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HB5485 • 2026
FAIR ACCESS TO HOUSING
This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.
Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.
FAIR ACCESS TO HOUSING
Rule 19(a) / Re-referred to Rules Committee
Housing Affordability Impact Note Filed
Second Reading - Short Debate
Held on Calendar Order of Second Reading - Short Debate
Housing Affordability Impact Note Requested by Rep. Dan Ugaste
Placed on Calendar 2nd Reading - Short Debate
Do Pass / Short Debate Judiciary - Civil Committee ; 013-007-000
Assigned to Judiciary - Civil Committee
First Reading
Referred to Rules Committee
Filed with the Clerk by Rep. Justin Cochran
FAIR ACCESS TO HOUSING
Illinois General Assembly - Full Text of HB5485 Select Language × The Illinois General Assembly offers the Google Translate™ service for visitor convenience. In no way should it be considered accurate as to the translation of any content herein. Visitors of the Illinois General Assembly website are encouraged to use other translation services available on the internet. The English language version is always the official and authoritative version of this website. NOTE: To return to the original English language version, select the "Show Original" button on the Google Translate™ menu bar at the top of the window. 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Full Text of HB5485 Home Legislation Full Text HB5485 - 104th General Assembly Bill Status Full Text Votes Witness Slips Select Menu Bill Status Full Text Votes Witness Slips Printer Friendly Version Introduced Printer Friendly Version Introduced Open PDF 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB5485 Introduced 2/13/2026, by Rep. Justin Cochran SYNOPSIS AS INTRODUCED: New Act Amends the Fair Access to Housing Act. Provides that, on and after January 1, 2027, it shall be unlawful for a covered entity to purchase, acquire, or offer to purchase or acquire any interest in a single-family residence unless the single-family residence has been listed for sale to the general public for at least 75 days. Defines "covered entity". LRB104 18235 HLH 31674 b A BILL FOR HB5485 LRB104 18235 HLH 31674 b 1 AN ACT concerning property. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 1. Short title. This Act may be cited as the Fair 5 Access to Housing Act. 6 Section 5. Definitions. As used in this Act: 7 "Covered entity" means an institutional real estate 8 investor or an entity that receives funding from an 9 institutional real estate investor for the purchase of a 10 single-family residence. A loan provided in exchange for a 11 mortgage of the residence that is being purchased shall not be 12 considered funding for the purposes of this Act, provided that 13 the mortgage must be of a type for which members of the general 14 public can apply. 15 "Covered entity" shall not include: 16 (1) an organization described in Section 501(c)(3) of 17 the Internal Revenue Code and exempt from tax under 18 section 501(a) of the Internal Revenue Code; 19 (2) a land bank; 20 (3) a community land trust; or 21 (4) a creditor or its loan servicer acquiring 22 ownership of real property in full or partial satisfaction 23 of a secured debt. HB5485 - 2 - LRB104 18235 HLH 31674 b 1 "Single-family residence" means a residential property 2 consisting of one dwelling unit. "Single-family residence" 3 shall not include: 4 (1) any single-family residence that is to be used as 5 the principal residence of any person who has an ownership 6 interest in the covered entity that seeks to purchase the 7 single-family residence; or 8 (2) any single-family residence constructed, acquired, 9 or operated with federal, State, or local appropriated 10 funding sources. 11 Section 10. Seventy five day waiting period. 12 (a) Notwithstanding any other provision of law, on and 13 after January 1, 2027, it shall be unlawful for a covered 14 entity to purchase, acquire, or offer to purchase or acquire 15 any interest in a single-family residence unless the 16 single-family residence has been listed for sale to the 17 general public for at least 75 days. 18 (b) An entity is considered owning a single-family 19 residence if it directly owns the single-family residence or 20 indirectly owns 10% or more of the single-family residence. 21 (c) The 75-day waiting period set forth in this Act shall 22 restart if the seller changes the asking price for the 23 residence, and a covered entity is prohibited from purchasing, 24 acquiring, or offering to purchase or acquire any interest in 25 the single-family residence until it has been listed for sale HB5485 - 3 - LRB104 18235 HLH 31674 b 1 to the general public at the new asking price for at least an 2 additional 75 days. 3 A covered entity that violates this Act may be subject to 4 civil damages and penalties in an amount not to exceed 5 $250,000. The Attorney General may file an action in the 6 circuit court of the county in which the property is located on 7 behalf of the People of Illinois to enforce the provisions of 8 this Section. Footer Disclaimer This site is maintained for the Illinois General Assembly by the Legislative Information System, 705 Stratton Building, Springfield, Illinois 62706. Contact ILGA Webmaster ILGA.gov uses cookies to ensure you get the best experience on our website. By continuing to browse ILGA.gov you consent to our use of cookies. Read About Cookies ILGA.GOV 2026 ILGA.gov | All Rights Reserved | ADA | Disclaimers | Learn This site is maintained for the Illinois General Assembly by the Legislative Information System, 705 Stratton Building, Springfield, Illinois 62706. Contact ILGA Webmaster ILGA.gov uses cookies to ensure you get the best experience on our website. By continuing to browse ILGA.gov you consent to our use of cookies. 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