Substitute House Bill No. 7027, also known as Public Act No. 25-146, introduces several amendments to existing laws regarding condominium deposits, rental charge accounting, and the establishment of a working group to define "affordable housing." Key changes include the definition of "actual costs" related to condominium construction, which now encompasses various expenses such as demolition, site clearing, and design costs, while explicitly excluding sale and marketing costs. The bill allows for the use of earnest money deposits for construction improvements under certain conditions, including the requirement for a conspicuous notice in purchase agreements regarding the potential use of these funds.

Additionally, the bill mandates that landlords provide tenants with a receipt for cash payments and, upon request, a detailed ledger of charges and payments related to their dwelling unit. A working group is established to create a uniform statutory definition of "affordable housing," which will include members from the housing committee and relevant stakeholders. This group is tasked with submitting a report by January 1, 2026, detailing its findings and recommendations. The bill also updates the title of the executive director of the Office of Health Strategy to "Commissioner." These changes are set to take effect on July 1, 2025, with some provisions effective immediately upon passage.

Statutes affected:
Raised Bill: 47-271
HSG Joint Favorable: 47-271
File No. 239: 47-271
Public Act No. 25-146: 47-271