Illinois HB5777 amends the Illinois Housing Development Act and Property Tax Code to support community land trusts.
Illinois HB5777 amends the Illinois Housing Development Act to require the Illinois Housing Development Authority to ensure program staff have expertise in the community land trust model and implement procedures to remove barriers to approved projects. The bill also amends the Property Tax Code to exempt property owned by a non-profit community land trust and used for creating and maintaining affordable residences from property taxes from the year it is acquired until it is sold to a homeowner.
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