STATE GOVERNMENT-TECH

Summary

If enacted, this bill would create a right of first refusal for tenants of multi-unit residential rental properties (6+ units) in Illinois, allowing a formally organized tenants' association to match any bona fide third-party offer to purchase the building. Owners must provide 90 days' notice of intent to sell and tenants have 90 days to execute a contract. The bill also includes provisions for price reductions, appraisals, affordable housing requirements if public funds are used, and prohibitions on waivers or retaliation.