Bill Status of HB 3292   103rd General Assembly

Short Description:  LIMITED EQUITY COOPERATIVES

House Sponsors
Rep. Theresa Mah-Lilian Jiménez

Last Action  View All Actions

DateChamber Action
  1/7/2025HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act

Synopsis As Introduced
Creates the Limited-Equity Housing Cooperative Task Force Act. Provides that the purpose of the Act is to establish the Illinois Limited-Equity Housing Cooperative Task Force to collect data and qualitative experiences regarding the needs of limited-equity housing cooperatives with the goal of analyzing their potential to (i) increase the supply of affordable ownership housing across Illinois and (ii) further home ownership and build wealth among lower-income and moderate-income Illinoisans, especially those locked out of the traditional homeownership market. Provides that the Task Force is created within the Illinois Housing Development Authority to study: (1) opportunities to expand the number of limited-equity housing cooperatives statewide, including the number of properties that could be developed as limited-equity housing cooperatives; (2) the use of limited-equity housing cooperatives as a tool to create permanently affordable ownership housing; (3) the impact that substantial investments in limited-equity housing cooperatives would have on closing the racial wealth gap in Illinois; and other matters. Requires the Task Force to prepare and submit a final report, on or before December 31, 2024, to the Governor and the General Assembly making specific recommendations of legislative and budgetary action that supports the mission of limited-equity housing cooperatives to foster permanently affordable ownership housing and homeownership among lower-income and moderate-income Illinois residents. Contains provisions concerning Task Force membership; meetings; vacancies; and other matters. Provides that the Task Force is dissolved and the Act is repealed on December 31, 2024. Effective immediately.

Actions 
DateChamber Action
  2/17/2023HouseFiled with the Clerk by Rep. Theresa Mah
  2/17/2023HouseFirst Reading
  2/17/2023HouseReferred to Rules Committee
  2/28/2023HouseAssigned to Housing
  3/8/2023HouseAdded Chief Co-Sponsor Rep. Lilian Jiménez
  3/8/2023HouseDo Pass / Short Debate Housing; 011-005-000
  3/8/2023HousePlaced on Calendar 2nd Reading - Short Debate
  3/22/2023HouseSecond Reading - Short Debate
  3/22/2023HouseHeld on Calendar Order of Second Reading - Short Debate
  3/27/2023HouseRule 19(a) / Re-referred to Rules Committee
  1/7/2025HouseSession Sine Die

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