HB0729 Summary

• Creates the Local Government Stabilization Authority Act authorizing five Cook County townships (Bloom, Bremen, Calumet, Rich, and Thornton) to establish authorities by ordinance to acquire and redevelop vacant, abandoned, and tax-delinquent properties.

• Authorities may apply for up to $2,000,000 in funding from the Abandoned Residential Property Municipality Relief Program and can borrow money, enter partnerships, and contract for goods and services to facilitate property redevelopment and economic growth.

• Establishes a 12-member Board of Directors appointed by the township supervisor with corporate authority approval, including representation from government, economic development, banking, and real estate communities, with members serving without compensation.

• Grants authorities broad powers to acquire, hold, manage, remediate environmental contamination, and dispose of real property through various methods including tax sales, foreclosure, and direct purchase, with township holding legal title.

• Requires annual audited financial statements, quarterly reports to the Illinois Housing Development Authority, and compliance with state ethics laws and anti-discrimination requirements; permits dissolution by corporate authorities with procedures for transferring remaining assets.