As part of Gov. J.B. Pritzker’s Building Up Illinois Developments, or BUILD, housing proposal, a bill that could push private equity out of homeownership in the state, has progressed just before the end of the legislative season.
The goal of the bill – as said by state Senate sponsor Rachel Ventura, D-Joliet – is to shut private equity out of homeownership in Illinois, which both Republicans and Democrats on the committee agreed somewhat contributed to an ongoing housing shortage.
According to Ventura, the fee begins at 10% of the yearly appraised value of each property, and scales by 10% for each additional eight multi-family buildings or 10 single-family homes, and is capped at 100% of property value.
According to Luis Sanjraade from the Illinois Department of Human Services, the fee could even be unconstitutional.
Ventura disagreed with the legal argument, but said the proposal has been amended to take effect later, allowing the state agency to exercise more rulemaking powers.
The bill ultimately passed the Senate Executive Committee, and is expected to be taken to the floor for a vote soon.
Story from Illinois Radio Network
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