Illinois SB3501 imposes an annual fee on institutional real estate investors owning more than 10 single-family or 8 multi-family homes, directing the.
Illinois SB3501, known as the Restock the Block Act, imposes an annual fee of 10% on the property value of each residential property owned by a "covered entity" in excess of 10 single-family homes or 8 multi-family homes. These fees are directed into the Illinois Affordable Housing Trust Fund, which finances projects of the Illinois Affordable Housing Program. The bill also prohibits covered entities from purchasing, acquiring, or offering to purchase or acquire any interest in residential property unless it has been listed for sale to the general public for at least 90 days.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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