Illinois SB1261 ensures affordable housing loan products, grants, and assistance for buyers and owners of housing in community land trusts.
Illinois SB1261 aims to address the state's affordable housing crisis by ensuring access to affordable housing loan products, grants, and other types of assistance for buyers and owners of housing in community land trusts or other leasehold ownership structures with a ground lease between the buyer or owner and a 501(c)(3) organization. The Illinois Housing Development Authority must propose new or amended administrative rules within 90 days to align its homeownership programs with the Act's purposes.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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