IL SB2037

Establishes the Community Land Trust Task Force within the Illinois Housing Development Authority to study and promote community land trusts as tools for affordable housing and homeownership.

Task Force consists of 15 members including state agency heads, legislative representatives, community land trust representatives, housing experts, and nonprofit advocates, with co-chairs from IHDA and the General Assembly.

Task Force must meet at least 6 times before December 31, 2024, and collect data on current community land trust usage, study their effectiveness as alternatives to property tax sales, and analyze models used in other states.

Task Force shall conduct cost-benefit analyses, examine financing opportunities, and assess the potential impact of community land trust investments on closing the racial wealth gap in Illinois.

Task Force must submit a final report by December 31, 2024, with specific legislative and budgetary recommendations, after which the Task Force dissolves and this Act is repealed.