Definitions

310 ILCS 130/15
in effect
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(310 ILCS 130/15) Sec. 15. Definitions. As used in this Act: "501(c)(3) organization" means a nonprofit organization that is exempt or qualified for exemption from taxation under Section 501(c)(3) of the Internal Revenue Code of 1986. "Community land trust" means a 501(c)(3) organization governed by a board of community land trusts residents, community residents, and public representatives that provide permanent or long-term affordability and shared equity homeownership opportunities. (Source: P.A. 104-370, eff. 8-15-25.)
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.ilga.gov/legislation/ilcs/ilcs.aspFetched: 10/17/2026

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