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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB0367 Introduced , by Rep. La Shawn K. Ford SYNOPSIS AS INTRODUCED:
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Creates the Value After Rehabilitation Appraisal Act. Provides that, unless prohibited by federal law or regulation, for any program administered by this State that requires an appraisal to be performed on real estate, the appraisal may take value after rehabilitation into account. Provides that an appraisal that takes value after rehabilitation into account shall be accepted to the same extent that other appraisal methods for real estate sales and refinances are accepted.
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB0367 | | LRB100 04305 HEP 16343 b |
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| 1 | | AN ACT concerning housing.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 1. Short title. This Act may be cited as the Value |
| 5 | | After Rehabilitation Appraisal Act.
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| 6 | | Section 5. Value after rehabilitation appraisals |
| 7 | | permitted. Unless prohibited by federal law or regulation, for |
| 8 | | any program administered by this State that requires an |
| 9 | | appraisal to be performed on real estate, the appraisal may |
| 10 | | take value after rehabilitation into account. An appraisal that |
| 11 | | takes value after rehabilitation into account shall be accepted |
| 12 | | to the same extent that other appraisal methods for real estate |
| 13 | | sales and refinances are accepted.
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