IL HB4077

Creates the Land Bank Act to allow foreclosing governmental units (taxing districts) to establish not-for-profit land banks by ordinance or resolution to acquire and manage vacant, abandoned, and tax-delinquent properties.

Land banks governed by 5-11 member boards with at least one-fifth comprised of community residents; board must include expertise in community planning, environmental health, public health, and open space, with meaningful community involvement in decisions.

Land banks may acquire property through gift, purchase, foreclosure, or transfer from local governments; limited to acquiring tax-delinquent, tax-foreclosed, vacant, or abandoned property from private entities, but can acquire any property from government units.

Land banks exempt from state and local taxation; may issue bonds with state revenue pledges; permitted to convey property at less than fair market value for community benefits including health clinics, community centers, green space, and urban agriculture.

Multiple governmental units may jointly create a single land bank through intergovernmental agreement; requires maintaining public inventory of properties, quarterly public meetings with 10-day advance notice, annual performance reports, and compliance with Open Meetings Act and Freedom of Information Act.