Bill Amendment: IL SB0331 | 2025-2026 | 104th General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: CIVIL LAW-TECH

Status: 2026-06-01 - Rule 3-9(a) / Re-referred to Assignments [SB0331 Detail]

Download: Illinois-2025-SB0331-Senate_Amendment_001.html

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Sen. Rachel Ventura

Filed: 5/21/2026

 

 

 

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AMENDMENT TO SENATE BILL 331
AMENDMENT NO. ______. Amend Senate Bill 331 by replacing
everything after the enacting clause with the following:
"Section 1. Short title. This Act may be cited as the
Restock the Block Act.
Section 5. Definitions. As used in this Act:
"Covered entity" means a large institutional real estate
investor or an entity that receives funding from a large
institutional real estate investor for the purchase of a
residential property including, but not limited to,
partnerships, corporations, limited liability companies, or
real estate investment trusts or any subsidiary company owned
or operated by the covered entity. A loan provided in exchange
for a mortgage of the residential property that is being
purchased is not considered funding for the purposes of this
subdivision, provided that the mortgage must be of a type for

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which members of the general public can apply. "Covered
entity" does not include:
(1) an organization that is described in Section
501(c)(3) of the Internal Revenue Code and exempt from tax
under Section 501(a) of the Internal Revenue Code;
(2) a community land trust;
(3) an organization primarily engaged in the
construction or rehabilitation of residential properties;
(4) a person who owns federal subsidized housing; or
(5) a creditor or its loan servicer acquiring
ownership of real property in full or partial satisfaction
of a secured debt.
"Department" means the Department of Human Services.
"Disqualified sale" means a sale or transfer to:
(1) a corporation or entity engaged in a trade or
business;
(2) a subsidiary company owned or operated by a
covered entity;
(3) a group of more than 2 individuals; or
(4) a person who owns any other residential real
estate.
"Large institutional real estate investor" means an entity
or combined group that, directly or indirectly:
(1) owns in the aggregate 10 or more single-family
homes or 8 or more multi-family homes;
(2) manages or receives funds pooled from investors

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and acts as a fiduciary with respect to 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.
An entity is considered owning a residential property if
it directly owns the residential property or indirectly owns
10% or more of the residential property.
"Multi-family home" means a single residential building
divided into at least 2 but no more than 3 dwelling units
designed to be occupied by more than one household living
separately.
"Residential property" means a single-family home or a
multi-family home as defined in this Act.
"Single family home" means a standalone residential
structure designed to be occupied by one household.
Section 10. Excess residential property.
(a) There is imposed on each covered entity, an annual fee
of 10% of the property value of each residential property
owned by the covered entity as of the last day of the calendar
year in excess of 10 single family homes or 8 multi-family
homes. This fee shall increase by 10% for every 10 homes owned
in excess of 10 single family homes or every 8 multi-family
homes owned in excess of 8 multi-family homes not to exceed
100% of the property value.
(b) The fee collected shall be deposited into the Illinois

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Affordable Housing Trust Fund with the purpose of funding
public housing projects and developments and providing rental
and mortgage assistance.
Section 15. Disqualified sales. A residential property
that is sold or transferred in a disqualified sale is treated
as a residential property that is owned by the covered entity
on the last day of the calendar year.
Section 20. 90-day waiting period.
(a) Notwithstanding any other provision of law, on and
after the effective date of this Act, it is unlawful for a
covered entity to purchase, acquire, or offer to purchase or
acquire any interest in residential property, including
through a disqualified sale, unless the residential property
has been listed for sale to the general public for at least 90
days.
(b) The 90-day waiting period in subsection (a) restarts
if the seller changes the asking price for the residential
property, and a covered entity is prohibited from purchasing,
acquiring, or offering to purchase or acquire any interest in
the residential property until it has been listed for sale to
the general public at the new asking price for at least an
additional 90 days.
(c) A covered entity that violates subsection (a) or
subsection (b) may be subject to civil damages and penalties

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in an amount not to exceed $250,000.
(d)(1) At the time an offer is made by a covered entity
purchasing residential property, the covered entity is
required to submit to the seller or anyone acting as an agent
for the seller a form that has been signed and notarized by the
covered entity purchaser or an authorized agent thereof
stating that the purchaser is a covered entity.
(2) Within 3 days of submitting a form to a seller or
seller's agent under paragraph (1) of this subsection, a
covered entity must file the form with the Department.
(3) Any covered entity or covered entity's agent that
violates this subdivision may be subject to civil damages and
penalties in an amount not to exceed $10,000.
Section 25. Rules reporting.
(a) The Department shall adopt rules to administer and
enforce the provisions of this Act. Those rules must require
reporting as the Department determines necessary or
appropriate to carry out the purposes of this Act, including
reporting with respect to:
(1) status as a covered entity;
(2) the dates on which residential properties owned by
applicable property owners were acquired by the applicable
property owner;
(3) the dates on which residential properties owned by
an applicable property owner are sold by the applicable

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property owner in accordance with this Act; and
(4) whether any person acquiring a residential
property from an applicable property owner owns any other
residential properties.
(b) On notice and demand of the Department, any applicable
property owner who knowingly fails to report as required under
this Section or who fails to include correct information in
the report shall pay a penalty of $25,000 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.
Section 900. The Illinois Affordable Housing Act is
amended by changing Section 5 as follows:
(310 ILCS 65/5) (from Ch. 67 1/2, par. 1255)
Sec. 5. Illinois Affordable Housing Trust Fund.
(a) There is hereby created the Illinois Affordable
Housing Trust Fund, hereafter referred to in this Act as the
"Trust Fund" to be held as a separate fund within the State
Treasury and to be administered by the Program Administrator.
The purpose of the Trust Fund is to finance projects of the
Illinois Affordable Housing Program as authorized and approved
by the Program Administrator. The Funding Agent shall
establish, within the Trust Fund, a General Account, a Bond
Account, a Commitment Account and a Development Credits

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Account. The Funding Agent shall authorize distribution of
Trust Fund moneys to the Program Administrator or a payee
designated by the Program Administrator for purposes
authorized by this Act. After receipt of the Trust Fund moneys
by the Program Administrator or designated payee, the Program
Administrator shall ensure that all those moneys are expended
for a public purpose and only as authorized by this Act.
(b) Except as otherwise provided in Section 8(c) of this
Act, there shall be deposited in the Trust Fund such amounts as
may become available under the provisions of this Act,
including, but not limited to:
(1) all receipts, including dividends, principal and
interest repayments attributable to any loans or
agreements funded from the Trust Fund;
(2) all proceeds of assets of whatever nature received
by the Program Administrator, and attributable to default
with respect to loans or agreements funded from the Trust
Fund;
(3) any appropriations, grants or gifts of funds or
property, or financial or other aid from any federal or
State agency or body, local government or any other public
organization or private individual made to the Trust Fund;
(4) any income received as a result of the investment
of moneys in the Trust Fund;
(5) all fees or charges collected by the Program
Administrator or Funding Agent pursuant to this Act;

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(6) amounts as provided in Section 31-35 of the Real
Estate Transfer Tax Law;
(7) other funds as appropriated by the General
Assembly; and
(8) any income, less costs and fees associated with
the Program Escrow, received by the Program Administrator
that is derived from Trust Fund Moneys held in the Program
Escrow prior to expenditure of such Trust Fund Moneys.
(c) Additional Trust Fund Purpose: Receipt and use of
federal funding for programs responding to the COVID-19 public
health emergency. Notwithstanding any other provision of this
Act or any other law limiting or directing the use of the Trust
Fund, the Trust Fund may receive, directly or indirectly,
federal funds from the Homeowner Assistance Fund authorized
under Section 3206 of the federal American Rescue Plan Act of
2021 (Public Law 117-2). Any such funds shall be deposited
into a Homeowner Assistance Account which shall be established
within the Trust Fund by the Funding Agent so that such funds
can be accounted for separately from other funds in the Trust
Fund. Such funds may be used only in the manner and for the
purposes authorized in Section 3206 of the American Rescue
Plan Act of 2021 and in related federal guidance. Also, the
Trust Fund may receive, directly or indirectly, federal funds
from the Emergency Rental Assistance Program authorized under
Section 3201 of the federal American Rescue Plan Act of 2021
and Section 501 of Subtitle A of Title V of Division N of the

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Consolidated Appropriations Act, 2021 (Public Law 116�260).
Any such funds shall be deposited into an Emergency Rental
Assistance Account which shall be established within the Trust
Fund by the Funding Agent so that such funds can be accounted
for separately from other funds in the Trust Fund. Such funds
may be used only in the manner and for the purposes authorized
in Section 3201 of the American Rescue Plan Act of 2021 and in
related federal guidance. Expenditures under this subsection
(c) are subject to annual appropriation to the Funding Agent.
Unless used in this subsection (c), the defined terms set
forth in Section 3 shall not apply to funds received pursuant
to the American Rescue Plan Act of 2021. Notwithstanding any
other provision of this Act or any other law limiting or
directing the use of the Trust Fund, funds received under the
American Rescue Plan Act of 2021 are not subject to the terms
and provisions of this Act except as specifically set forth in
this subsection (c).
(d) Additional Trust Fund purpose. The Trust Fund may also
receive moneys that are designated for deposit into the Trust
Fund as provided in the Restock the Block Act. Those moneys may
be used as provided in that Act.
(Source: P.A. 102-16, eff. 6-17-21; 103-8, eff. 7-1-23.)".