Bill Text: IL HB0367 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Creates the Value After Rehabilitation Appraisal Act. Provides that, unless prohibited by federal law or regulation, for any program administered by this State that requires an appraisal to be performed on real estate, the appraisal may take value after rehabilitation into account. Provides that an appraisal that takes value after rehabilitation into account shall be accepted to the same extent that other appraisal methods for real estate sales and refinances are accepted.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB0367 Detail]

Download: Illinois-2017-HB0367-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB0367 Introduced , by Rep. La Shawn K. Ford SYNOPSIS AS INTRODUCED:
New Act
Creates the Value After Rehabilitation Appraisal Act. Provides that, unless prohibited by federal law or regulation, for any program administered by this State that requires an appraisal to be performed on real estate, the appraisal may take value after rehabilitation into account. Provides that an appraisal that takes value after rehabilitation into account shall be accepted to the same extent that other appraisal methods for real estate sales and refinances are accepted.
LRB100 04305 HEP 16343 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB0367 LRB100 04305 HEP 16343 b
AN ACT concerning housing.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the Value
After Rehabilitation Appraisal Act.
Section 5. Value after rehabilitation appraisals
permitted. Unless prohibited by federal law or regulation, for
any program administered by this State that requires an
appraisal to be performed on real estate, the appraisal may
take value after rehabilitation into account. An appraisal that
takes value after rehabilitation into account shall be accepted
to the same extent that other appraisal methods for real estate
sales and refinances are accepted.