HB4661 - Local Government Stabilization Authority Act

• Creates Local Government Stabilization Authorities as township agencies in five Cook County townships (Bloom, Bremen, Calumet, Rich, and Thornton) to acquire, manage, and redevelop vacant, abandoned, and tax-delinquent properties.

• Establishes a 12-member Board of Directors appointed by the township supervisor and approved by corporate authorities, including one corporate authority member, township supervisor representative, and representatives from economic development, banking, and real estate communities.

• Authorizes Authority to acquire property through purchase, donation, foreclosure, and tax sales; rehabilitate and manage properties; and sell or lease to public or private entities, with proceeds retained for Authority operations.

• Provides up to $2,000,000 in funding from the Abandoned Residential Property Municipality Relief Program and permits borrowing from public and private lenders subject to corporate authority approval.

• Requires annual audited financial statements, quarterly reports to Illinois Housing Development Authority, and submission of annual budget to corporate authorities; grants Authority tax-exempt status as governmental function.