Income Producing Property
For income-producing non-homestead property, complete Recommendation Regarding Retention of Income Producing Non-homestead Property (Form 126). Send Form 126 to:
Department of Human Services
Bureau of Research and Analysis
100 South Grand Avenue East
Springfield, Il 62762
Client with Fractional Interest in Property
When a client owns a fractional interest in property, and it appears they would suffer a serious loss from the sale of their interest, send the following information to the Bureau of Research and Analysis in Springfield:
- how the title is held;
- name of title holder;
- current appraised market value;
- gross income from the property, if any;
- property expenses;
- age of the owner, if their equity is limited to life interest; and
- status of other owners of fractional interests, and other social factors affecting ownership.
Extending Time Limit on Sale of Property
When the Family Community Resource Center believes that a client should get an extension of the 6-month period to sell non-homestead property, request approval in writing from the Bureau of Research and Analysis in Springfield. The written request must include the
- Is the asking price more than the appraised value? If so, why?
- Is the property marketed through a qualified realtor who is acting in good faith?
- Is there a substantial market for this type of property in the community?
- Family Community Resource Center's recommendation.