Legislative update in IL for investors and landlords.
HB1195 and SB2101 both create the Illinois Land Banking Act. (SEE CALL TO ACTION BELOW):
At this time, IRPOA is opposed to this legislation. This legislation authorizes a municipality to create a land bank authority power. Authorizes a land bank authority to acquire property and issue bonds and requires the county clerk to send notice of the sale of real property to the municipal clerk under specified circumstances. It provides that a municipality may prescribe rules, regulations, or ordinances for the maintenance of vacant and abandoned properties. Municipalities may collect the reasonable cost of maintaining vacant and abandoned properties. Municipalities shall also be provided notice of foreclosures within the boundaries of the municipality. (1)
The proponents of this legislation have been informed of IRPOA's opposition and they are open to addressing the concerns.
HB3962 Another Nuisance Bill
Due to the grassroots efforts of your membership and the advocacy by Consulting4Biz to the Criminal Law Committee and staffers, HB3962 died on a vote of 3-1-5! This bill would have declared properties as a nuisance based on the criminal behavior of the occupants. This type of approach to deal with crime is becoming more common and it is harmful to owners of rental property. The law protects the rights of the tenants to use your property but when tenants abuse those rights the law looks to punish the building owner. IRPOA is strongly opposed to any law to stigmatize property based on the behavior of tenants. Thank you for your immediate call to action...GREAT TEAMWORK! (2)
CALL TO ACTION...
The Illinois legislature is considering bills (HB1195 and SB2101) to create a new unit of government called a land bank authority. This authority would be empowered to buy, sell, manage, rent, or renovate real estate. The purpose of a land bank authority is to deal with problems created when significant numbers of properties are abandoned in a concentrated area. The stability of neighborhoods is important to preserve the value of our members' investments. The IRPOA Political Action Committee believes the intent of the land bank concept is worthy, however; we want to ensure that if passed this law will not have an unintended negative impact on the business of IRPOA members. The bills are currently being rewritten. We are asking our members to contact your legislators . IRPOA has prepared a list of some concepts for you to discuss with your legislators. See the list at http://www.ccia-info.com in the Land Bank Position Paper. Ask your legislators in the general assembly to make sure these concepts are addressed in the final version of the law. (3)
(1) (2) (3) Source from Chicago Creative Investors Association (CCIA)