IL SB1261

Requires the Illinois Housing Development Authority (IHDA) to make homeownership programs, including loans, grants, and other assistance, available to buyers and owners of housing in community land trusts or other leasehold arrangements with 501(c)(3) nonprofit organizations

Creates the Community Land Trust Task Force within IHDA to implement recommendations from the 2024 Community Land Trust Report, including exploring funding mechanisms, incorporating community land trusts into local tax sale processes, and providing technical assistance to emerging trusts

Task Force membership includes 20+ members: the Governor, state agency directors (IHDA, Revenue, Human Services, Commerce), legislators from both chambers, representatives from four Illinois community land trusts, university housing experts, and nonprofit advocates

IHDA must propose new or amended administrative rules within 90 days of the Act's effective date to align homeownership programs with the Act's purposes

Task Force must hold its initial meeting within 60 days, submit a report to the Governor and General Assembly, and will be dissolved 14 months after its first meeting