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Creates the Restock the Block Act. Defines terms. Imposes an annual fee on covered entities equal to 10% of the property value of each residential property owned in excess of 10 properties, increasing by an additional 10% for each additional block of 10 properties, up to a maximum of 50%. Provides that fees are deposited into the Illinois Affordable Housing Trust Fund for public housing projects, developments, and rental and mortgage assistance. Provides that a residential property sold or transferred in a disqualified sale continues to be treated as owned by the covered entity for purposes of the fee. Prohibits covered entities from purchasing or acquiring any interest in residential property unless the property has been listed for sale to the general public for at least 90 days, with the 90-day period restarting if the seller changes the asking price. Establishes civil penalties for violations. Requires covered entities making an offer to purchase residential property to provide a signed and notarized disclosure form to the seller and to file that form with the Department of Human Services within 3 days. Requires the Department to adopt rules, including reporting requirements, and provides for a $25,000 penalty for failure to report or providing incorrect information. Amends the Illinois Affordable Housing Act to authorize the Trust Fund to receive and use moneys deposited under the Restock the Block Act. Effective July 1, 2027.

Status

Engrossed

Passed its first chamber

Status date

Apr 8, 2025

583 days ago

Current chamber

House of Representatives

Session

2025-2026 Regular Session