The General Assembly finds the following: (1) The State of Illinois is facing an affordable housing crisis. (2) Homeownership is the principal way families build wealth, yet homeownership is most inaccessible to communities of color in Illinois, who are 1.6 times less likely than white people to be homeowners. (3) Homeownership serves as a critical tool to close the racial wealth gap by enabling historically excluded families to build generational wealth. (4) Community land trusts and other ownership structures that promote long-term affordability are critical housing options that can reduce the affordable housing gap. (5) Community land trusts and other ownership structures that promote long-term affordability curb displacement and foster generational wealth by creating opportunities for homeownership to remain affordable for generations. (6) Community land trusts and other ownership structures that promote long-term affordability preserve naturally occurring affordable housing by closing the affordability gap so that low-to-moderate income households can live in high opportunity neighborhoods. (7) The property tax sale system contributes to the racial wealth gap in homeownership by transferring home equity from communities of color to investors, threatening community stability, and increasing housing costs. (8) Community land trusts can be a powerful solution for homeowners facing delinquent property taxes or other financial threats to continued homeownership that keeps residents in their homes and creates permanently affordable properties for future buyers. (9) Local community land trusts currently operate to successfully preserve and create affordable housing in urban areas in Illinois, but there is need for centralized support and coordination for the establishment of local community land trusts across the State. housing crisis. wealth, yet homeownership is most inaccessible to communities of color in Illinois, who are 1.6 times less likely than white people to be homeowners. the racial wealth gap by enabling historically excluded families to build generational wealth. structures that promote long-term affordability are critical housing options that can reduce the affordable housing gap. structures that promote long-term affordability curb displacement and foster generational wealth by creating opportunities for homeownership to remain affordable for generations. structures that promote long-term affordability preserve naturally occurring affordable housing by closing the affordability gap so that low-to-moderate income households can live in high opportunity neighborhoods. racial wealth gap in homeownership by transferring home equity from communities of color to investors, threatening community stability, and increasing housing costs. for homeowners facing delinquent property taxes or other financial threats to continued homeownership that keeps residents in their homes and creates permanently affordable properties for future buyers. successfully preserve and create affordable housing in urban areas in Illinois, but there is need for centralized support and coordination for the establishment of local community land trusts across the State.
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