IL HB5637

Creates the Funding Local Land Banks Act to establish a Local Land Banks Fund as a special fund in the State treasury.

Distributes appropriated funds from the Local Land Banks Fund to land banks to acquire property in Illinois with the goal of increasing local government property tax revenue.

Defines "Land Bank" as a land bank established by a unit of local government.

Authorizes units of local government to establish programs remitting 50% or more of property tax revenue from land bank-sold properties back to the land bank for 5 years following the sale.

Allows land banks to use remitted tax revenue to fund new acquisitions or sales of real property.