People on WSIU Radio
Fri June 29, 2012
Governor Signs Storm Bill
Illinois Governor Pat Quinn has approved a measure to help southern Illinois tornado victims rebuild their homes.
The governor signed a law Friday that creates a property tax exemption. It is equal to the difference in property values between a resident's new home and the one destroyed by the February 29th tornado that struck the Harrisburg area or another natural disaster. Two main rules apply. The home must be rebuilt within two years
of the destruction and the new residence must not be more than 110 percent of the previous home's square footage. The legislation was sponsored by Representative Brandon Phelps of Harrisburg and Senator Gary Forby of Benton. Federal low-interest loans are also available to homeowners, renters and businesses in nine southern Illinois counties.