310 ILCS 130/1
Short title
Short title. This Act may be cited as the Community Land Trust Home Ownership Act. (Source: P.A. 104-370, eff. 8-15-25.)
Illinois Compiled Statutes 310 ILCS 130 — Community Land Trust Home Ownership Act.
Illinois · statute · 310 ILCS 130 · 7 active provisions
310 ILCS 130/5
Purpose
Purpose. The purpose of this Act is to ensure access to affordable housing loan products, grants, and other types of assistance for buyers and owners of housing located in a community land trust or other leasehold ownership structure with a ground lease between the buyer or owner and a 501(c)(3) organization. (Source:…
310 ILCS 130/10
Findings
Findings. The General Assembly finds the following: (1) The State of Illinois is facing an affordable housing crisis. (2) Homeownership is the principal way families build wealth, yet homeownership is most inaccessible to communities of color in Illinois, who are 1.6 times less likely than white people to be homeowners…
310 ILCS 130/15
Definitions
Definitions. As used in this Act: "501(c)(3) organization" means a nonprofit organization that is exempt or qualified for exemption from taxation under Section 501(c)(3) of the Internal Revenue Code of 1986. "Community land trust" means a 501(c)(3) organization governed by a board of community land trusts residents, co…
310 ILCS 130/20
Eligibility for homeownership programs
Eligibility for homeownership programs. 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…
310 ILCS 130/25
Rulemaking
Rulemaking. Within 90 days after the effective date of this Act, the Illinois Housing Development Authority shall propose new or amended administrative rules that will make the Authority's homeownership programs consistent with the purposes of this Act. (Source: P.A. 104-370, eff. 8-15-25.)
310 ILCS 130/99
Effective date
Effective date. This Act takes effect upon becoming law. (Source: P.A. 104-370, eff. 8-15-25.)