Illinois General Assembly - Bill Status for HB3316
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 Bill Status of HB3316  103rd General Assembly


House Sponsors
Rep. Will Guzzardi

Last Action
DateChamber Action
  2/17/2023HouseReferred to Rules Committee

Statutes Amended In Order of Appearance
New Act

Synopsis As Introduced
Creates the Community Land Trust Home Ownership Act. Provides that the Illinois Housing Development Authority's homeownership programs, including loan products, grants, and other types of assistance, shall be made available to home buyers and owners seeking to purchase or maintain housing where a leasehold interest in real property is held by a community land trust or other 501(c)(3) organization for the purposes of promoting long-term affordability, preservation of affordable housing, or community revitalization efforts. Provides that any other type of seller, including for-profit or private sellers of homes, through leasehold agreements, such as installment contracts, contract for deeds, or any other type of purchase or ownership structure, shall not be eligible under the amendatory Act. Requires the Illinois Housing Development Authority, within 90 days after the effective date of the Act, to propose new or amended administrative rules that will make the Authority's homeownership programs consistent with the purposes of the Act. Effective immediately.

DateChamber Action
  2/17/2023HouseFiled with the Clerk by Rep. Will Guzzardi
  2/17/2023HouseFirst Reading
  2/17/2023HouseReferred to Rules Committee

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