SB1261: IHDA-HOMEOWNERSHIP PROGRAMS

Legislative Summary

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.