100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB0367

 

Introduced , by Rep. La Shawn K. Ford

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Value After Rehabilitation Appraisal Act. Provides that, unless prohibited by federal law or regulation, for any program administered by this State that requires an appraisal to be performed on real estate, the appraisal may take value after rehabilitation into account. Provides that an appraisal that takes value after rehabilitation into account shall be accepted to the same extent that other appraisal methods for real estate sales and refinances are accepted.


LRB100 04305 HEP 16343 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB0367LRB100 04305 HEP 16343 b

1    AN ACT concerning housing.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the Value
5After Rehabilitation Appraisal Act.
 
6    Section 5. Value after rehabilitation appraisals
7permitted. Unless prohibited by federal law or regulation, for
8any program administered by this State that requires an
9appraisal to be performed on real estate, the appraisal may
10take value after rehabilitation into account. An appraisal that
11takes value after rehabilitation into account shall be accepted
12to the same extent that other appraisal methods for real estate
13sales and refinances are accepted.