SPRINGFIELD – To empower renters and provide them with additional opportunities to own their housing, State Senator Mike Simmons presented legislation to the Senate Executive Committee on Thursday that would give tenants the first right to purchase when a property is put up for sale.

“We want to empower residents with the opportunity to buy their home outright when the sale of a building occurs,” said Simmons (D-Chicago). “This process would help facilitate resident ownership by preventing outside investors like private equity firms from absorbing properties before tenants have the chance.”

During Thursday’s subject matter hearing, Simmons presented Senate Bill 3762. Under the measure, property owners would be required to notify their tenants and the Illinois Housing Development Authority when they intend to sell the property, giving tenants the right of first refusal if the owner receives an offer to purchase the property. This would give residents the right to purchase their building in advance of all other parties.

Right of first refusal policies can help preserve affordable rental housing, support the availability of rental units, and limits the displacement of residents from their community. Under this legislation, any publicly funded buyers would be required to maintain affordable housing for 30 years after purchase.

“We want to give people the opportunity to own their home before it gets sold off to the highest bidder,” said Simmons. “This is about making sure people can stay in their homes and communities without having to worry about what might happen when their building is put up for sale.”

Over the coming weeks, Simmons will work alongside his colleagues and advocates to advance the legislation.

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