(The Center Square) – Illinois announced new funding across multiple programs to make housing more affordable just days ahead of the election, while the funds were approved by the governor as far back as June
Gov. J.B. Pritzker proposed the Building Up Illinois Developments housing plan, or BUILD, early this year, but many parts of the legislative package sat on the back burner during the General Assembly’s spring session.
The proposal would make sweeping statewide zoning and regulatory changes, aimed at increasing supply, reducing overhead costs, and speeding up development timelines.
Most of the package passed in May tied into increased funding for existing state programs, which Pritzker touted earlier this week – five months after the budget passed and days before voters will decide if he’ll remain in office for a third term.
Over the past decade, the average home value has increased 73% in Illinois, with a roughly 30% increase in the past five years, based on the Federal Housing Financing Administration’s Housing Price Index.
“This announcement is $156 million in total, powered by $103 million in new funding that we secured for our Build Initiative funding last session. That will help lower costs. It helps to build new homes, expand home ownership,” Pritzker said.
Included in the funds is the Opening Doors program, which will receive $25 million in taxpayer funds to provide up to $9,000 in forgivable loans for down payments for new and repeat homebuyers that meet regional income requirements.
Pritzker said he’s been focused on affordability during his time as governor.
“You never hear your rent went down. You rarely hear that your electric bill went down. But one thing we can do for people is put more money in their pockets,” Pritzker said.
Previously, Pritzker said the remaining proposals of BUILD not passed in May, like statewide changes to zoning laws to reduce the barriers to building new housing, would likely not be passed during the legislature’s upcoming six-day fall session.
The Illinois Municipal League, an organization of local government officials, was against the housing proposal for its far-reaching zoning laws and for being excluded from discussions despite efforts to engage and give input on the plan.
In a statement, IML CEO Brad Cole said the organization shares the governor’s goal but hopes for future engagement.
“Municipal officials across Illinois remain dedicated to improving housing access and affordability and believe meaningful progress can be made while preserving local decision-making,” Cole said. “We want, and continue to be ready, to work in collaboration with policy makers and other stakeholders on this vital issue.”
Pritzker was confident more BUILD legislation would pass in the next year, potentially alongside similar or additional funding.
“Now, we passed some parts of BUILD during this last session of the general assembly this year, but there’s still more to do. And I am undaunted. Big meaningful reforms often take more than just a year to get done,” Pritzker said.
Thirty-six-million dollars of the money will also go toward the Low-Income Housing Tax Credit, which Pritzker and housing authority officials said would be for new and existing low-income housing developments across the state, and $14M for the permanent supporting housing program.
