SB 3501

Creates the Restock the Block Act. Imposes on a "covered entity"" an annual fee of 10% of the property value of each residential property owned by the covered entity in excess of 10 single family homes or 8 multi-family homes. Provides that this fee is to be deposited into the Illinois Affordable Housing Trust Fund with the purpose of funding public housing projects and developments and providing rental and mortgage assistance. Provides that a ""covered entity"" is an institutional real estate investor or an entity that receives funding from an institutional real estate investor for the purchase of a residential property. Makes exceptions. Provides that an ""Institutional real estate investor"" is an entity or combined group that, directly or indirectly (1) owns 10 or more single-family homes or 8 or more multi-family homes; (2) manages or receives funds pooled from investors and acts as a fiduciary one or more investors; and (3) has $30, 000, 000 or more in net value or assets under management on any day during the taxable year. Provides that it is unlawful for a covered entity to purchase, acquire, or offer to purchase or acquire any interest in residential property unless the residential property has been listed for sale to the general public for at least 90 days. Provides that a covered entity that violates these provisions may be subject to civil damages and penalties in an amount not to exceed $250, 000. Requires that the covered entity is required to submit to the seller or anyone acting as an agent for the seller a form stating that the purchaser is a covered entity and file that form within 3 days with the Department of Human Services. Makes conforming changes to the Illinois Affordable Housing Act."