SPRINGFIELD – To help communities preserve affordable, accessible housing and protect residents from displacement, State Senator Mike Simmons advanced legislation that would provide tenants with the right-of-first-refusal to purchase their property, specifically with a 90- day notice to tenants from the property owner before accepting or listing a building sale.
“As housing costs continue to rise and private equity gentrification continues to threaten communities like Edgewater, Rogers Park and all of Illinois, we need practical tools that help keep working families, seniors and long-time residents in the communities they call home,” said Simmons (D-Chicago). “This legislation balances the need to expand and preserve housing with strong protections for property owners through the right of first refusal, fair valuation requirements and a transparent acquisition process.”
For many families, seniors and working residents, the sale of their building can mean uncertainty about whether they will be able to remain in their homes. Senate Bill 332 aims to provide a path to preserve housing when multi-unit residential properties are put up for sale by giving tenants, qualified nonprofit organizations and local governments an opportunity to keep those units affordable for current and future residents.
The measure would establish a right-of-first-refusal process, giving organized tenants the opportunity to purchase when their building is listed for sale or a property owner receives and accepts an unsolicited third-party offer. The legislation would also include requirements for good-faith purchase offers, appraisal review and fair valuation protections for property owners, and would require properties acquired with public funding to remain affordable housing for at least 30 years.
“When public dollars are used to support housing, taxpayers should see a lasting benefit,” said Simmons. “This measure helps preserve affordability for future generations while respecting property rights and strengthening neighborhoods.”
Senate Bill 332 passed the Senate Executive Committee on Tuesday.
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