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.
Specifies that the amendatory Act may be referred to as the Affordability Crisis in Housing Act. Amends the Financial Institutions Act. Requires that the Department of Financial and Professional Regulation establish, maintain, and publish on its website a registry of nominees of mortgagees. Amends the Counties Code. Requires each county board to adopt revisions to its predictable fee schedule to include an additional $150 fee for a nominee of a mortgagee to record a mortgage, including an assignment, extension, amendment, or subordination, beginning no later than one year after the effective date of the amendatory Act. Creates an exception for the recording of a release of mortgage by the nominee of the mortgagee. Provides that of the additional $150, $120 is to be collected by the county as an additional Rental Housing Support Program State surcharge and deposited into the Rental Housing Support Program Fund, and $30 is to be collected by the county as a county fee with $25 to be used by the county for development and maintenance of its affordable housing capacity and $5 to be deposited into the recorder's special funds created to defray the cost of providing electronic or automated access to the county's property records. Amends the Code of Civil Procedure. Provides that a lien is not created if a nominee of a mortgagee fails to provide the recorder with the cover sheet required to accompany a mortgage under the Conveyances Act. Amends the Conveyances Act. Requires that all mortgages or assignments of mortgage recorded by or for a nominee must be recorded with a cover sheet explaining any fees that are charged, the identity of the nominee of the mortgagee, and the process that may be used by the mortgagor to track the mortgage.
Amends the Illinois Housing Development Act. Requires the Illinois Housing Development Authority (Authority) to establish and administer a First-Generation Homebuyer Down Payment Assistance Program to provide targeted assistance to eligible first-generation homebuyers throughout the State for the purchase of a single-family or non-commercial multi-family residence. Sets forth eligibility requirements. Permits the Authority to prioritize assistance to applicants purchasing homes in designated community priority areas, applicants with household income below 80%, and applicants purchasing homes in areas with low homeownership rates, high housing costs burdens, or limited access to affordable mortgage credit. Provides that assistance under the program shall be provided as a forgivable loan to be forgiven pro rata on a monthly basis over a 5-year period of continuous owner-occupancy. Sets forth the available loan amounts and provides that assistance funds may be used for down payments, closing costs, mortgage insurance, interest rate buydowns, or principal reduction. Permits the Authority to waive repayment in cases of documented financial hardship that is beyond the control of the homebuyer. Permits the Authority to adopt rules to implement and administer the program. Effective July 1, 2026.
Amends the Counties Code and the Illinois Municipal Code. Provides that county boards and municipalities may not issue a building permit on a residential unit if the owner of the property is in default on any mortgage.
Appropriates $5,000,000 from the General Revenue Fund to the Department of Commerce and Economic Opportunity for a grant to Neighborhood Housing Services of Chicago for costs associated with funding equitable mortgage lending and homebuyer subsidies, foreclosure prevention services, and other support. Effective July 1, 2026.
Appropriates $5,000,000 from the General Revenue Fund to the Department of Commerce and Economic Opportunity for a grant to Neighborhood Housing Services of Chicago for costs associated with funding equitable mortgage lending and homebuyer subsidies, foreclosure prevention services, and other support. Effective July 1, 2026.
Amends the Mortgage Foreclosure Law of the Code of Civil Procedure. Requires receivers of mortgaged real estate to use reasonable efforts to make repairs and improvements as necessary to comply with building, housing, or other similar codes that necessary for the safety, accessibility, and habitability of residential real estate. Creates the Residential Real Estate Ombudsperson Program of which the purpose is to ensure that tenants of residential real estate in receivership continue to have safe, habitable, and accessible homes throughout the receivership process and to facilitate communication between tenants, the receiver, and the court. Requires that in courts in counties of 50,000 or more residents must establish such a program, and in courts in counties of less than 50,000 residents may establish such a program. Provides for the powers of the Ombudsperson to include, but not be limited to, (i) taking, investigating, and making recommendations and reports of complaints of inadequate performance receivership duties relating to matters that may adversely affect the health, safety, welfare, or rights of tenants; (ii) entering the property under receivership at a reasonable time and with reasonable notice to the receiver or receiver's manager; (iii) communicating privately with tenants who consent to that communication; (iv) encouraging the facilitation of communication between receivers, tenants, and the court; (v) making recommendations to receivers regarding building conditions and court practices; (vi) submitting reports to the court regarding the status of the residential real estate, the receivership relationship, the use of the Ombudsperson services; and (vii) making recommendations to the court to improve the receivership relationship. Requires the Ombudsperson within 60 days of appointment to send a notice of contact information of the Ombudsperson to all known dwelling occupants of residential real estate through by posting a written notice on unit doors and in common areas. Effective January 1, 2026.
Appropriates $6,000,000 from the General Revenue Fund to the Department of Human Services for a grant to the Neighborhood Housing Services of Chicago for costs associated with funding equitable mortgage lending, homeownership rehabilitation and development, and homebuyer subsidies and support. Effective July 1, 2025.
Appropriates $6,000,000 from the General Revenue Fund to the Department of Human Services for a grant to the Neighborhood Housing Services of Chicago for costs associated with funding equitable mortgage lending, homeownership rehabilitation and development, and homebuyer subsidies and support. Effective July 1, 2025.
Amends the Illinois Housing Development Act. Requires the Illinois Housing Development Authority to establish and administer a Housing Hardship Program to provide up to 3 months of emergency rental or mortgage assistance or up to $1,600 per month for 3 months, whichever is less, to eligible applicants who demonstrate a hardship or other extenuating circumstances that place them at risk of eviction or foreclosure. Lists certain financial hardships that qualify for assistance under the program. Provides that applicants may apply for assistance once every 2 years regardless of household income. Requires applicants to submit a financial affidavit supported by banking statements and other documentary evidence as prescribed by the Authority. Requires the Authority to provide assistance to eligible applicants based upon the following factors in order of priority: (1) Whether the applicant has never previously received housing or public assistance from any other State or federal program. (2) If the applicant has previously received housing or public assistance, the number of times the applicant received such assistance. (3) The severity of the applicant's declared hardship or circumstances. Amends the State Finance Act. Creates the Housing Hardship Program Fund.
