HB4571 - CTY CD-AFFORDABLE HOUSING
The bill amends the Counties Code to authorize certain counties to undertake activities intended to create and preserve affordable housing. Applies to counties with a population greater than 750,000 and fewer than 2 million residents, as well as counties with a county executive form of government and a population greater than 650,000 and fewer than 2 million residents, according to the most recent federal decennial census. Authorizes those counties to acquire, transfer, donate, lease below market rate, or sell below market rate real property for the creation or preservation of affordable housing for households earning up to 140% of the area median income. Counties may enter into agreements with units of local government, school districts, the State, developers, and property owners to facilitate affordable housing development, including property transfers, clearance and remediation activities, and the imposition of deed restrictions that limit occupancy based on income.
The bill further authorizes eligible counties to undertake activities permitted under the Affordable Housing Planning and Appeal Act, select purchasers and lessees for county-owned, land bank, or land trust properties, and provide financial incentives, grants, loans, and infrastructure improvements to encourage affordable housing development within the county, including within municipal boundaries. Qualifying infrastructure improvements are deemed to serve a public purpose. House Floor Amendment No. 1 expands the bill's applicability to include certain counties operating under a county executive form of government and reduces the qualifying income threshold from 150% to 140% of area median income. House Floor Amendment No. 2 provides for an immediate effective date.