IL HR0672

Declares that gentrification disproportionately affects Black and Latino communities through rising property values, rents, and taxes that displace longtime residents and community institutions

Cites racial wealth disparities: typical white families own $184,000 in wealth compared to $38,000 for Latino families and $23,000 for Black families, with the racial wealth gap estimated to cost $1.5 trillion in lost economic growth over the next decade

Commits the House to studying gentrification effects and solutions, including increasing home repair investments through IHDA's Single Family Rehabilitation Program, particularly for seniors on fixed incomes

Proposes expanding homeownership opportunities for Black and Latino residents through IHDA mortgages, down payment assistance, and Illinois Community Reinvestment Act-regulated financial institutions

Recommends expanding property tax exemptions in affected neighborhoods and repealing the Rent Control Preemption Act to allow communities to limit predatory rent increases