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HB 5485

FAIR ACCESS TO HOUSING

104th Regular Session

The bill requires a 75-day public listing before investors can buy single-family homes, aiming to curb early acquisitions by institutional buyers.

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Bill Summary · HB 5485

Summary of HB 5485 (104th Illinois General Assembly)

Title: Fair Access to Housing Act

Entried: Introduced February 13, 2026 by Rep. Justin Cochran

Status: Introduced; referred through committees with action history shown (as of April 2026). See action history for procedural milestones.

Purpose and intent
- Establishes new restrictions intended to promote broad, non-discriminatory access to single-family housing by limiting the ability of certain investors to purchase or acquire single-family residences before they are available to general public buyers.
- The overarching aim appears to curb rapid, investor-driven acquisitions of single-family homes and ensure longer exposure of properties to the open market.

Key provisions and changes
- Definitions:
- Covered entity: An institutional real estate investor, or an entity that receives funding from an institutional real estate investor for the purchase of a single-family residence.
- Not a covered entity: Certain entities are excluded, including:
- 501(c)(3) organizations exempt under the Internal Revenue Code
- Land banks
- Community land trusts
- Creditors or loan servicers acquiring property in full or partial satisfaction of a secured debt
- Single-family residence: A residential property with one dwelling unit
- Exclusions to “single-family residence” definition:
- Properties that are the principal residence of any person who has an ownership interest in the covered entity
- Properties constructed, acquired, or operated with federal, state, or local appropriated funding sources

  • Waiting period requirement (effective January 1, 2027):

    • It shall be unlawful for a covered entity to purchase, acquire, or offer to purchase/acquire any interest in a single-family residence unless the property has been listed for sale to the general public for at least 75 days.
    • An entity is considered to own a single-family residence if it directly owns the property or indirectly owns 10% or more of it.
    • If the asking price is changed by the seller, the 75-day waiting period restarts. The property must be listed to the general public for at least 75 days at the new price before a covered entity may purchase or acquire any interest.
    • The purpose of the restart provision is to ensure the updated price also receives a 75-day public listing window.

  • Enforcement and penalties:

    • Violations may subject the covered entity to civil damages and penalties up to $250,000.
    • The Illinois Attorney General can file an action in the circuit court of the county where the property is located to enforce the provisions.

  • Operational scope:

    • The act applies to single-family residences and to transactions by covered entities as defined.
    • Mortgage funding: A loan provided in exchange for a mortgage of the residence is not considered “funding for purposes of this Act,” so standard financing through the public can still occur as long as the mortgage type is available to the general public.

Significant procedural/timeline aspects
- Effective date for key provision: January 1, 2027.
- 75-day public listing requirement applies to the date when the property is first listed for sale to the general public.
- If price is adjusted, the 75-day clock restarts with the new price.
- Enforcement through civil action by the Attorney General, with potential damages up to $250,000 per violation.

Potential impact and considerations
- Aims to slow or limit large-scale investor accumulation of single-family homes before they reach typical homebuyers on the open market.
- Could affect institutional real estate investors and funded entities that rely on acquiring single-family residences.
- Exclusions recognize certain entities (e.g., land banks, community land trusts) and certain debt-related acquisitions as not covered, narrowing scope.
- The impact on housing affordability and market dynamics would depend on how broadly “covered entity” activity is interpreted and enforced, as well as how many transactions are affected in practice.
- Legal challenges or regulatory guidance may clarify edge cases (e.g., partial ownership, indirect ownership thresholds, and applicability to hybrid investment structures).

Notes
- The bill text is limited to the detailed 75-day public listing requirement and related enforcement provisions; it does not appear to impose other related restrictions on investor activity beyond the waiting period.

Compiled from official sources — confirm details with the bill’s official record.

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