Illinois 2023-2024 Regular Session

Illinois House Bill HB3316 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3316 Introduced , by Rep. Will Guzzardi SYNOPSIS AS INTRODUCED: New Act Creates the Community Land Trust Home Ownership Act. Provides that the Illinois Housing Development Authority's homeownership programs, including loan products, grants, and other types of assistance, shall be made available to home buyers and owners seeking to purchase or maintain housing where a leasehold interest in real property is held by a community land trust or other 501(c)(3) organization for the purposes of promoting long-term affordability, preservation of affordable housing, or community revitalization efforts. Provides that any other type of seller, including for-profit or private sellers of homes, through leasehold agreements, such as installment contracts, contract for deeds, or any other type of purchase or ownership structure, shall not be eligible under the amendatory Act. Requires the Illinois Housing Development Authority, within 90 days after the effective date of the Act, to propose new or amended administrative rules that will make the Authority's homeownership programs consistent with the purposes of the Act. Effective immediately. LRB103 30355 KTG 56785 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3316 Introduced , by Rep. Will Guzzardi SYNOPSIS AS INTRODUCED: New Act New Act Creates the Community Land Trust Home Ownership Act. Provides that the Illinois Housing Development Authority's homeownership programs, including loan products, grants, and other types of assistance, shall be made available to home buyers and owners seeking to purchase or maintain housing where a leasehold interest in real property is held by a community land trust or other 501(c)(3) organization for the purposes of promoting long-term affordability, preservation of affordable housing, or community revitalization efforts. Provides that any other type of seller, including for-profit or private sellers of homes, through leasehold agreements, such as installment contracts, contract for deeds, or any other type of purchase or ownership structure, shall not be eligible under the amendatory Act. Requires the Illinois Housing Development Authority, within 90 days after the effective date of the Act, to propose new or amended administrative rules that will make the Authority's homeownership programs consistent with the purposes of the Act. Effective immediately. LRB103 30355 KTG 56785 b LRB103 30355 KTG 56785 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3316 Introduced , by Rep. Will Guzzardi SYNOPSIS AS INTRODUCED:
3	3	New Act New Act
4	4	New Act
5	5	Creates the Community Land Trust Home Ownership Act. Provides that the Illinois Housing Development Authority's homeownership programs, including loan products, grants, and other types of assistance, shall be made available to home buyers and owners seeking to purchase or maintain housing where a leasehold interest in real property is held by a community land trust or other 501(c)(3) organization for the purposes of promoting long-term affordability, preservation of affordable housing, or community revitalization efforts. Provides that any other type of seller, including for-profit or private sellers of homes, through leasehold agreements, such as installment contracts, contract for deeds, or any other type of purchase or ownership structure, shall not be eligible under the amendatory Act. Requires the Illinois Housing Development Authority, within 90 days after the effective date of the Act, to propose new or amended administrative rules that will make the Authority's homeownership programs consistent with the purposes of the Act. Effective immediately.
6	6	LRB103 30355 KTG 56785 b LRB103 30355 KTG 56785 b
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8	8	A BILL FOR
9	9	HB3316LRB103 30355 KTG 56785 b HB3316 LRB103 30355 KTG 56785 b
10	10	HB3316 LRB103 30355 KTG 56785 b
11	11	1 AN ACT concerning housing.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 1. Short title. This Act may be cited as the
15	15	5 Community Land Trust Home Ownership Act.
16	16	6 Section 5. Purposes. The purposes of this Act are to
17	17	7 ensure access to affordable housing loan products, grants, and
18	18	8 other types of assistance for buyers and owners of housing
19	19	9 located in a community land trust or other leasehold ownership
20	20	10 structure with a ground lease between the buyer or owner and a
21	21	11 501(c)(3) organization.
22	22	12 Section 10. Findings. The General Assembly finds the
23	23	13 following:
24	24	14 (1) The State of Illinois is facing an affordable housing
25	25	15 crisis.
26	26	16 (2) Homeownership serves as a critical tool to close the
27	27	17 racial wealth gap by enabling historically excluded families
28	28	18 to build generational wealth.
29	29	19 (3) Community land trusts and other ownership structures
30	30	20 that promote long-term affordability are critical housing
31	31	21 options that can reduce the affordable housing gap.
32	32	22 (4) Community land trusts and other ownership structures
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36	36	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3316 Introduced , by Rep. Will Guzzardi SYNOPSIS AS INTRODUCED:
37	37	New Act New Act
38	38	New Act
39	39	Creates the Community Land Trust Home Ownership Act. Provides that the Illinois Housing Development Authority's homeownership programs, including loan products, grants, and other types of assistance, shall be made available to home buyers and owners seeking to purchase or maintain housing where a leasehold interest in real property is held by a community land trust or other 501(c)(3) organization for the purposes of promoting long-term affordability, preservation of affordable housing, or community revitalization efforts. Provides that any other type of seller, including for-profit or private sellers of homes, through leasehold agreements, such as installment contracts, contract for deeds, or any other type of purchase or ownership structure, shall not be eligible under the amendatory Act. Requires the Illinois Housing Development Authority, within 90 days after the effective date of the Act, to propose new or amended administrative rules that will make the Authority's homeownership programs consistent with the purposes of the Act. Effective immediately.
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42	42	A BILL FOR
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48	48	New Act
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67	67	1 that promote long-term affordability curb displacement and
68	68	2 foster generational wealth by creating opportunities for
69	69	3 homeownership to remain affordable for generations.
70	70	4 (5) Community land trusts and other ownership structures
71	71	5 that promote long-term affordability preserve naturally
72	72	6 occurring affordable housing by closing the affordability gap
73	73	7 so that low-to-moderate income households can live in high
74	74	8 opportunity neighborhoods.
75	75	9 Section 15. Definitions. As used in this Act:
76	76	10 "Authority" means the Illinois Housing Development
77	77	11 Authority.
78	78	12 "Community land trust" means a 501(c)(3) organization
79	79	13 governed by a board of community land trusts residents,
80	80	14 community residents, and public representatives that provides
81	81	15 permanent or long-term affordability and shared equity
82	82	16 homeownership opportunities.
83	83	17 "501(c)(3) organization" means a nonprofit organization
84	84	18 that is exempt or qualified for exemption from taxation
85	85	19 pursuant to Section 501(c)(3) of the Internal Revenue Code of
86	86	20 1986.
87	87	21 Section 20. Eligibility for Authority homeownership
88	88	22 programs. The Authority's homeownership programs, including
89	89	23 loan products, grants, and other types of assistance, shall be
90	90	24 made available to home buyers and owners seeking to purchase
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101	101	1 or maintain housing where a leasehold interest in real
102	102	2 property is held by a community land trust or other 501(c)(3)
103	103	3 organization for the purposes of promoting long-term
104	104	4 affordability, preservation of affordable housing, or
105	105	5 community revitalization efforts. Any other type of seller,
106	106	6 including for-profit or private sellers of homes, through
107	107	7 leasehold agreements, such as installment contracts, contract
108	108	8 for deeds, or any other type of purchase or ownership
109	109	9 structure, shall not be eligible under this Section.
110	110	10 Section 25. Rulemaking. Within 90 days after the effective
111	111	11 date of this Act, the Authority shall propose new or amended
112	112	12 administrative rules that will make the Authority's
113	113	13 homeownership programs consistent with the purposes of this
114	114	14 Act.
115	115	15 Section 99. Effective date. This Act takes effect upon
116	116	16 becoming law.
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