Bill > SB1261

This bill establishes the Community Land Trust Home Ownership Act to address affordable housing challenges in Illinois, with a focus on expanding homeownership opportunities for communities of color. The bill creates a Community Land Trust Task Force comprised of 15 members from government agencies, legislative bodies, community land trusts, and other relevant sectors, which will be responsible for exploring funding mechanisms, studying community land trusts as an affordable housing tool, and developing strategies to increase affordable housing options. The Task Force will investigate ways to support community land trusts, including exploring new revenue streams, considering incorporation into local tax sale processes, providing technical assistance, and promoting innovative funding sources. The Illinois Housing Development Authority will make its homeownership programs available specifically to home buyers and owners working with community land trusts (non-profit organizations that provide long-term affordable housing opportunities), and the Authority must propose new administrative rules within 90 days of the Act's effectiveness. The Task Force is required to submit a public report to the Governor and General Assembly and will be dissolved 14 months after its first meeting, with the goal of addressing the state's affordable housing crisis and helping to close the racial wealth gap in homeownership.

Housing and Urban Affairs, Justice

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1261&GAID=18&DocTypeID=SB&SessionID=114&GA=104