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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB3501

Introduced 2/5/2026, by Sen. Rachel Ventura

SYNOPSIS AS INTRODUCED:

New Act
310 ILCS 65/5

from Ch. 67 1/2, par. 1255

Creates the Restock the Block Act. Imposes on a "covered entity" an
annual fee of 10% of the property value of each residential property owned
by the covered entity in excess of 10 single family homes or 8 multi-family
homes. Provides that this fee is to be deposited into the Illinois
Affordable Housing Trust Fund with the purpose of funding public housing
projects and developments and providing rental and mortgage assistance.
Provides that a "covered entity" is an institutional real estate investor
or an entity that receives funding from an institutional real estate
investor for the purchase of a residential property. Makes exceptions.
Provides that an "Institutional real estate investor" is an entity or
combined group that, directly or indirectly (1) owns 10 or more
single-family homes or 8 or more multi-family homes; (2) manages or
receives funds pooled from investors and acts as a fiduciary one or more
investors; and (3) has $30,000,000 or more in net value or assets under
management on any day during the taxable year. Provides that it is unlawful
for a covered entity to purchase, acquire, or offer to purchase or acquire
any interest in residential property unless the residential property has
been listed for sale to the general public for at least 90 days. Provides
that a covered entity that violates these provisions may be subject to
civil damages and penalties in an amount not to exceed $250,000. Requires
that the covered entity is required to submit to the seller or anyone
acting as an agent for the seller a form stating that the purchaser is a
covered entity and file that form within 3 days with the Department of
Human Services. Makes conforming changes to the Illinois Affordable
Housing Act.
LRB104 19687 JRC 33136 b

A BILL FOR

SB3501
LRB104 19687 JRC 33136 b
1

AN ACT concerning civil law.

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
5
Restock the Block 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
residential property. A loan provided in exchange for a
11
mortgage of the residential property that is being purchased
12
is not considered funding for the purposes of this
13
subdivision, provided that the mortgage must be of a type for
14
which members of the general public can apply. "Covered
15
entity" does not include:
16

(1) an organization that is described in Section
17

501(c)(3) of the Internal Revenue Code and exempt from tax
18

under Section 501(a) of the Internal Revenue Code;
19

(2) a community land trust;
20

(3) an organization primarily engaged in the
21

construction or rehabilitation of residential properties;
22

(4) a person who owns federal subsidized housing; or
23

(5 a creditor or its loan servicer acquiring ownership

SB3501
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LRB104 19687 JRC 33136 b
1

of real property in full or partial satisfaction of a
2

secured debt.
3

"Department" means the Department of Human Services.
4

"Disqualified sale" means a sale or transfer to:
5

(1) a corporation or entity engaged in a trade or
6

business;
7

(2) a group of more than 2 individuals; or
8

(3) a person who owns any other residential property.
9

"Institutional real estate investor" means an entity or
10
combined group that, directly or indirectly:
11

(1) owns 10 or more single-family homes or 8 or more
12

multi-family homes;
13

(2) manages or receives funds pooled from investors
14

and acts as a fiduciary with respect to one or more
15

investors; and
16

(3) has $30,000,000 or more in net value or assets
17

under management on any day during the taxable year.
18

An entity is considered owning a residential property if
19
it directly owns the residential property or indirectly owns
20
10% or more of the residential property.
21

"Multi-family home" means a single residential building
22
divided into at least 2 but no more than 3 dwelling units
23
designed to be occupied by more than one household living
24
separately.
25

"Residential property" means a single-family home or a
26
multi-family home as defined in this Act.

SB3501
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LRB104 19687 JRC 33136 b
1

"Single family home" means a standalone residential
2
structure designed to be occupied by one household.

3

Section 10.
Excess residential property.
4

(a) There is imposed on each covered entity, an annual fee
5
of 10% of the property value of each residential property
6
owned by the covered entity as of the last day of the calendar
7
year in excess of 10 single family homes or 8 multi-family
8
homes.
9

(b) The fee collected must be deposited into the Illinois
10
Affordable Housing Trust Fund with the purpose of funding
11
public housing projects and developments and providing rental
12
and mortgage assistance.

13

Section 15.
Disqualified sales.
A residential property
14
that is sold or transferred in a disqualified sale is treated
15
as a residential property that is owned by the covered entity
16
on the last day of the calendar year.

17

Section 20.
90-day waiting period.
18

(a) Notwithstanding any other provision of law, on and
19
after the effective date of this Act, it is unlawful for a
20
covered entity to purchase, acquire, or offer to purchase or
21
acquire any interest in residential property unless the
22
residential property has been listed for sale to the general
23
public for at least 90 days.

SB3501
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LRB104 19687 JRC 33136 b
1

(b) The 90-day waiting period in subsection (a) restarts
2
if the seller changes the asking price for the residential
3
property, and a covered entity is prohibited from purchasing,
4
acquiring, or offering to purchase or acquire any interest in
5
the residential property until it has been listed for sale to
6
the general public at the new asking price for at least an
7
additional 90 days.
8

(c) A covered entity that violates subsection (a) or
9
subsection (b) may be subject to civil damages and penalties
10
in an amount not to exceed $250,000.
11

(d)(1) At the time an offer is made by a covered entity
12
purchasing residential property, the covered entity is
13
required to submit to the seller or anyone acting as an agent
14
for the seller a form that has been signed and notarized by the
15
covered entity purchaser or an authorized agent thereof
16
stating that the purchaser is a covered entity.
17

(2) Within 3 days of submitting a form to a seller or
18
seller's agent under paragraph (1) of this subsection, a
19
covered entity must file the form with the Department.
20

(3) Any covered entity or covered entity's agent that
21
violates this subdivision may be subject to civil damages and
22
penalties in an amount not to exceed $10,000.

23

Section 25.
Rules reporting.
24

(a) The Department shall adopt rules to administer and
25
enforce the provisions of this Act. Those rules must require

SB3501
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LRB104 19687 JRC 33136 b
1
reporting as the Department determines necessary or
2
appropriate to carry out the purposes of this Act, including
3
reporting with respect to:
4

(1) status as a covered entity;
5

(2) the dates on which residential properties owned by
6

applicable property owners were acquired by the applicable
7

property owner;
8

(3) the dates on which residential properties owned by
9

an applicable property owner are sold by the applicable
10

property owner in accordance with this Act; and
11

(4) whether any person acquiring a residential
12

property from an applicable property owner owns any other
13

residential properties.
14

(b) On notice and demand of the Department, any applicable
15
property owner who knowingly fails to report as required under
16
this Section or who fails to include correct information in
17
the report shall pay a penalty of $25,000 to be deposited into
18
the Illinois Affordable Housing Trust Fund with the purpose of
19
funding public housing projects and developments and providing
20
rental and mortgage assistance.

21

Section 900.
The Illinois Affordable Housing Act is
22
amended by changing Section 5 as follows:

23

(310 ILCS 65/5)

(from Ch. 67 1/2, par. 1255)
24

Sec. 5.
Illinois Affordable Housing Trust Fund.

SB3501
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LRB104 19687 JRC 33136 b
1

(a) There is hereby created the Illinois Affordable
2
Housing Trust Fund, hereafter referred to in this Act as the
3
"Trust Fund" to be held as a separate fund within the State
4
Treasury and to be administered by the Program Administrator.
5
The purpose of the Trust Fund is to finance projects of the
6
Illinois Affordable Housing Program as authorized and approved
7
by the Program Administrator. The Funding Agent shall
8
establish, within the Trust Fund, a General Account, a Bond
9
Account, a Commitment Account and a Development Credits
10
Account. The Funding Agent shall authorize distribution of
11
Trust Fund moneys to the Program Administrator or a payee
12
designated by the Program Administrator for purposes
13
authorized by this Act. After receipt of the Trust Fund moneys
14
by the Program Administrator or designated payee, the Program
15
Administrator shall ensure that all those moneys are expended
16
for a public purpose and only as authorized by this Act.
17

(b) Except as otherwise provided in Section 8(c) of this
18
Act, there shall be deposited in the Trust Fund such amounts as
19
may become available under the provisions of this Act,
20
including, but not limited to:

21

(1) all receipts, including dividends, principal and
22

interest repayments attributable to any loans or
23

agreements funded from the Trust Fund;

24

(2) all proceeds of assets of whatever nature received
25

by the Program Administrator, and attributable to default
26

with respect to loans or agreements funded from the Trust

SB3501
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LRB104 19687 JRC 33136 b
1

Fund;

2

(3) any appropriations, grants or gifts of funds or
3

property, or financial or other aid from any federal or
4

State agency or body, local government or any other public
5

organization or private individual made to the Trust Fund;

6

(4) any income received as a result of the investment
7

of moneys in the Trust Fund;

8

(5) all fees or charges collected by the Program
9

Administrator or Funding Agent pursuant to this Act;

10

(6) amounts as provided in Section 31-35 of the Real
11

Estate Transfer Tax Law;

12

(7) other funds as appropriated by the General
13

Assembly; and

14

(8) any income, less costs and fees associated with
15

the Program Escrow, received by the Program Administrator
16

that is derived from Trust Fund Moneys held in the Program
17

Escrow prior to expenditure of such Trust Fund Moneys.
18

(c) Additional Trust Fund Purpose: Receipt and use of
19
federal funding for programs responding to the COVID-19 public
20
health emergency. Notwithstanding any other provision of this
21
Act or any other law limiting or directing the use of the Trust
22
Fund, the Trust Fund may receive, directly or indirectly,
23
federal funds from the Homeowner Assistance Fund authorized
24
under Section 3206 of the federal American Rescue Plan Act of
25
2021 (Public Law 117-2). Any such funds shall be deposited
26
into a Homeowner Assistance Account which shall be established

SB3501
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LRB104 19687 JRC 33136 b
1
within the Trust Fund by the Funding Agent so that such funds
2
can be accounted for separately from other funds in the Trust
3
Fund. Such funds may be used only in the manner and for the
4
purposes authorized in Section 3206 of the American Rescue
5
Plan Act of 2021 and in related federal guidance. Also, the
6
Trust Fund may receive, directly or indirectly, federal funds
7
from the Emergency Rental Assistance Program authorized under
8
Section 3201 of the federal American Rescue Plan Act of 2021
9
and Section 501 of Subtitle A of Title V of Division N of the
10
Consolidated Appropriations Act, 2021 (Public Law 116–260).
11
Any such funds shall be deposited into an Emergency Rental
12
Assistance Account which shall be established within the Trust
13
Fund by the Funding Agent so that such funds can be accounted
14
for separately from other funds in the Trust Fund. Such funds
15
may be used only in the manner and for the purposes authorized
16
in Section 3201 of the American Rescue Plan Act of 2021 and in
17
related federal guidance. Expenditures under this subsection
18
(c) are subject to annual appropriation to the Funding Agent.
19
Unless used in this subsection (c), the defined terms set
20
forth in Section 3 shall not apply to funds received pursuant
21
to the American Rescue Plan Act of 2021. Notwithstanding any
22
other provision of this Act or any other law limiting or
23
directing the use of the Trust Fund, funds received under the
24
American Rescue Plan Act of 2021 are not subject to the terms
25
and provisions of this Act except as specifically set forth in
26
this subsection (c).

SB3501
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LRB104 19687 JRC 33136 b
1

(d) Additional Trust Fund purpose. The Trust Fund may also
2
receive moneys that are designated for deposit into the Trust
3
Fund as provided in the Restock the Block Act. Those moneys may
4
be used as provided in that Act.

5
(Source: P.A. 102-16, eff. 6-17-21; 103-8, eff. 7-1-23.)

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