IL SB3512

Creates County Rent Control Boards in each Illinois county with 9 members: 2 from Tier 1 households (≤60% area median income), 2 from Tier 2 households (≤120% area median income), 3 property owners, and 2 low-income housing advocates; initial election in 2019.

Establishes rent control regulations limiting annual increases to consumer price index plus 1% (max 5% total) for Tier 1 households and plus 2% (max 6% total) for Tier 2 households, with lower caps for seniors and persons with disabilities; requires 90 days' notice before increases.

Requires property owners to create reserve accounts funded with 10% of monthly rent proceeds after expenses for repairs and capital improvements, with hardship waivers available for up to 120 days.

Adds income tax credits for property owners: one equal to the difference between rent-controlled amounts and average county rent, and another for capital improvements made to rent-controlled properties.

Repeals the Rent Control Preemption Act and designates rent control as an exclusive state power, limiting home rule authority; applies only to dwellings rented to Tier 1 or Tier 2 households.