IAR Members: First effort to divert dedicated funds to aid budget deficit

The Governmental Affairs Team for the Illinois Association of REALTORS® expressed its opposition against an amendment to Senate Bill 274 that would move a total of about $500 million from numerous dedicated funds – including three real estate related funds – to the state’s general fund to help make up budget deficits.

According to the IAR-member newsletter, the IAR State Capitol Report, senators propose to use the money to continue a state child care program for working mothers that has little funding left in the current fiscal year. The vote was the first legislative action to address state budget shortfalls.

The three real estate funds affected by the amendment are:

  • The Real Estate License Administration Fund ($7.2 million);
  • The Real Estate Research/Education Fund ($190,259); and
  • The Real Estate Audit Fund ($38,801).

Advocates of the amendment argued that the $7.4 million in affected funds weren’t needed in the current fiscal year.

The IAR State Capitol Report also reported on:

  • an IAR-backed bill to help rental property owners get “use and occupancy” payments from tenants in certain eviction proceedings.
  • House approval of an amendment to Bill 1319 regarding the Security Deposit Interest Act.

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