HB 3292

Abstract

Creates the Limited-Equity Housing Cooperative Task Force Act. Provides that the purpose of the Act is to establish the Illinois Limited-Equity Housing Cooperative Task Force to collect data and qualitative experiences regarding the needs of limited-equity housing cooperatives with the goal of analyzing their potential to (i) increase the supply of affordable ownership housing across Illinois and (ii) further home ownership and build wealth among lower-income and moderate-income Illinoisans, especially those locked out of the traditional homeownership market. Provides that the Task Force is created within the Illinois Housing Development Authority to study: (1) opportunities to expand the number of limited-equity housing cooperatives statewide, including the number of properties that could be developed as limited-equity housing cooperatives; (2) the use of limited-equity housing cooperatives as a tool to create permanently affordable ownership housing; (3) the impact that substantial investments in limited-equity housing cooperatives would have on closing the racial wealth gap in Illinois; and other matters. Requires the Task Force to prepare and submit a final report, on or before December 31, 2024, to the Governor and the General Assembly making specific recommendations of legislative and budgetary action that supports the mission of limited-equity housing cooperatives to foster permanently affordable ownership housing and homeownership among lower-income and moderate-income Illinois residents. Contains provisions concerning Task Force membership; meetings; vacancies; and other matters. Provides that the Task Force is dissolved and the Act is repealed on December 31, 2024. Effective immediately.