HR 672

Abstract

Believes that investments in business, home ownership, and community development in Black and Latino communities are essential for creating shared prosperity in our communities. Recognizes the importance of property values that come from new development and investment as a source of wealth for native populations. Commits to combating gentrification and displacement, to protect native populations as their communities change, and to support efforts to close the racial wealth gap in the State of Illinois. Further commits to studying the effects of gentrification and displacement in the State as well as studying solutions that will protect native populations and allow them to participate in the rebuilding of their communities, including but not limited to: (1) Increasing investments in home repair for longtime Black and Latino residents, particularly for seniors in the community on fixed incomes, through the Illinois Housing Development Authority's Single Family Rehabilitation Program; and (2) Increasing opportunities for home ownership for Black and Latino residents through Illinois Housing Development Authority mortgages and down payment assistance as well as financial institutions regulated under the Illinois Community Reinvestment Act; and (3) Expanded use of the Long Time Occupancy Homestead Property Tax Exemption, the Senior Citizen Assessment Freeze Homestead Exemption, the Homestead Improvement Exemption, and the Senior Citizen Tax Deferment in predominantly Black and Latino neighborhoods; and (4) Allowing communities to limit predatory rent increases for Black and Latino renters in gentrifying neighborhoods by repealing the Rent Control Preemption Act.