HB0367 Summary: Community Improvement Land Bank Act

• Creates the Community Improvement Land Bank Act allowing counties, municipalities, and townships (individually or in combination) to establish land banks for economic development and property reclamation.

• Grants land banks authority to purchase, hold, manage, and sell vacant, abandoned, tax-foreclosed, and other nonproductive real property to facilitate community development.

• Establishes land bank board composition requirements with at least 40% of economic development land bank directors being elected or appointed local officials, with at least one representative from each participating governmental unit.

• Defines "nonproductive land" as delinquent property with no buildings, abandoned property, unoccupied structures subject to demolition, or unoccupied property eligible for land reutilization programs.

• Takes effect immediately upon becoming law and includes conforming amendments to existing Illinois tax increment financing and property tax statutes.