Bill Text: IL SB3674 | 2025-2026 | 104th General Assembly | Introduced

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Bill Title: Creates the Multi-Unit Residential Rental Property Right of First Refusal Act. Requires the owner of a multi-unit residential rental property that offers the property for sale to provide written notice to each tenant and the tenants' association offering the tenants' association an opportunity to purchase the property at a price and terms that represent a bona fide offer of sale. Exempts property governed by the Condominium Property Act. Provides that the tenants, by and through the tenants' association, have the right to purchase the residential rental property if the tenants meet the price, terms, and conditions of the property owner by executing a contract with the property owner within 60 days, unless agreed to otherwise, from the date of mailing of the notice. Provides that, if a contract between the owner and the association is not executed within the 60-day period, the property owner has no further obligation under the Act unless the owner thereafter elects to offer the property at a price materially lower than the price specified in the notice provided to the association. Defines a materially lower price as a price that is at least 20% lower than the price specified in the notice to the officers of the tenants' association. Provides that if the property owner thereafter elects to offer the property at a price materially lower than the price specified in the notice, the tenants, by and through the tenants' association, have an additional 10 days to meet the new price, terms, and conditions by executing a contract. Provides this right to purchase the property is void if no contract for sale by the tenants' association and the property owner has been reached within the 60-day period or any additional 10-day period. Authorizes the property owner to record in the county in which the property is located an affidavit that the owner has complied with the Act's requirements. Specifies that if the tenants wish to exercise the rights under the Act, they must form an association that must be a corporation or a not-for-profit corporation with the written consent of two-thirds of all of the tenants. Sets out requirements for matters to be included in the articles of incorporation, bylaws, and power and duties of the tenants' association. Allows an aggrieved party to file a civil action for damages. Makes other changes.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced) 2026-06-01 - Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments [SB3674 Detail]

Download: Illinois-2025-SB3674-Introduced.html

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104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026SB3674 Introduced 2/5/2026, by Sen. Rachel Ventura SYNOPSIS AS INTRODUCED:
New Act
Creates the Multi-Unit Residential Rental Property Right of First Refusal Act. Requires the owner of a multi-unit residential rental property that offers the property for sale to provide written notice to each tenant and the tenants' association offering the tenants' association an opportunity to purchase the property at a price and terms that represent a bona fide offer of sale. Exempts property governed by the Condominium Property Act. Provides that the tenants, by and through the tenants' association, have the right to purchase the residential rental property if the tenants meet the price, terms, and conditions of the property owner by executing a contract with the property owner within 60 days, unless agreed to otherwise, from the date of mailing of the notice. Provides that, if a contract between the owner and the association is not executed within the 60-day period, the property owner has no further obligation under the Act unless the owner thereafter elects to offer the property at a price materially lower than the price specified in the notice provided to the association. Defines a materially lower price as a price that is at least 20% lower than the price specified in the notice to the officers of the tenants' association. Provides that if the property owner thereafter elects to offer the property at a price materially lower than the price specified in the notice, the tenants, by and through the tenants' association, have an additional 10 days to meet the new price, terms, and conditions by executing a contract. Provides this right to purchase the property is void if no contract for sale by the tenants' association and the property owner has been reached within the 60-day period or any additional 10-day period. Authorizes the property owner to record in the county in which the property is located an affidavit that the owner has complied with the Act's requirements. Specifies that if the tenants wish to exercise the rights under the Act, they must form an association that must be a corporation or a not-for-profit corporation with the written consent of two-thirds of all of the tenants. Sets out requirements for matters to be included in the articles of incorporation, bylaws, and power and duties of the tenants' association. Allows an aggrieved party to file a civil action for damages. Makes other changes.
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A BILL FOR
SB3674 LRB104 18642 JRC 32085 b
AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the
Multi-Unit Residential Rental Property Right of First Refusal
Act.
Section 5. Definitions. As used in this Act:
"Appraised value" means the value of a multi-unit
residential property on the date of its appraisal, based on an
objective, independent property valuation, performed according
to professional appraisal industry standards.
"Association" or "tenants' association" means a
corporation or not-for-profit corporation of which at least
two-thirds of the tenants of a multi-unit residential rental
property have consented in writing to become members or
shareholders. "Association" does not include an entity
governed by the Condominium Property Act.
"Bona fide offer of sale" means either:
(1) an offer of sale for a price and other material
terms that are at least as favorable as those accepted by a
purchaser in an arm's length, third-party contract; or
(2) in the absence of an arm's length, third-party
contract, an offer for sale for the appraised value or at a

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price and other material terms that are comparable to
those that would be accepted by a willing seller and a
willing buyer.
"Highest and best use" means the legal use of a property
that is physically possible, appropriately supported, and
financially feasible and that results in the highest value of
the property.
"Member" or "shareholder" means a tenant of a multi-unit
residential property who consents to be bound by the articles
of incorporation, bylaws, and policies of a tenants'
association formed for a multi-unit residential rental
property under this Act.
"Multi-unit residential rental property" means a
residential building or group of residential buildings
operated as one entity that contain 2 or more distinct
dwelling units available for rent.
"Owner" means the persons, firm, partnership, corporation,
trust, organization, limited liability company or other
entity, or its successors or assigns that holds title to a
rental property. An individual who owns a single unit within a
multi-unit residential property that they offer for rent is
not considered the owner of a multi-unit residential rental
property.
Section 10. Right of first refusal.
(a) This Act shall be construed to confer a right of first

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refusal to purchase any multi-unit residential rental property
for sale upon the tenants of such property under the terms set
forth herein.
(b) If an owner of a multi-unit residential rental
property offers the multi-unit residential rental property for
sale, the owner shall provide a written notice of intent to
sell to the Illinois Housing Development Authority and to each
unit of the multi-unit residential rental property offering
the tenant an opportunity to purchase the multi-unit
residential rental property at a price and terms that
represent a bona fide offer of sale. The notice required by
this subsection must be delivered in person or mailed, by
certified or registered mail, return receipt requested, on a
form provided by the Illinois Housing Development Authority.
The written notice shall include, at a minimum:
(1) The name, address, and telephone number of each
owner of the multi-unit residential rental property;
(2) The address of the multi-unit residential rental
property;
(3) the asking price for the multi-unit residential
rental property and material terms of the sale;
(4) a statement that the tenants have the right to
purchase the multi-unit residential rental property by and
through the tenants' association;
(5) a statement as to whether a contract with a third
party exists for sale of the multi-unit residential

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property and, if so, further notice that the owner must
make a copy of the contract available to the tenant within
7 days after receiving a request for it; and
(6) a statement that the owner shall make available to
the tenant a floor plan of the building and an itemized
list of monthly operating expenses, utility consumption
rates, and capital expenditures for each of the 2
preceding calendar years within 7 days after receiving a
request. The statement shall also indicate that the owner
shall, at the same time, make available the most recent
rent roll, list of tenants, and list of vacant apartments.
If the owner does not have a floor plan, the owner may meet
the requirement to provide a floor plan by stating in
writing to the tenant that the owner does not have a floor
plan. The owner shall also post a Notice of Intent to Sell
in a form provided by Illinois Housing Development
Authority at all public entrances to the multi-unit
residential rental property.
(c) The tenants, by and through a tenants' association
created under Section 30, have the right to purchase the
multi-unit residential rental property if the tenants (i) meet
the price, terms, and conditions of the property owner by
executing a contract with the property owner within 60 days,
unless agreed to otherwise, of the owner's receipt of the
association's Notice of Intent to Purchase and (ii) have
complied with Sections 30 through 50. If a contract between

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the owner and the association is not executed within the
60-day period, the property owner has no further obligation
under this subsection unless the owner thereafter elects to
offer the multi-unit residential rental property at a price
materially lower than the price specified in the notice
provided to the association. For purposes of this Section, a
materially lower price is a price that is at least 20% lower
than the price specified in the notice to the officers of the
tenants' association.
(d) If the property owner thereafter elects to offer the
multi-unit residential rental property at a price materially
lower than the price specified in the notice, the tenants, by
and through the tenants' association, have an additional 10
days to meet the price, terms, and conditions of the property
owner by executing a contract.
(1) The sales price contained in the offer of sale
shall be less than or equal to a price and other material
terms comparable to that at which a willing seller and a
willing buyer would sell and purchase the multi-unit
residential rental property or the appraised value of the
residential rental property as determined by this Section.
(2) An appraised value may be based only on rights an
owner has as of the date of the offer, including any
existing right an owner may have to convert the multi-unit
residential rental property to another use. An appraised
value may take into consideration the highest and best use

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of the multi-unit residential rental property.
(3) The owner of the multi-unit residential rental
property has the burden of proof to establish that an
offer of sale under this Section is a bona fide offer of
sale.
(e) If, within 60 days, plus any additional 10-day period,
a contract for sale signed by the tenants' association and the
property owner has not been entered into, the right provided
in this Section to purchase the multi-unit residential rental
property is void and of no further force and effect.
(f) Notices required by this Section shall be in writing
and shall be delivered by placing the notice in the United
States mail addressed to each tenant and the officers of the
tenants' association. Each notice is deemed given upon the
deposit of the notice in the United States mail.
(g) Multi-unit property that is governed by the
Condominium Property Act is exempt from this Act.
Section 15. Affidavit of compliance with statutory
requirements.
(a) The owner of a multi-unit residential rental property
may at any time record with the Illinois Housing Development
Authority and in the official real estate records of the
county or jurisdiction where the multi-unit residential
property is located an affidavit in which the owner certifies
that:

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(1) the owner has complied with Section 10;
(2) notwithstanding the owner's compliance with the
provisions of Section 10, no contract has been executed
for the sale of the multi-unit residential rental property
between the owner and the tenants' association for the
multi-unit residential property;
(3) the provisions of Section 10 are inapplicable to a
particular sale or transfer of the multi-unit residential
rental property by the owner and compliance with Section
10 is not required; or
(4) a particular sale or transfer of the multi-unit
residential rental property is exempted under Section 65.
(b) Any party acquiring an interest in a multi-unit
residential property and any title insurance companies and
attorneys preparing, furnishing, or examining any evidence of
title may rely on the truth and accuracy of all statements
appearing in the affidavit and are under no obligation to
inquire further as to any matter or fact relating to the
owner's compliance with the provisions of Section 10.
Section 20. Appraisal of residential property.
(a) A tenants' association may challenge the offer
presented by the owner of the multi-unit residential rental
property as not being a bona fide offer of sale and may request
a determination of the appraised value of the multi-unit
residential property by delivering the request to the property

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owner by hand or by certified mail within 45 days of receipt of
the alleged bona fide offer of sale. The process to do this is
as follows:
(1) The tenants' association and the property owner
shall agree on the appraiser and shall pay one-third and
two-thirds of the cost of the appraisal, respectively. If
the parties cannot agree on an appraiser, the appraiser
shall be chosen by the assessor of the county in which the
property is located.
(2) The appraiser must hold a current license issued
by the Department of Financial and Professional Regulation
under the Real Estate Appraiser Licensing Act of 2002.
(3) The owner shall give the appraiser full,
unfettered access to the property, subject to the privacy
of the tenants.
(4) The owner shall respond within 7 days to any
request for information from the appraiser.
(5) The tenants' association may give the appraiser
information relevant to the valuation of the property.
(6) The appraisal shall be completed expeditiously
according to standard industry timeframes.
(b) Beginning on the date of the request by the tenants'
association for an appraisal, and for each day thereafter
until the tenants' association receives the appraisal, the
negotiation period described in Section 10 is extended by one
day.

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(c) The determination of the appraised value of the
multi-unit residential rental property in accordance with this
Section becomes the sales price of the bona fide offer of sale
for the multi-unit residential rental property unless:
(1) the owner and the tenants' association agree upon
a different sales price of the multi-unit residential
rental property; or
(2) the owner elects to withdraw the offer of sale
within 14 days of the receipt of the appraisal by the
owner.
(d) The owner may withdraw the offer of sale by delivering
by hand or by certified mail a letter of withdrawal to the
officers of the tenants' association.
(e) Upon the election to withdraw the offer of sale, the
owner shall reimburse the tenants' association for its entire
share of the cost of the appraisal within 14 days of delivery
of the notice of withdrawal.
(f) An owner who withdraws an offer of sale in accordance
with this Section is precluded from making a later offer of
sale to the tenants' association without a third-party
contract for 3 months from the date of the election to withdraw
the offer of sale.
Section 25. Tenants' associations. To exercise the rights
of a tenants' association as provided in this Act, upon
incorporation and service of the notice described in Section

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30, the association becomes the representative of all the
tenants in all matters relating to this Act, regardless of
whether a tenant is a member of the tenants' association.
Section 30. Incorporation; notification of property owner.
(a) Upon receipt of its certificate of incorporation, the
tenants' association shall notify the owner of the multi-unit
residential property in writing of the incorporation and shall
advise the owner of the names and addresses of the officers of
the tenants' association by personal delivery upon the owner's
representative as designated in the lease or by certified
mail, return receipt requested. Thereafter, the tenants'
association shall notify the owner of the multi-unit
residential property in writing by certified mail, return
receipt requested, of any change of names and addresses of its
president or registered agent upon election or appointment of
new officers or board.
(b) Upon written request by the tenants' association, the
owner of the multi-unit residential rental property shall
notify the tenants' association by certified mail, return
receipt requested, of the name and address of the owner, the
owner's agent for service of process, and the legal
description of the multi-unit residential rental property.
Thereafter, in the event of a change in the name or address of
the owner or the owner's agent for service of process, the
owner shall notify in writing the president or registered

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agent of the tenants' association of such change by certified
mail, return receipt requested.
(c) The tenants' association shall file a notice of its
intent to purchase the multi-unit residential rental property
as set forth in Section 10. The notice shall contain the name
of the association, the name of the property owner, and the
address or legal description of the multi-unit residential
rental property. The notice shall be recorded with the
Illinois Housing Development Authority and the county clerk in
the county where the property is located. Within 10 days of the
recording, the tenants' association shall provide a copy of
the recorded notice to the owner at the address provided by the
owner by certified mail, return receipt requested.
Section 35. Articles of incorporation. The articles of
incorporation of a tenants' association shall provide that the
association has the power to:
(1) negotiate for, acquire, and operate the multi-unit
residential property on behalf of the tenants of the
multi-unit residential rental property; and
(2) convert the property that has been acquired to a
condominium, a cooperative, a subdivision form of
ownership, or another type of ownership.
Upon acquisition of the multi-unit residential rental
property, the association, by action of its board of
directors, becomes the entity that (1) creates a condominium,

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cooperative, or subdivision; (2) is responsible for offers of
sale or lease; or (3) if the tenants choose a different form of
ownership, owns the record interest in the property and is
responsible for the operation of the property.
Section 40. Bylaws of the tenants' association.
(a) The directors of the tenants' association and
operation of the tenants' association are governed by the
bylaws of the tenants' association.
(b) The bylaws shall provide and, if they do not, are
deemed to include (i) the titles of the officers and board of
directors and (ii) provisions specifying the powers, duties,
manner of selection and removal, and compensation, if any, of
officers and board members. Unless otherwise provided in the
bylaws, the board of directors shall be composed of 5 members.
The board of directors shall elect a president, secretary, and
treasurer who shall perform the duties of those offices
customarily performed by officers of corporations, and these
officers shall serve without compensation and at the pleasure
of the board of directors. The board of directors may elect and
designate other officers and grant them those duties it deems
appropriate.
Section 45. Powers and duties of tenants' association.
(a) A tenants' association may contract, sue, or be sued
with respect to the exercise or nonexercise of its powers. For

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these purposes, the powers of the association include, but are
not limited to, the maintenance, management, and operation of
the multi-unit residential rental property.
(b) The powers and duties of a tenants' association
include those set forth in this Act, in the articles of
incorporation, in the bylaws, and in any recorded declarations
or restrictions encumbering the multi-unit residential rental
property, if not inconsistent with this Act.
(c) A tenants' association has the power to make, levy,
and collect assessments and to lease, maintain, repair, and
replace the common areas upon purchase of the multi-unit
residential rental property.
(d) The tenants' association shall maintain the following
items, if applicable, which constitute the official records of
the association:
(1) A copy of the association's articles of
incorporation and each amendment to the articles of
incorporation.
(2) A copy of the bylaws of the association and each
amendment to the bylaws.
(3) A copy of the written rules or policies of the
association and each amendment to the written rules or
policies.
(4) The approved minutes of all meetings of the
members of a tenants' association and meetings open for
members of the board of directors, and committees of the

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board, which minutes must be retained within this State
for at least 5 years.
(5) A current roster of all members and their mailing
addresses. The tenants' association shall also maintain
the email addresses and the numbers designated by members
for receiving notice sent by electronic transmission of
those members consenting to receive notice by electronic
transmission. The email addresses and numbers provided by
members to receive notice by electronic transmission shall
be removed from association records when consent to
receive notice by electronic transmission is revoked. The
tenants' association is not liable for an erroneous
disclosure of the email address or the number for
receiving electronic transmission of notices.
(6) All of the association's insurance policies or
copies of those policies, which must be retained within
this State for at least 5 years after the expiration date
of the policy.
(7) A copy of all contracts or agreements to which the
association is a party, including, without limitation, any
written agreements with the property owner, lease, or
other agreements or contracts under which the association
or its members has any obligation or responsibility, which
must be retained within this State for at least 5 years
after the expiration date of the contract or agreement.
(8) The financial and accounting records of the

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association, kept according to good accounting practices.
All financial and accounting records must be maintained
within this State for at least 5 years. The financial and
accounting records must include:
(A) Accurate, itemized, and detailed records of
all receipts and expenditures.
(B) A current account and a periodic statement of
the account for each member, designating the name and
current address of each member who is obligated to pay
dues or assessments, the due date and amount of each
assessment or other charge against the member, the
date and amount of each payment on the account, and the
balance due.
(C) All tax returns, financial statements, and
financial reports of the association.
(D) Any other records that identify, measure,
record, or communicate financial information.
(9) All other written records of the association not
specifically included in this Section that are related to
the operation of the association must be retained within
this State for at least 5 years or at least 5 years after
the expiration date, as applicable.
(e) The official records shall be made available to a
member for inspection or photocopying within 15 business days
after receipt by the board or its designee of a written request
submitted by certified mail, return receipt requested. The

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requirements of this Section are satisfied by having a copy of
the official records available for inspection or copying at
the residential property or, at the option of the tenants'
association, by making the records available to a member
electronically via the Internet or by allowing the records to
be viewed in electronic format on a computer screen and
printed upon request. If the tenants' association has a
photocopy machine available where the records are maintained,
it must provide a member with copies on request during the
inspection if the entire request is no more than 25 pages. A
tenants' association shall allow a member or his or her
authorized representative to use a portable device, including
a smartphone, tablet, portable scanner, or any other
technology capable of scanning or taking photographs, to make
an electronic copy of the official records in lieu of the
association's providing the member or the member's authorized
representative with a copy of the records. The tenants'
association may not charge a fee to a member or the member's
authorized representative for the use of a portable device.
(1) The failure of an association to provide access to
the records within 15 business days after receipt of a
written request submitted by certified mail, return
receipt requested, creates a rebuttable presumption that
the association willfully failed to comply with this
subsection.
(2) The association may adopt reasonable written rules

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governing the frequency, time, location, notice, records
to be inspected, and manner of inspections but may not
require a member to demonstrate a proper purpose for the
inspection, state a reason for the inspection, or limit a
member's right to inspect records to less than one
business day per month. The association may impose fees to
cover the costs of providing copies of the official
records, including the costs of copying and for personnel
to retrieve and copy the records if the time spent
retrieving and copying the records exceeds 30 minutes and
if the personnel costs do not exceed $20 per hour. The
association shall maintain an adequate number of copies of
the recorded governing documents, to ensure their
availability to members and prospective members.
Notwithstanding this paragraph, the following records are
not accessible to members:
(A) A record protected by the attorney-client
privilege and a record protected by the work product
privilege, including, but not limited to, a record
prepared by an association attorney or prepared at the
attorney's express direction that reflects a mental
impression, conclusion, litigation strategy, or legal
theory of the attorney or the association and that was
prepared exclusively for civil or criminal litigation,
for adversarial administrative proceedings, or in
anticipation of such litigation or proceedings until

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the conclusion of the litigation or proceedings.
(B) Email addresses, telephone numbers, facsimile
numbers, emergency contact information, any addresses
for a tenant other than as provided for association
notice requirements, and other personal identifying
information of any person, excluding the person's
name, unit, mailing address, and property address.
Notwithstanding the restrictions in this subparagraph,
an association may print and distribute to members a
directory containing the name, address, and telephone
number of each tenant. A member may exclude the
member's telephone number from the directory by so
requesting in writing to the association. The
association is not liable for the disclosure of
information that is protected under this subparagraph
if the information is included in an official record
of the association and is voluntarily provided by a
member and not requested by the association.
(C) An electronic security measure that is used by
the association to safeguard data, including
passwords.
(D) The software and operating system used by the
association that allows the manipulation of data, even
if the member owns a copy of the same software used by
the association. The data is part of the official
records of the association.

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(f) An outgoing board or committee member of the tenants'
association must relinquish all official records and property
of the association in the member's possession or control to
the incoming board within 5 days after the election or
removal.
(g) A tenants' association may purchase units in the
multi-unit residential rental property and may acquire, hold,
lease, mortgage, and convey or sell them.
(h) A tenants' association shall use its best efforts to
obtain and maintain adequate insurance to protect the
association and the multi-unit residential rental property
upon purchase of the multi-unit residential property. A copy
of each policy of insurance in effect shall be made available
for inspection by owners at reasonable times.
Section 50. Exercise or assignment of rights. A tenants'
association may exercise rights under this Act in conjunction
with a third party or by assigning or selling those rights to
any party, whether private or governmental. The exercise,
assignment, or sale of the tenants' association's rights may
be for any consideration that the tenants' association, in its
sole discretion, finds acceptable. Such an exercise,
assignment, or sale may occur at any time in the process
provided in this Act and may be structured in any way the
tenants' association, in its sole discretion, finds
acceptable.

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Section 55. Waiver of rights. A multi-unit residential
rental property owner may not request or require, and a
tenants' association may not grant, a waiver of the right to
receive an offer of sale under this Act.
Section 60. Penalties. Any aggrieved person, including,
but not limited to, any tenant or tenant association, may
enforce the provisions of this Act by a civil action in which
the court may provide injunctive relief or award treble
damages, the plaintiff's court costs, and reasonable
attorney's fees.
Section 65. Exceptions. This Act does not apply to the
following:
(1) Any sale or transfer to a person who would be
included within the table of descent and distribution if
the property owner were to die intestate.
(2) Any transfer by gift, devise, or operation of law.
(3) Any transfer by a corporation or entity to an
affiliate. As used in this paragraph (3), "affiliate"
means any shareholder of the transferring corporation or
entity; any corporation or entity owned or controlled,
directly or indirectly, by any shareholder of the
transferring corporation; or any other corporation or
entity owned or controlled, directly or indirectly, by any

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shareholder of the transferring corporation or entity.
(4) Any transfer by a partnership to any of its
partners or by an individual or group of individuals to a
partnership.
(5) Any conveyance of an interest in all or a portion
of the multi-unit residential rental property incidental
to the financing of such multi-unit residential rental
property.
(6) Any conveyance resulting from the foreclosure of a
mortgage, deed of trust, or other instrument encumbering a
multi-unit residential rental property or any deed given
in lieu of foreclosure.
(7) Any sale or transfer between or among joint
tenants or tenants in common owning a multi-unit
residential property.
(8) The purchase of a multi-unit residential rental
property by a governmental entity under its powers of
eminent domain.