103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2927 Introduced 1/26/2024, by Sen. Natalie Toro 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 34516 KTG 64350 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2927 Introduced 1/26/2024, by Sen. Natalie Toro 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 34516 KTG 64350 b LRB103 34516 KTG 64350 b A BILL FOR
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2927 Introduced 1/26/2024, by Sen. Natalie Toro SYNOPSIS AS INTRODUCED:
New Act 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 34516 KTG 64350 b LRB103 34516 KTG 64350 b
LRB103 34516 KTG 64350 b
A BILL FOR
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SB2927 LRB103 34516 KTG 64350 b
1 AN ACT concerning housing.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 1. Short title. This Act may be cited as the
5 Community Land Trust Home Ownership Act.
6 Section 5. Purposes. The purposes of this Act are to
7 ensure access to affordable housing loan products, grants, and
8 other types of assistance for buyers and owners of housing
9 located in a community land trust or other leasehold ownership
10 structure with a ground lease between the buyer or owner and a
11 501(c)(3) organization.
12 Section 10. Findings. The General Assembly finds the
13 following:
14 (1) The State of Illinois is facing an affordable housing
15 crisis.
16 (2) Homeownership serves as a critical tool to close the
17 racial wealth gap by enabling historically excluded families
18 to build generational wealth.
19 (3) Community land trusts and other ownership structures
20 that promote long-term affordability are critical housing
21 options that can reduce the affordable housing gap.
22 (4) Community land trusts and other ownership structures
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2927 Introduced 1/26/2024, by Sen. Natalie Toro SYNOPSIS AS INTRODUCED:
New Act 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 34516 KTG 64350 b LRB103 34516 KTG 64350 b
LRB103 34516 KTG 64350 b
A BILL FOR
New Act
LRB103 34516 KTG 64350 b
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1 that promote long-term affordability curb displacement and
2 foster generational wealth by creating opportunities for
3 homeownership to remain affordable for generations.
4 (5) Community land trusts and other ownership structures
5 that promote long-term affordability preserve naturally
6 occurring affordable housing by closing the affordability gap
7 so that low-to-moderate income households can live in high
8 opportunity neighborhoods.
9 Section 15. Definitions. As used in this Act:
10 "Authority" means the Illinois Housing Development
11 Authority.
12 "Community land trust" means a 501(c)(3) organization
13 governed by a board of community land trusts residents,
14 community residents, and public representatives that provides
15 permanent or long-term affordability and shared equity
16 homeownership opportunities.
17 "501(c)(3) organization" means a nonprofit organization
18 that is exempt or qualified for exemption from taxation
19 pursuant to Section 501(c)(3) of the Internal Revenue Code of
20 1986.
21 Section 20. Eligibility for Authority homeownership
22 programs. The Authority's homeownership programs, including
23 loan products, grants, and other types of assistance, shall be
24 made available to home buyers and owners seeking to purchase
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1 or maintain housing where a leasehold interest in real
2 property is held by a community land trust or other 501(c)(3)
3 organization for the purposes of promoting long-term
4 affordability, preservation of affordable housing, or
5 community revitalization efforts. Any other type of seller,
6 including for-profit or private sellers of homes, through
7 leasehold agreements, such as installment contracts, contract
8 for deeds, or any other type of purchase or ownership
9 structure, shall not be eligible under this Section.
10 Section 25. Rulemaking. Within 90 days after the effective
11 date of this Act, the Authority shall propose new or amended
12 administrative rules that will make the Authority's
13 homeownership programs consistent with the purposes of this
14 Act.
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