state_legiscan_drain · IL
STATE GOVERNMENT-TECH
December 17, 2024
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.
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Source: https://www.ilga.gov/Legislation/BillStatus?DocNum=957&GAID=18&DocTypeID=HB&SessionID=114&GA=104
Common questions
- What does "STATE GOVERNMENT-TECH" cover?
- 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…
- When was it published?
- It was published on December 17, 2024.