(65 ILCS 5/11-11-1.1) (from Ch. 24, par. 11-11-1.1)
    Sec. 11-11-1.1. The corporate authorities of each municipality have the power to establish and operate a homestead program designed to rehabilitate or construct dwellings in presently blighted areas.
    "Homestead program" as used in this Section means a program of conveyances of unoccupied dwellings and vacant land, for nominal or no consideration, to heads of households 18 years of age or older who agree:
    (a) to rehabilitate or construct qualifying dwellings on such property;
    (b) to commence rehabilitation or construction within 60 days of conveyance;
    (c) to occupy such property as a principal resident for not less than 3 years, complying with applicable health and safety standards;
    (d) to permit reasonable periodic inspection by the municipality to determine compliance with the conditions of conveyance; and
    (e) to surrender and quit claim such property to the municipality, in a condition at least equivalent to that when first conveyed, upon determination of noncompliance.
    The corporate authorities shall have all powers necessary for the development and implementation of a homestead program, including but not limited to, the power to designate a homestead area, to enter into agreements with the federal government to receive repossessed homes, to establish guidelines for determining qualified recipients, to dispose of property by lottery or conveyance for nominal or no consideration, and to appoint a Homestead Board or designate a not-for-profit corporation as its agent to administer the program and establish standards of rehabilitation and construction.
(Source: P.A. 83-656.)