FAMILY HOME OWNERSHIP ACT Senate SponsorsSen. Laura Ellman 1/7/2025SenateSession Sine Die New Act310 ILCS 65/5from Ch. 67 1/2, par. 1255Creates the Family Home Ownership Act. Imposes a tax on certain partnerships, corporations, limited liability companies, or real estate investment trusts that purchase single-family residences. Provides that the amount of the tax is equal to 100% of the fair market value of the residence. Provides that the proceeds of the tax shall be deposited into the Illinois Affordable Housing Trust Fund for the purpose of providing rental and mortgage payment assistance. Requires hedge funds and other applicable taxpayers to reduce the number of single-family residences owned by the hedge fund over a 10-year period. Provides that, 10 years after the effective date of the Act, hedge funds may not own any applicable single-family residences. Provides that, 10 years after the effective date of the Act, applicable taxpayers other than hedge funds may not own more than 50 applicable single-family residences. Amends the Illinois Affordable Housing Act to make confirming changes. Effective immediately. 1/26/2024SenateFiled with Secretary by Sen. Laura Ellman 1/26/2024SenateFirst Reading 1/26/2024SenateReferred to Assignments 1/7/2025SenateSession Sine Die