HB3292 Summary

• Creates the Illinois Limited-Equity Housing Cooperative Task Force within the Illinois Housing Development Authority to study affordable homeownership opportunities for lower-income and moderate-income residents.

• Task Force shall study expansion opportunities for limited-equity housing cooperatives statewide, their use in creating permanently affordable housing, impact on closing the racial wealth gap, and incentive packages to encourage property owners to sell to cooperatives.

• Task Force membership consists of 11 members including the IHDA Executive Director, legislative appointees from both chambers, cooperative representatives, lenders, university housing experts, and affordable housing advocates.

• Task Force must submit a final report by December 31, 2024 with specific legislative and budgetary recommendations to support limited-equity housing cooperatives and foster homeownership among lower-income and moderate-income Illinois residents.

• Task Force is dissolved and the Act is repealed on December 31, 2024; the Act takes effect immediately upon becoming law.