Sen. Dan Cronin
Filed: 5/17/2009
 
 

 




 

 		












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AMENDMENT TO HOUSE BILL 821




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    AMENDMENT NO. ______. Amend House Bill 821 on page 1, line 
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5, immediately after "18.4" by inserting the following: 

   
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"and by adding Section 22.2"; and
 
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on page 24, below line 14, by inserting the following:
 
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    "(765 ILCS 605/22.2  new)
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    Sec. 22.2. Sale to a 501(c)(3) organization; affordable 
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housing.
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    (a) In the event of a proposed sale of a condominium unit 
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by a unit owner other than the developer to a 501(c)(3) 
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organization that intends to lease the unit for the purpose of 
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providing affordable housing, the unit owner must disclose the 
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proposed sale to the Board of Managers and request issuance of 
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a certificate approving the sale to the 501(c)(3) organization 
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and the lease of the unit for the purpose of providing 
 


 






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affordable housing for as  long as the 501(c)(3) organization 
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owns the unit.
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    (b)  If the Board approves the sale by the unit owner to a 
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501(c)(3) organization that intends to lease the unit for the 
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purpose of providing affordable housing and issues a 
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certificate approving the sale to the 501(c)(3) organization 
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and the lease of the unit for the purpose of providing 
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affordable housing, the unit owner must  record the certificate 
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with the recorder.
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    (c)  A 501(c)(3) organization may not lease a unit for the 
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purpose of providing affordable housing unless the 
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requirements of subsections (a) and (b) have been met."; and

 
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on page 24, line 16, by replacing "Section 103.35" with 
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"Sections 103.35 and 103.40"; and
 
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on page 25, below line 13, by inserting the following:
 
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    "(805 ILCS 105/103.40 new)

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    Sec. 103.40. Sale to a 501(c)(3) organization; affordable 
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housing.
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    (a) In the event of a proposed sale of a unit by a unit 
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owner other than the developer to a 501(c)(3) organization that 
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intends to lease the unit for the purpose of providing 
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affordable housing, the unit owner must disclose the proposed 
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sale to the board of directors and request issuance of a 
 


 






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certificate approving the sale to the 501(c)(3) organization 
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and the lease of the unit for the purpose of providing 
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affordable housing for as  long as the 501(c)(3) organization 
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owns the property.
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    (b)  If the board approves the sale by the unit owner to a 
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501(c)(3) organization that intends to lease the unit for the 
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purpose of providing affordable housing and issues a 
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certificate approving the sale to the 501(c)(3) organization 
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and the lease of the unit for the purpose of providing 
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affordable housing, the unit owner must  record the certificate 
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with the recorder.
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    (c)  A 501(c)(3) organization may not lease a unit for the 
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purpose of providing affordable housing unless the 
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requirements of subsections (a) and (b) have been met.".