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Housing Action Alert - Take Action to Include Affordable Housing in the State Capital Budget
Issue
House Bill 2353, which passed the General Assembly earlier this month, would amend the State Finance Act by adding new language to create an Affordable Housing Capital Fund.
Background
Affordable housing advocates are working to secure $100 million annual spending in the Illinois' capital budget for the construction and preservation of affordable housing.
The bill would not appropriate any money for the Affordable Housing Capital Fund. However, subject to appropriation, the Fund could receive money from a variety of sources, including proceeds from the issuance of General Obligation Bonds issued to fund the capital budget.
The Fund would be administered by the Illinois Housing Development Authority (IHDA). IHDA would be authorized to use money in the Fund to make grants, mortgages or loans to build, buy or preserve affordable housing for low-income and very-low income households.
Money in the Fund must be used to implement the State Comprehensive Housing Plan. The Comprehensive Housing Plan targets funding towards six low- and moderate-income priority populations:
1. Households earning below 50% of area median income, with particular emphasis on households earning below 30% of area median income;
2. Seniors;
3. Persons with disabilities;
4. Homeless persons and persons at risk of homelessness;
5. People unable to afford housing near work or transportation; and
6. People residing in existing affordable housing that is in danger of becoming unaffordable.
Negotiations over the size and content of the capital budget are ongoing. Signing HB 2353 into law as soon as possible would send an important signal that Governor Blagojevich supports affordable housing in the capital budget.
Catholic Social Teaching
Catholic Social Teaching challenges us to give priority to the needs of the poor and vulnerable in our society. This legislation creates a fund, which when funds are appropriated, will be usedto build, buy, or preserve affordable housing for low and very low income households.
Action needed
Please contact Governor Blagojevich and let him know that you want him to sign HB 2353 into law because affordable housing is part of our basic infrastructure—just like roads, bridges, and schools, on which businesses and communities depend—and belongs in the capital budget.
Information Source -Alert from HousingMatters.net.
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