SPRINGFIELD, Ill. (WAND) — Illinois is set to continue the work of a task force addressing the affordable housing crisis thanks to a new state law.
Democrats and Republicans believe the state should ensure access to housing loans, grants and other assistance for buyers and owners located in community land trusts.
Sponsors said community land trusts can be a powerful solution for homeowners facing delinquent property taxes or other financial threats to continued homeownership.
"Key goals of the task force are to expand access to homeownership programs and to support long-term affordability and stability through the exploration of the community land trust model," said Rep. Lilian Jiménez (D-Chicago).
The task force could consider incorporating community land trusts into the local tax sale process and increasing the number of state grants available for organizational housing development. Members will also promote innovative sources of dedicated funding and property for community land trusts while encouraging partnerships with land trusts and land banks.
"As the American dream of homeownership seems farther and farther away for many working Illinoisans, community land trusts have proven to be an effective solution for folks to purchase their first home and build generational wealth," said Sen. Graciela Guzmán (D-Chicago). "I am strongly in favor of this people-first model to become more common throughout Illinois and our country, and believe this law will help them become more common."
Senate Bill 1261 took effect earlier this month.
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