SB1261 creates the Community Land Trust Home Ownership Act in Illinois, expanding homeownership programs to include community land trusts.
SB1261, the Community Land Trust Home Ownership Act, aims to ensure access to affordable housing for buyers and owners of housing in community land trusts or other leasehold ownership structures. The Illinois Housing Development Authority will make its homeownership programs, including loans, grants, and other assistance, available to these buyers and owners. The Act excludes for-profit or private sellers from eligibility. It takes effect immediately upon becoming law.
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- Legal Framework
- Critical Issues
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