310 ILCS 130/15
Definitions
Illinois · Illinois Compiled Statutes 310 ILCS 130 — Community Land Trust Home Ownership Act. · Status: effective
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- 310 ILCS 130/15, Definitions, Illinois, version 1 as recorded 2026-08-14, yourstate.us, https://yourstate.us/provision/1290725
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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, community residents, and public representatives that provide permanent or long-term affordability and shared equity homeownership opportunities. (Source: P.A. 104-370, eff. 8-15-25.)