IL
Illinois House Bill HB3292

Illinois 2023-2024 Regular Session

Illinois House Bill HB3292 Compare Versions

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11 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3292 Introduced , by Rep. Theresa Mah SYNOPSIS AS INTRODUCED: New Act Creates the Limited-Equity Housing Cooperative Task Force Act. Provides that the purpose of the Act is to establish the Illinois Limited-Equity Housing Cooperative Task Force to collect data and qualitative experiences regarding the needs of limited-equity housing cooperatives with the goal of analyzing their potential to (i) increase the supply of affordable ownership housing across Illinois and (ii) further home ownership and build wealth among lower-income and moderate-income Illinoisans, especially those locked out of the traditional homeownership market. Provides that the Task Force is created within the Illinois Housing Development Authority to study: (1) opportunities to expand the number of limited-equity housing cooperatives statewide, including the number of properties that could be developed as limited-equity housing cooperatives; (2) the use of limited-equity housing cooperatives as a tool to create permanently affordable ownership housing; (3) the impact that substantial investments in limited-equity housing cooperatives would have on closing the racial wealth gap in Illinois; and other matters. Requires the Task Force to prepare and submit a final report, on or before December 31, 2024, to the Governor and the General Assembly making specific recommendations of legislative and budgetary action that supports the mission of limited-equity housing cooperatives to foster permanently affordable ownership housing and homeownership among lower-income and moderate-income Illinois residents. Contains provisions concerning Task Force membership; meetings; vacancies; and other matters. Provides that the Task Force is dissolved and the Act is repealed on December 31, 2024. Effective immediately. LRB103 30445 KTG 56877 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3292 Introduced , by Rep. Theresa Mah SYNOPSIS AS INTRODUCED: New Act New Act Creates the Limited-Equity Housing Cooperative Task Force Act. Provides that the purpose of the Act is to establish the Illinois Limited-Equity Housing Cooperative Task Force to collect data and qualitative experiences regarding the needs of limited-equity housing cooperatives with the goal of analyzing their potential to (i) increase the supply of affordable ownership housing across Illinois and (ii) further home ownership and build wealth among lower-income and moderate-income Illinoisans, especially those locked out of the traditional homeownership market. Provides that the Task Force is created within the Illinois Housing Development Authority to study: (1) opportunities to expand the number of limited-equity housing cooperatives statewide, including the number of properties that could be developed as limited-equity housing cooperatives; (2) the use of limited-equity housing cooperatives as a tool to create permanently affordable ownership housing; (3) the impact that substantial investments in limited-equity housing cooperatives would have on closing the racial wealth gap in Illinois; and other matters. Requires the Task Force to prepare and submit a final report, on or before December 31, 2024, to the Governor and the General Assembly making specific recommendations of legislative and budgetary action that supports the mission of limited-equity housing cooperatives to foster permanently affordable ownership housing and homeownership among lower-income and moderate-income Illinois residents. Contains provisions concerning Task Force membership; meetings; vacancies; and other matters. Provides that the Task Force is dissolved and the Act is repealed on December 31, 2024. Effective immediately. LRB103 30445 KTG 56877 b LRB103 30445 KTG 56877 b A BILL FOR
22 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3292 Introduced , by Rep. Theresa Mah SYNOPSIS AS INTRODUCED:
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55 Creates the Limited-Equity Housing Cooperative Task Force Act. Provides that the purpose of the Act is to establish the Illinois Limited-Equity Housing Cooperative Task Force to collect data and qualitative experiences regarding the needs of limited-equity housing cooperatives with the goal of analyzing their potential to (i) increase the supply of affordable ownership housing across Illinois and (ii) further home ownership and build wealth among lower-income and moderate-income Illinoisans, especially those locked out of the traditional homeownership market. Provides that the Task Force is created within the Illinois Housing Development Authority to study: (1) opportunities to expand the number of limited-equity housing cooperatives statewide, including the number of properties that could be developed as limited-equity housing cooperatives; (2) the use of limited-equity housing cooperatives as a tool to create permanently affordable ownership housing; (3) the impact that substantial investments in limited-equity housing cooperatives would have on closing the racial wealth gap in Illinois; and other matters. Requires the Task Force to prepare and submit a final report, on or before December 31, 2024, to the Governor and the General Assembly making specific recommendations of legislative and budgetary action that supports the mission of limited-equity housing cooperatives to foster permanently affordable ownership housing and homeownership among lower-income and moderate-income Illinois residents. Contains provisions concerning Task Force membership; meetings; vacancies; and other matters. Provides that the Task Force is dissolved and the Act is repealed on December 31, 2024. Effective immediately.
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1111 1 AN ACT concerning housing.
1212 2 Be it enacted by the People of the State of Illinois,
1313 3 represented in the General Assembly:
1414 4 Section 1. Short title. This Act may be cited as the
1515 5 Limited-Equity Cooperative Housing Task Force Act.
1616 6 Section 5. Purposes. The purposes of this Act are to
1717 7 establish the Illinois Limited-Equity Housing Cooperative Task
1818 8 Force to collect data and qualitative experiences regarding
1919 9 the needs of limited-equity housing cooperatives with the goal
2020 10 of analyzing their potential to (i) increase the supply of
2121 11 affordable ownership housing across Illinois and (ii) further
2222 12 home ownership and build wealth among lower-income and
2323 13 moderate-income Illinoisans, especially those locked out of
2424 14 the traditional homeownership market.
2525 15 Section 10. Findings. The General Assembly finds the
2626 16 following:
2727 17 (1) Homeownership is the principal way families build
2828 18 wealth, yet homeownership is most inaccessible to
2929 19 communities of color in Illinois, where roughly 75% of
3030 20 white families own their homes, but only 61% of Asian
3131 21 families, 52% of Hispanic families, and 38% of Black
3232 22 families are homeowners.
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3939 Creates the Limited-Equity Housing Cooperative Task Force Act. Provides that the purpose of the Act is to establish the Illinois Limited-Equity Housing Cooperative Task Force to collect data and qualitative experiences regarding the needs of limited-equity housing cooperatives with the goal of analyzing their potential to (i) increase the supply of affordable ownership housing across Illinois and (ii) further home ownership and build wealth among lower-income and moderate-income Illinoisans, especially those locked out of the traditional homeownership market. Provides that the Task Force is created within the Illinois Housing Development Authority to study: (1) opportunities to expand the number of limited-equity housing cooperatives statewide, including the number of properties that could be developed as limited-equity housing cooperatives; (2) the use of limited-equity housing cooperatives as a tool to create permanently affordable ownership housing; (3) the impact that substantial investments in limited-equity housing cooperatives would have on closing the racial wealth gap in Illinois; and other matters. Requires the Task Force to prepare and submit a final report, on or before December 31, 2024, to the Governor and the General Assembly making specific recommendations of legislative and budgetary action that supports the mission of limited-equity housing cooperatives to foster permanently affordable ownership housing and homeownership among lower-income and moderate-income Illinois residents. Contains provisions concerning Task Force membership; meetings; vacancies; and other matters. Provides that the Task Force is dissolved and the Act is repealed on December 31, 2024. Effective immediately.
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6767 1 (2) Private development into neighborhoods displaces
6868 2 long-time residents by purchasing and demolishing older,
6969 3 single-family homes at low costs in favor of luxury
7070 4 housing, raising property taxes and rents for surrounding
7171 5 homes.
7272 6 (3) Limited-equity housing cooperatives curb
7373 7 displacement and foster generational wealth by creating
7474 8 opportunities for permanently affordable homeownership.
7575 9 (4) Limited-equity housing cooperatives preserve
7676 10 naturally occurring affordable housing by closing the
7777 11 affordability gap so that low-to-moderate income
7878 12 households can live in high opportunity neighborhoods.
7979 13 (5) Limited-equity housing cooperatives can be a
8080 14 powerful solution for homeowners facing delinquent
8181 15 property taxes or other financial threats to continued
8282 16 homeownership that keeps residents in their homes and
8383 17 creates permanently affordable properties for future
8484 18 buyers and long-term residents.
8585 19 (6) Limited-equity housing cooperatives foster safe
8686 20 environments, community organizing and cooperation, civic
8787 21 engagement, and collective decision-making.
8888 22 (7) Limited-equity housing cooperatives currently
8989 23 operate to successfully preserve and create affordable
9090 24 housing in urban areas in Illinois, but there is need for
9191 25 centralized support and coordination for the establishment
9292 26 of limited-equity housing cooperatives across the State.
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103103 1 (8) The State of Illinois commits to becoming a
104104 2 national exemplar by supporting and encouraging the
105105 3 establishment of limited-equity housing cooperatives
106106 4 across the State.
107107 5 Section 15. Task Force; composition. The Limited-Equity
108108 6 Housing Cooperative Task Force is created within the Illinois
109109 7 Housing Development Authority and shall consist of the
110110 8 following members:
111111 9 (1) The Executive Director of the Illinois Housing
112112 10 Development Authority, or the Executive Director's
113113 11 designee.
114114 12 (2) One member of the Senate, appointed by the
115115 13 President of the Senate.
116116 14 (3) One member of the Senate, appointed by the
117117 15 Minority Leader of the Senate.
118118 16 (4) One member of the House of Representatives,
119119 17 appointed by the Speaker of the House of Representatives.
120120 18 (5) One member of the House of Representatives,
121121 19 appointed by the Minority Leader of the House of
122122 20 Representatives.
123123 21 (6) One representative from at least 3 Illinois
124124 22 limited-equity housing cooperatives appointed by the
125125 23 Governor.
126126 24 (7) A representative from one organization, either
127127 25 within Illinois or outside Illinois, devoted to the
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138138 1 creation of limited-equity housing cooperatives.
139139 2 (8) A representative from a bank or lender that serves
140140 3 housing cooperatives.
141141 4 (9) One representative of a university located in
142142 5 Illinois who has expertise on housing studies, appointed
143143 6 by the Governor.
144144 7 (10) One member representing a national laboratory
145145 8 that provides technical support to advance affordable
146146 9 housing solutions, appointed by the Governor.
147147 10 (11) One member representing a statewide organization
148148 11 that advocates for affordable housing in Illinois,
149149 12 appointed by the Governor.
150150 13 Section 20. Task force duties.
151151 14 (a) The Task Force shall study:
152152 15 (1) opportunities to expand the number of
153153 16 limited-equity housing cooperatives statewide, including
154154 17 the number of properties that could be developed as
155155 18 limited-equity housing cooperatives;
156156 19 (2) the use of limited-equity housing cooperatives as
157157 20 a tool to create permanently affordable ownership housing;
158158 21 (3) strategies that support the use of limited-equity
159159 22 housing cooperatives;
160160 23 (4) the impact that substantial investments in
161161 24 limited-equity housing cooperatives would have on closing
162162 25 the racial wealth gap in Illinois;
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173173 1 (5) any different considerations in the use of
174174 2 limited-equity housing cooperatives in gentrifying and
175175 3 disinvested communities; and
176176 4 (6) any incentive packages that might encourage
177177 5 current property owners to sell their homes to
178178 6 limited-equity housing cooperatives.
179179 7 (b) The Task Force shall also:
180180 8 (1) make recommendations for establishing a
181181 9 sustainable, dedicated source of funding for
182182 10 limited-equity housing cooperatives;
183183 11 (2) create a cost-benefit analysis describing any
184184 12 savings to the State if a limited-equity housing
185185 13 cooperative model were pursued, including when compared to
186186 14 current affordable rental housing programs and savings
187187 15 across other sectors;
188188 16 (3) outline financing and lending opportunities for
189189 17 limited-equity housing cooperatives to make homeownership
190190 18 attainable to long-term neighborhood residents;
191191 19 (5) explore complementary uses of limited-equity
192192 20 housing cooperative and community land trusts.
193193 21 Following the study, the Task Force shall prepare a final
194194 22 report to the Governor and the General Assembly making
195195 23 specific recommendations of legislative and budgetary action
196196 24 that supports the mission of limited-equity housing
197197 25 cooperatives to foster permanently affordable ownership
198198 26 housing and homeownership among lower-income and
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209209 1 moderate-income Illinois residents.
210210 2 Section 25. Meetings; co-chair; administrative support.
211211 3 All members appointed under Section 15 shall serve without
212212 4 compensation. Task Force members shall be appointed within 30
213213 5 days after the effective date of this Act. If a vacancy occurs
214214 6 thereafter, a replacement shall be appointed by the co-chairs
215215 7 of the Task Force. The Task Force shall hold its initial
216216 8 meetings within 60 days after the effective date of this Act.
217217 9 The Task Force shall meet at least 6 times. Additional
218218 10 meetings may be called at the direction of the co-chairs. The
219219 11 following individuals shall serve as co-chairs of the Task
220220 12 Force:
221221 13 (1) The Executive Director of the Illinois Housing
222222 14 Development Authority, or the Executive Director's
223223 15 designee.
224224 16 (2) One member of the Senate, appointed by the
225225 17 President of the Senate.
226226 18 (3) One member of the House of Representatives,
227227 19 appointed by the Speaker of the House of Representatives.
228228 20 Additionally, one member from the non-governmental sector,
229229 21 appointed by the Governor, shall be appointed Vice-Chair.
230230 22 The Illinois Housing Development Authority shall provide
231231 23 administrative and technical support to the Task Force and be
232232 24 responsible for administering its operations and ensuring that
233233 25 the requirements of the Task Force are met.
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244244 1 Section 30. Duties. The Task Force shall submit its final
245245 2 report to the Governor and General Assembly no later than
246246 3 December 31, 2024. The final report shall be made available
247247 4 online for the general public.
248248 5 Section 35. Repeal. This Task Force is dissolved, and this
249249 6 Act is repealed, on December 31, 2024.
250250 7 Section 99. Effective date. This Act takes effect upon
251251 8 becoming law.
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