Illinois General Assembly - Bill Status for SB2927
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 Bill Status of SB2927  103rd General Assembly


Short Description:  IHDA-HOMEOWNERSHIP PROGRAMS

Senate Sponsors
Sen. Natalie Toro

Last Action
DateChamber Action
  1/26/2024SenateReferred to Assignments

Statutes Amended In Order of Appearance
New Act


Synopsis As Introduced
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.

Actions 
DateChamber Action
  1/26/2024SenateFiled with Secretary by Sen. Natalie Toro
  1/26/2024SenateFirst Reading
  1/26/2024SenateReferred to Assignments

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