara Feigenholtz (D-Chicago) is undertaking an effort to provide affordable housing solutions around Chicago and across the state.

“The COVID-19 pandemic has amplified an already-existing statewide housing crisis,” Feigenholtz said. “Providing landlords with incentives to offer tenants more affordable rent is a step toward addressing one of the most pressing problems we are facing in Illinois.”

Senate Bill 330 provides the opportunity for rehabilitated or newly constructed rental property to receive a reduction in its assessed value in order to help lower property taxes. To qualify, a property owner must make a commitment that at least 15% of units will be offered at or below maximum rents and occupied by families at or below maximum income limits for a period of 10 years. The amount of reduction in assessed value will depend on the percentage of units offering low rents.

The Feigenholtz measure has a wide variety of supporters, including the City of Chicago, Cook County President Toni Preckwinkle, Housing Action Illinois, Preservation Compact, the Corporation for Supportive Housing and the Resurrection Project. Last week, several Chicago Alderpersons sent a jointly-authored letter to Senate President Don Harmon (D-Oak Park) urging quick passage of the legislation, which would allow them to advance their affordable housing agenda in the city council.

“The Chicago City Council is waiting for the General Assembly to act on this measure, which will enable them to offer incentives and create and preserve affordable housing,” Feigenholtz said. “This measure will give real estate developers and landlords another tool in their repertoire to provide lower rents to the people in our city and across our state who need it the most.”

Feigenholtz first began working on this issue in 2018 while still a member of the House of Representatives. It passed through the Senate Revenue Committee with unanimous support on Wednesday and will be sent to the full Senate for further consideration.