96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB3497


 
Introduced 2/10/2010, by Sen. Dan Cronin
 
SYNOPSIS AS INTRODUCED:
 		





 







765 ILCS 605/22.3 new






805 ILCS 105/103.40 new











     Amends the Condominium Property Act and the General Not For Profit Act. Provides that: in the event of a proposed sale of a condominium unit, or a proposed sale of a unit in a common interest community or homeowners' association, by a unit owner other than the developer to a 501(c)(3) organization that intends to lease the unit for the purpose of providing affordable housing, the unit owner must disclose the proposed sale to the Board of Managers, or to the board of directors in the instance of a common interest community or homeowners' association, and request issuance of a certificate approving the sale to the 501(c)(3) organization for that purpose for as  long as the 501(c)(3) organization owns the property; if the board approves the sale and issues a certificate approving the sale, the unit owner must  record the certificate with the recorder; and a 501(c)(3) organization may not lease a unit for the purpose of providing affordable housing unless those requirements have been met.
  















LRB096 20536 AJO 36223 b

















 


 


A BILL FOR









 




  






SB3497

LRB096 20536 AJO 36223 b





  
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    AN ACT concerning civil law.
  
 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:
  


 
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    Section 5. The Condominium Property Act is amended by 
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adding Section 22.3 as follows:
 
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    (765 ILCS 605/22.3  new)
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    Sec. 22.3. 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 
 


 






SB3497
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LRB096 20536 AJO 36223 b




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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.

 
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    Section 10. The General Not For Profit Corporation Act of 
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1986 is amended by adding Section 103.40 as follows:
 
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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 
 


 






SB3497
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LRB096 20536 AJO 36223 b




1
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.