Illinois House Bill 3316

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 17 2023 - 25% progression
Action: 2023-02-17 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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.

IHDA-HOMEOWNERSHIP PROGRAMS

Rep. Will Guzzardi [D]

Date	Chamber	Action
2023-02-17	House	Referred to Rules Committee
2023-02-17	House	First Reading
2023-02-17	House	Filed with the Clerk by Rep. Will Guzzardi

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3316&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB3316.htm