SPRINGFIELD, Ill. (CBS) — A bill geared toward creating more affordable housing passed out of committee in the Illinois state Senate Wednesday.

Senate Bill 2445 would create financial incentives for residential developers to create affordable housing – including the Build Illinois Homes Tax Credit, which would give tax credits in exchange for developing qualified low-income housing.

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The bill would also provide property tax abatements for developers who set aside at least 20 percent of their multi-family developments for low-income renters in high-pried areas. Abatements would also be provided for developers of new or renovated rental properties if at least 15 percent of the apartments are occupied by those with extremely low incomes for 10 years.

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The bill also provides a sales tax exemption for the purchase of building materials for affordable housing developments.

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The effort was led by state Sens. Mattie Hunter (D-Chicago), Ann Gillespie (D-Arlington Heights), and Sara Feigenholtz (D-Chicago). It was passed by the Senate Revenue Committee on Wednesday and must go for a floor vote before the full state Senate.

CBS 2 Chicago Staff