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.
Senate Floor Amendment No. 1: Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes: Creates the Community Land Trust Task Force within the Illinois Housing Development Authority. Contains provisions concerning Task Force membership; Task Force meetings; and administrative support to the Task Force. Provides that the Task Force shall perform certain duties, including: (i) implementing the 2024 Community Land Trust Task Force Report recommendations; (ii) studying the use of community land trusts as a tool to create permanently affordable housing, including as an alternative to property tax sales; and (iii) increasing the number of State grants for organizational capacity-building and housing development, with spending rules tailored to the needs of community land trusts and the size of community land trust projects. Requires the Task Force to submit periodic reports to the Governor and General Assembly covering the Task Force's investigation into community land trusts and the Task Force's duties. Provides that the reports shall be made publicly available on the Illinois Housing Development Authority's website. Effective immediately.
House Floor Amendment No. 2: Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill. Requires the Community Land Trust Task Force to submit a report (rather than periodic reports) to the Governor and General Assembly. Provides that the Community Land Trust Task Force is dissolved, and the provisions creating the Task Force are repealed, 14 months after the date upon which the Task Force holds its first meeting. Makes some grammar changes. Effective immediately.