(For Section repeal see Section 55) Sec. 45. Duties. The Community Land Trust Task Force shall: (1) implement the 2024 Community Land Trust Task Force Report recommendations including, but not limited to: (A) exploring funding mechanisms currently existing through the State as well as identifying new revenue streams including, but not limited to, bond issuance, innovation funding, real estate transfer tax, and the Illinois Affordable Housing Trust Fund; (B) considering the incorporation of community land trusts into the local tax sale process; (C) exploring methods for providing technical assistance support to emerging community land trusts; (D) evaluating different approaches to community land trust centralization; and (E) ensuring statewide use of existing tax assessment language and adjusting policy to ease burdens on community land trusts and community land trust owners; (2) study the use of community land trusts as a tool to create permanently affordable housing, including as an alternative to property tax sales; (3) increase the number of State grants for organizational capacity-building and housing development, with spending rules tailored to the needs of community land trusts and the size of community land trust projects; (4) promote innovative sources of dedicated funding and property for community land trusts; (5) leverage rising industry and catalytic projects to generate revenue for lasting affordable housing; and (6) encourage partnerships between community land trusts and land banks. Force Report recommendations including, but not limited to: existing through the State as well as identifying new revenue streams including, but not limited to, bond issuance, innovation funding, real estate transfer tax, and the Illinois Affordable Housing Trust Fund; land trusts into the local tax sale process; assistance support to emerging community land trusts; land trust centralization; and assessment language and adjusting policy to ease burdens on community land trusts and community land trust owners; to create permanently affordable housing, including as an alternative to property tax sales; organizational capacity-building and housing development, with spending rules tailored to the needs of community land trusts and the size of community land trust projects; and property for community land trusts; to generate revenue for lasting affordable housing; and trusts and land banks.
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