Specifies that the amendatory Act may be referred to as the Reducing Expenses and Advancing Local (REAL) Housing Act. Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Creates the Middle Housing Incentive Program. Amends the Department of Labor Law of the Civil Administrative Code of Illinois. Authorizes the Department to establish workforce development initiatives. Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Extends the Veteran Property Tax Relief Reimbursement Pilot Program to July 1, 2030 (rather than July 1, 2028). Describes administrative responsibilities of the Department. Amends the State Finance Act. Creates the Veterans Property Tax Relief Reimbursement Pilot Program Fund and the Middle Housing Incentive Program Fund as special funds in the State treasury. Amends the Illinois Municipal Code and the Counties Code. Provides that a county or municipality may opt in, by resolution, to participate in the receipt of Local Government Distributive Fund revenues exceeding 8% of State income tax collections. Authorizes by-right overlay districts for middle housing and other housing-related innovations. Amends the Tax Increment Allocation Redevelopment Act. Makes changes to the definition of "redevelopment costs." Amends the Use Tax Act, the Services Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Changes the rate of tax on qualified residential development building materials to 1.25% (rather than 6.25%). Amends the Property Tax Code. Makes changes concerning the distribution of moneys collected from the Real Estate Transfer Tax. Amends the Prevailing Wage Act. Modifies the definition of "public works". Amends the Illinois Housing Development Act. Establishes grant-making and reporting requirements for the Illinois Housing Development Authority. Amends the Real Estate License Act of 2000. Limits commissions charged in residential real estate transactions. Amends the Security Deposit Return Act, the Security Deposit Interest Act, and the Landlord and Tenant Act. Makes changes regarding screening reports of prospective tenants and upfront rental costs of residential units. Makes conforming changes in the Condominium Property Act and the Common Interest Community Association Act regarding middle housing. Makes other changes. Effective January 1, 2028.
Specifies that the amendatory Act may be referred to as the Reducing Expenses and Advancing Local (REAL) Housing Act. Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Creates the Middle Housing Incentive Program. Amends the Department of Labor Law of the Civil Administrative Code of Illinois. Authorizes the Department to establish workforce development initiatives. Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Extends the Veteran Property Tax Relief Reimbursement Pilot Program to July 1, 2030 (rather than July 1, 2028). Describes administrative responsibilities of the Department. Amends the State Finance Act. Creates the Veterans Property Tax Relief Reimbursement Pilot Program Fund and the Middle Housing Incentive Program Fund as special funds in the State treasury. Amends the Illinois Municipal Code and the Counties Code. Provides that a county or municipality may opt in, by resolution, to participate in the receipt of Local Government Distributive Fund revenues exceeding 8% of State income tax collections. Authorizes by-right overlay districts for middle housing and other housing-related innovations. Amends the Tax Increment Allocation Redevelopment Act. Makes changes to the definition of "redevelopment costs." Amends the Use Tax Act, the Services Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Changes the rate of tax on qualified residential development building materials to 1.25% (rather than 6.25%). Amends the Property Tax Code. Makes changes concerning the distribution of moneys collected from the Real Estate Transfer Tax. Amends the Prevailing Wage Act. Modifies the definition of "public works". Amends the Illinois Housing Development Act. Establishes grant-making and reporting requirements for the Illinois Housing Development Authority. Amends the Real Estate License Act of 2000. Limits commissions charged in residential real estate transactions. Amends the Security Deposit Return Act, the Security Deposit Interest Act, and the Landlord and Tenant Act. Makes changes regarding screening reports of prospective tenants and upfront rental costs of residential units. Makes conforming changes in the Condominium Property Act and the Common Interest Community Association Act regarding middle housing. Makes other changes. Effective January 1, 2028.
Creates the Home for Good Act. Provides that the Home for Good Program is created as a statewide coordinated program designed to provide housing and services to persons released from an Illinois Department of Corrections facility on or after January 1, 2027 (targeted population). Provides that, beginning January 1, 2027, the Illinois Housing Development Authority (IHDA) shall be responsible for providing appropriate resources to potential applicants to acquire, develop, and rehabilitate permanent affordable housing units and transitional housing units that are designated exclusively for the targeted population. Provides that the granting and application process shall follow the existing program model of the Housing for Justice Involved Individuals Program. Requires IHDA to be responsible for providing site-based rental housing subsidies to community-based organizations who work with the targeted population. Requires the Illinois Criminal Justice Information Authority (ICJIA), beginning January 1, 2027, to provide appropriate resources to community-based organizations who work with the targeted population. Provides that such resources shall be used to provide case management and reentry navigation services to Program participants; and to make supportive services available to Program participants. Provides that, beginning January 1, 2027, the Executive Director of ICJIA shall ensure that regional networks of participating community-based organizations and housing providers are established to collaborate and provide services and housing to the targeted population. Contains provisions requiring a housing needs assessment tool be administered to all individuals who are exiting Illinois Department of Corrections custody; that on January 1, 2027, or as soon thereafter as reasonably possible, the Executive Director of IHDA create a Home for Good Institute to provide training and technical assistance to community-based organizations who intend to acquire, develop, rehabilitate, or operate permanent and transitional housing units for the targeted population; the establishment of the Interagency Reentry Workgroup; the establishment of the Home for Good Advisory Committee; reporting requirements; rulemaking authority to implement the Act; and other matters. Effective immediately.
This bill nominates Destini Lednicky to serve as a member of the Illinois Affordable Housing Advisory Commission. The appointment directly affects the commission's composition by adding a new representative to its membership. Once confirmed, Lednicky will participate in the commission's advisory role on affordable housing matters within the state. The bill follows standard appointment procedures by being received by the Senate and assigned to the Executive Appointments committee for processing.
Creates the Restock the Block Act. Imposes on a "covered entity" an annual fee of 10% of the property value of each residential property owned by the covered entity in excess of 10 single family homes or 8 multi-family homes. Provides that this fee is to be deposited into the Illinois Affordable Housing Trust Fund with the purpose of funding public housing projects and developments and providing rental and mortgage assistance. Provides that a "covered entity" is an institutional real estate investor or an entity that receives funding from an institutional real estate investor for the purchase of a residential property. Makes exceptions. Provides that an "Institutional real estate investor" is an entity or combined group that, directly or indirectly (1) owns 10 or more single-family homes or 8 or more multi-family homes; (2) manages or receives funds pooled from investors and acts as a fiduciary one or more investors; and (3) has $30,000,000 or more in net value or assets under management on any day during the taxable year. Provides that it is unlawful for a covered entity to purchase, acquire, or offer to purchase or acquire any interest in residential property unless the residential property has been listed for sale to the general public for at least 90 days. Provides that a covered entity that violates these provisions may be subject to civil damages and penalties in an amount not to exceed $250,000. Requires that the covered entity is required to submit to the seller or anyone acting as an agent for the seller a form stating that the purchaser is a covered entity and file that form within 3 days with the Department of Human Services. Makes conforming changes to the Illinois Affordable Housing Act.
Specifies that the amendatory Act may be referred to as the Affordability Crisis in Housing Act. Amends the Financial Institutions Act. Requires that the Department of Financial and Professional Regulation establish, maintain, and publish on its website a registry of nominees of mortgagees. Amends the Counties Code. Requires each county board to adopt revisions to its predictable fee schedule to include an additional $150 fee for a nominee of a mortgagee to record a mortgage, including an assignment, extension, amendment, or subordination, beginning no later than one year after the effective date of the amendatory Act. Creates an exception for the recording of a release of mortgage by the nominee of the mortgagee. Provides that of the additional $150, $120 is to be collected by the county as an additional Rental Housing Support Program State surcharge and deposited into the Rental Housing Support Program Fund, and $30 is to be collected by the county as a county fee with $25 to be used by the county for development and maintenance of its affordable housing capacity and $5 to be deposited into the recorder's special funds created to defray the cost of providing electronic or automated access to the county's property records. Amends the Code of Civil Procedure. Provides that a lien is not created if a nominee of a mortgagee fails to provide the recorder with the cover sheet required to accompany a mortgage under the Conveyances Act. Amends the Conveyances Act. Requires that all mortgages or assignments of mortgage recorded by or for a nominee must be recorded with a cover sheet explaining any fees that are charged, the identity of the nominee of the mortgagee, and the process that may be used by the mortgagor to track the mortgage.
Amends the Illinois Municipal Code. Provides that, if a municipality adopts zoning regulations, then the zoning regulations adopted by the municipality must include a minimum of 5 of 14 specified housing strategies, applicable to the majority of the area where residential development is permitted in the municipality. Provides that, if a municipality has adopted one of the specified housing strategies before the effective date of the amendatory Act, then the housing strategy is considered adopted. Provides that, if a municipality adopts a housing strategy that satisfies 2 or more of the specified housing strategies, then only one strategy may be considered to have been adopted for purposes of compliance with the requirements added by the Amendatory Act.
Amends the Illinois Housing Development Act and the Illinois Income Tax Act. Provides that the amount of credits awarded under the affordable housing tax donation program is limited to $41,831,227 in State fiscal year 2027 and shall increase by 10% each fiscal year thereafter (currently, $32,850,352 in State fiscal years 2022 and 2023 increased by 5% each fiscal year thereafter). Provides that the affordable housing donation income tax credit applies through the taxable year ending on December 31, 2036 (currently, December 31, 2026). Effective immediately.
Creates the Owner-Occupied Housing Incentive Act. Requires the Illinois Housing Development Authority to administer an owner-occupant housing incentive program that provides financial incentives to qualifying purchasers for the purchase of moderately priced owner-occupied homes. Requires the Authority to develop necessary forms, establish verification procedures, and adopt rules to implement the program that are consistent with the provisions of the Act. Requires the Authority to provide a $7,500 owner-occupant housing incentive to any qualifying purchaser of an eligible property. Provides that the owner-occupant housing incentive may be provided as a grant, closing cost credit, down payment assistance, or any other similar mechanism approved by the Authority, subject to available appropriations. Contains provisions concerning eligibility requirements; hardship exemptions; program restrictions; verification and compliance; and penalties and repayment. Provides that the Act shall be construed narrowly to promote owner-occupied home purchases and that nothing in the Act shall be interpreted to regulate or restrict lawful rental housing, landlord activity, or property ownership outside the scope of the incentive created under the Act. Effective immediately.
Amends the Hotel Operators' Occupation Tax Act. Imposes a tax upon hosting platforms that facilitate the renting, leasing, or letting of short-term rentals. Provides that the tax is imposed at the rate of 4% of 94% of the gross rental receipts received by the platform from the renting, leasing, or letting of short-term rentals in this State. Provides that the proceeds from the tax shall be deposited into the Community Land Trust Fund. Amends the State Finance Act to create the Community Land Trust Fund. Amends the Property Tax Code. Provides that property that is owned by a non-profit community land trust and that is used exclusively for the creation and maintenance of permanently affordable single-family or multifamily residences is exempt beginning with the taxable year in which the property is acquired by the community land trust and continuing through the taxable year in which the property is sold to a homeowner. Effective immediately.
