HB2572 Summary: Local Government Stabilization Authority

• Establishes a Local Government Stabilization Authority pilot program in Illinois townships located in Districts 28, 29, or 30 to acquire, rehabilitate, and return vacant, abandoned, and tax-delinquent properties to productive use.

• Creates a 12-member Board of Directors appointed by township leadership, including one corporate authority representative, one village representative, and one each from economic development, banking, and real estate industries.

• Authority may acquire property through purchase, foreclosure, tax sales, or donation; hold and manage properties; and convey or sell properties to public or private entities for residential, commercial, or industrial development and senior home renovation.

• Authority shall apply for $2,000,000 in funding from the Abandoned Residential Property Municipality Relief Program and may seek additional state and federal grants; activities are exempt from state taxation including property taxes.

• Requires the Authority to contract with 15 local real estate brokers and construction crews from accredited community colleges to repair and sell homes; must submit quarterly reports and annual audited financial statements to the Illinois Housing Development Authority.