IL HB3207

Creates County Rent Control Boards in each Illinois county with 9 members: 2 Tier 1 renters, 2 Tier 2 renters, 3 property owners, and 2 low-income housing advocates; members elected in 2021 consolidated election with staggered 2-4 year terms.

Establishes rent control regulations limiting annual increases to consumer price index plus 1% (5% maximum) for Tier 1 households and plus 2% (6% maximum) for Tier 2 households; persons over 65 and persons with disabilities limited to CPI increases only (4% maximum).

Requires 90 days' notice before rent increases and allows emergency waivers up to 10% for repairs from natural disasters; mandates property owners maintain 10% monthly reserve account for repairs and capital improvements.

Provides income tax credits to property owners for the difference between rent-controlled amounts and average county rent, plus credits for capital improvements to rental properties rented to Tier 1 or Tier 2 households.

Repeals the Rent Control Preemption Act and establishes rent control as exclusive state power, prohibiting home rule units from regulating rent.