20 ILCS 4126/25

(20 ILCS 4126/25)

(Section scheduled to be repealed on December 31, 2024)

Sec. 25. Duties. The Community Land Trust Task Force shall:

(1) collect data regarding the current use of community land trusts in Illinois and opportunities for expansion statewide, including the number of properties that could be acquired by a land trust through the property tax sale system;

(2) study the use of community land trusts as a tool to create permanently affordable housing, including as an alternative to property tax sales;

(3) analyze centralized models that support the use of community land trusts to create and maintain affordable housing used in other states and countries worldwide;

(4) create a cost-benefit analysis describing any savings to the State if a community land trust model was pursued, including when compared to current affordable rental housing programs and savings across other sectors;

(5) outline financing and lending opportunities for community land trusts to make homeownership attainable to historically marginalized communities;

(6) examine the impact substantial investments in community land trusts would have on closing the racial wealth gap in Illinois;

(7) examine any different considerations in the use of community land trusts in gentrifying and disinvested communities;

(8) examine incentive packages to encourage current property owners to sell their homes to a community land trust;

(9) explore complementary uses of community land trusts and housing cooperatives; and

(10) prepare a final report making specific recommendations of legislative and budgetary action that supports the mission of community land trusts to foster affordable housing and homeownership.

(Source: P.A. 103-250, eff. 6-30-23.)