The Illinois REALTORS (IR) have announced their 2024 legislative agenda, which focuses on addressing systemic housing issues in the state. The IR believe that everyone deserves the opportunity to own a home, and they are advocating for legislation that will make homeownership more attainable for all Illinois residents. The IL is a professional trade association that represents more than 80,000 real estate professionals in Illinois. The organization is a strong advocate for homeownership and is committed to working with policymakers to create a housing market that works for all Illinois residents.
Illinois is facing a housing shortage, which is driving up home prices and making it difficult for many people to afford to buy a home. The Illinois Realtors believe that the following legislative proposals will help to address the housing shortage and make homeownership more affordable.
Legislative Proposals
The Illinois REALTORS are proactively seeking to advance three bills in the Illinois General Assembly:
- Senate Bill 3497, sponsored by Senator Cristina Castro, D-Elgin, would create a new Illinois Homeownership Savings Program. The program would provide tax credits to Illinois residents who are saving money for a down payment on a home. This bill would help to address the down payment hurdle that many first-time homebuyers face.
- Senate Bill 3769, also sponsored by Senator Cristina Castro, D-Elgin, would create a new incentive program for developers who build affordable housing units. The program would provide tax credits to developers who build affordable housing units in areas with a high need for affordable housing. This bill would help to increase the supply of affordable housing units in Illinois.
- House Bill 5432, sponsored by Representative Jennifer Gong-Gershowitz, D-Glenview, would ban local ordinances that evict tenants because of criminal activity by someone in the household. The Illinois Realtors believe that this bill is necessary to protect the rights of tenants and to ensure that people are not evicted from their homes because of the actions of someone else. This bill would also help to reduce homelessness in Illinois.
The Illinois Realtors believe that these pieces of legislation will have a positive impact on the housing market in Illinois. By increasing the supply of affordable housing units and making homeownership more attainable for first-time homebuyers, these bills will help to reduce housing costs and make housing more accessible to all Illinois residents.
The Illinois Realtors’ 2024 legislative agenda is a comprehensive plan to address systemic housing issues in Illinois. By increasing the supply of affordable housing units, making homeownership more attainable for first-time homebuyers, and protecting the rights of tenants, these bills will help to create a more stable and equitable housing market in Illinois.
To review the Illinois REALTORS 2024 legislative agenda, click here.