Illinois 104th General Assembly Status: Introduced 1 D cosponsors

SB3501      — CORP OWNERSHIP REAL ESTATE

Last action — Rule 3-9(a) / Re-referred to Assignments

  1. 1
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill has been introduced in the Senate. Introduced February 05, 2026. It must pass committee before a floor vote.

Next likely step: a committee referral and hearing.

Prognosis

Not enough signal yet

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

Not enough signal yet to read this bill's trajectory — we surface a likelihood only once there's real movement (stage, sponsorship, committee, or votes) to point to.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

In plain language

Imposes fees on large real estate investors to fund affordable housing initiatives.

The bill creates an annual fee for institutional real estate investors owning multiple residential properties. This fee is directed to the Illinois Affordable Housing Trust Fund to support public housing and aid for renters and homeowners.

What this means for you
  • Families: This bill aims to increase funding for affordable housing options which could benefit families seeking housing assistance.
  • Consumers: By funding affordable housing initiatives, this bill could help consumers access better housing options.
  • Small Business: This bill may impact small property investors or landlords competing with larger institutional investors.

Summary

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.

Bill Text

We don't have the full text on file for this bill yet.

Read SB3501 on the official Illinois source →

Action History

  1. Rule 3-9(a) / Re-referred to Assignments

  2. Rule 2-10 Committee/3rd Reading Deadline Established As May 31, 2026

  3. Rule 2-10 Committee/3rd Reading Deadline Established As May 22, 2026

  4. Rule 2-10 Committee/3rd Reading Deadline Established As May 15, 2026

  5. Rule 2-10 Committee Deadline Established As April 24, 2026

  6. Rule 2-10 Committee Deadline Established As March 27, 2026

  7. Assigned to Executive

  8. Referred to Assignments

  9. First Reading

  10. Filed with Secretary by Sen. Rachel Ventura

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 182 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB3501      do?
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.
Who sponsors SB3501     ?
SB3501      is sponsored by Rachel Ventura (Democrat).
What is the current status of SB3501     ?
This bill has been introduced in the Senate. Introduced February 05, 2026. It must pass committee before a floor vote.
Where can I track SB3501     ?
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Last checked for changes 3 months ago · updated continuously

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