Illinois SB 1261: TELE EXCISE TX-DISCOUNT

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SB1261 EnrolledLRB104 08294 KTG 18345 b

1 AN ACT concerning housing.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 1. Short title. This Act may be cited as the 

5Community Land Trust Home Ownership Act.

6 Section 5. Purpose. The purpose of this Act is to ensure 

7access to affordable housing loan products, grants, and other 

8types of assistance for buyers and owners of housing located 

9in a community land trust or other leasehold ownership 

10structure with a ground lease between the buyer or owner and a 

11501(c)(3) organization.

12 Section 10. Findings. The General Assembly finds the 

13following: 

14 (1) The State of Illinois is facing an affordable 

15 housing crisis.

16 (2) Homeownership is the principal way families build 

17 wealth, yet homeownership is most inaccessible to 

18 communities of color in Illinois, who are 1.6 times less 

19 likely than white people to be homeowners. 

20 (3) Homeownership serves as a critical tool to close 

21 the racial wealth gap by enabling historically excluded 

22 families to build generational wealth.

SB1261 Enrolled- 2 -LRB104 08294 KTG 18345 b

1 (4) Community land trusts and other ownership 

2 structures that promote long-term affordability are 

3 critical housing options that can reduce the affordable 

4 housing gap.

5 (5) Community land trusts and other ownership 

6 structures that promote long-term affordability curb 

7 displacement and foster generational wealth by creating 

8 opportu