Governor Rod Blagojevich signed a law to create more affordable housing throughout the state.
Sponsors say the $30 million Rental Housing Support Program will allow for rent subsidies to as many as 5,000 families in its first year.
The program was approved by lawmakers in May and was awaiting
Blagojevich's signature. Renters earning 30% or less of their area's median income could be eligible for assistance through the program. Statewide, the average income threshold for a family of four would be $19,000.
The subsidy program will be paid for through an additional $10 fee on recording documents in real estate transactions. Families eligible for the program would pay a flat rent of approximately 30% of their income.
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