Housing (Housing Finance)

Creates the Restock the Block Act. Imposes on a "covered entity" an annual fee of 10% of the property value of each residential property owned by the covered entity in excess of 10 single family homes or 8 multi-family homes. Provides that this fee is to be deposited into the Illinois Affordable Housing Trust Fund with the purpose of funding public housing projects and developments and providing rental and mortgage assistance. Provides that a "covered entity" is an institutional real estate investor or an entity that receives funding from an institutional real estate investor for the purchase of a residential property. Makes exceptions. Provides that an "Institutional real estate investor" is an entity or combined group that, directly or indirectly (1) owns 10 or more single-family homes or 8 or more multi-family homes; (2) manages or receives funds pooled from investors and acts as a fiduciary one or more investors; and (3) has $30,000,000 or more in net value or assets under management on any day during the taxable year. Provides that it is unlawful for a covered entity to purchase, acquire, or offer to purchase or acquire any interest in residential property unless the residential property has been listed for sale to the general public for at least 90 days. Provides that a covered entity that violates these provisions may be subject to civil damages and penalties in an amount not to exceed $250,000. Requires that the covered entity is required to submit to the seller or anyone acting as an agent for the seller a form stating that the purchaser is a covered entity and file that form within 3 days with the Department of Human Services. Makes conforming changes to the Illinois Affordable Housing Act.

Creates the Owner-Occupied Housing Incentive Act. Requires the Illinois Housing Development Authority to administer an owner-occupant housing incentive program that provides financial incentives to qualifying purchasers for the purchase of moderately priced owner-occupied homes. Requires the Authority to develop necessary forms, establish verification procedures, and adopt rules to implement the program that are consistent with the provisions of the Act. Requires the Authority to provide a $7,500 owner-occupant housing incentive to any qualifying purchaser of an eligible property. Provides that the owner-occupant housing incentive may be provided as a grant, closing cost credit, down payment assistance, or any other similar mechanism approved by the Authority, subject to available appropriations. Contains provisions concerning eligibility requirements; hardship exemptions; program restrictions; verification and compliance; and penalties and repayment. Provides that the Act shall be construed narrowly to promote owner-occupied home purchases and that nothing in the Act shall be interpreted to regulate or restrict lawful rental housing, landlord activity, or property ownership outside the scope of the incentive created under the Act. Effective immediately.

HB 4841 permanently extends a 50% tax credit for Illinois taxpayers who donate to affordable housing projects under the Illinois Housing Development Act. It directly affects donors - such as individuals, businesses, and investors - who contribute to qualifying housing developments. The bill removes the previous expiration date (December 31, 2026), making the credit permanent and effective immediately. Taxpayers can apply the credit against state income tax, carry forward excess credits for up to five years, and transfer the credit to eligible projects or other donors.

Amends the State Finance Act. Creates the Community Housing Reintegration Fund. Provides that moneys in the Fund may be used to provide housing-related costs for eligible persons who are either (i) transitioning out of congregate long-term care settings into less restrictive independent and community-based housing or (ii) facing impending placement in a congregate long-term care facility due to lack of affordable accessible housing. Amends the Property Tax Code. Increases the real estate transfer tax from $0.50 per $500 of valuation to $0.75 per $500 in valuation. Provides that a portion of the proceeds from the real estate transfer tax shall be deposited into the Community Housing Reintegration Fund. Effective immediately.

Amends the State Finance Act. Creates the Community Housing Reintegration Fund. Provides that moneys in the Fund may be used to provide housing-related costs for eligible persons who are either (i) transitioning out of congregate long-term care settings into less restrictive independent and community-based housing or (ii) facing impending placement in a congregate long-term care facility due to lack of affordable accessible housing. Amends the Property Tax Code. Increases the real estate transfer tax from $0.50 per $500 of valuation to $0.75 per $500 in valuation. Provides that a portion of the proceeds from the real estate transfer tax shall be deposited into the Community Housing Reintegration Fund. Effective immediately.

Amends the Property Tax Code. Provides that property that is owned by a faith-based organization or an organization described under Section 501(c)(3) of the Internal Revenue Code of 1986 that is leased for a minimum of 50 years for the purpose of, and is predominantly used for, providing affordable housing for households with a household income of between 20% and 90% of the area median income is exempt from taxation under the Code until (i) the end of the ground lease term or (ii) the first taxable year during which the property is no longer used for affordable housing purposes, whichever occurs first. Provides that taxing districts may abate all or a portion of the property taxes levied on a qualified affordable housing developments.

Amends the Illinois Affordable Housing Act. Provides that funds in the Illinois Affordable Housing Trust Fund may be used for housing counseling. Defines "housing counseling" to mean services provided by an organization approved by the United States Department of Housing and Urban Development to be a HUD-Approved Housing Counseling Agency.

Creates the Build Illinois Homes Tax Credit Act. Provides that owners of qualified low-income housing developments are eligible for credits against the taxes imposed by the Illinois Income Tax Act or taxes, penalties, fees, charges, and payments imposed by the Illinois Insurance Code. Amends the Illinois Income Tax Act and the Illinois Insurance Code to make conforming changes. Effective immediately.