Substitute House Bill No. 7027, now 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, permit fees, and design costs, while explicitly excluding sale and marketing costs. The bill allows for deposits made in connection with condominium purchases to be used for construction improvements, in addition to being held in escrow until closing or refunded. It also mandates that any purchase agreement permitting the use of earnest money deposits must include a specific disclosure regarding the potential use of these funds for construction costs.

Furthermore, the bill enhances tenant rights by requiring landlords to provide receipts for cash payments and to furnish occupants with a detailed ledger of their account upon request. A new working group is established to create a uniform statutory definition of "affordable housing," which will include various stakeholders and is required to report its findings by January 1, 2026. The bill also updates the title of the executive director of the Office of Health Strategy to "Commissioner." These changes aim to improve transparency in real estate transactions and promote consistency in housing legislation.

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