HB4387

Illinois HB4387 limits corporate ownership of residential properties to 500 units and mandates registration for companies owning more than 200 units.

HB4387, the Corporate Ownership of Residential Property Act, restricts companies from owning more than 500 residential properties in Illinois, including those held by affiliated entities. Companies owning between 200 and 500 properties must annually register with the Department of Financial and Professional Regulation, disclosing all owned properties, affiliated entities, and beneficial owners. The Act aims to address rising housing costs and reduced homeownership opportunities by ensuring transparency in property ownership.