PROP TAX-HOUSING AUTH EXEMPT

Amends the Property Tax Code. Includes, in the category of property exempt from taxation when used for charitable or beneficent purposes as well as in the category of property exempt as housing authority property, certain public housing residential rental property subject to a regulatory and operating agreement approved by the housing authority and the Department of Housing and Urban Development. Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. In provisions concerning the establishment of the "initial equalized assessed value" of property to be included in the district, excludes the public housing residential rental property that is subject to a regulatory and operating agreement and that is exempt under the Property Tax Code. Effective immediately.