SPRINGFIELD – Illinois residents will have more options when it comes to affordable housing through cooperative housing developments, thanks to State Senator Mike Simmons’ legislation that was signed into law.

“This law will create a Cooperative Housing Fund, which is an important step to ensuring everyone has access to affordable housing,” said Simmons (D-Chicago). “Housing is a human right, and living in good, decent, and stable housing is an option everyone should have.

This law will promote cooperative housing, a form of housing where entities own the residential building, but its residents are shareholders of the entity. Cooperative housing provides a viable alternative to homeownership for low- to middle-income earners who may not be able to buy a home, while adding a key affordable housing option to those who need it.

The Cooperative Housing Fund will be used by the Illinois Housing Development Authority to award up to $5 million in grants to organizations developing cooperative housing for residents with an income less than or equal to the median income within the municipality.

“Having a place to call your own and develop into a home is important for individuals and those who are raising a family,” Simmons said. “Cooperative housing is a great way to build community and foster a sense of stability for those needing housing. It also helps ensure that rapidly changing communities remain diverse and accessible to all.”

Senate Bill 1484 was signed into law on Friday and goes into effect immediately.