Illinois General Assembly - Bill Status for SB0742

Amends the Rental Housing Support Program Act. In a provision concerning the Rental Housing Support Program, provides that the Illinois Housing Development Authority shall distribute amounts for the Program solely from annual receipts on deposit in the Rental Housing Support Program Fund that are appropriated in each year for distribution by the Authority for the Program, and not from any other source of funds for the Authority (rather than the Authority shall distribute amounts appropriated for the Program from the Rental Housing Support Program Fund and any other appropriations provided for the Program). Defines "annual receipts" to mean revenue derived from the Rental Housing Support Program State surcharge from July 1 to June 30. Provides that the Authority shall perform annual reconciliations of all distributions made in connection with the Program and may offset future distributions to balance geographic distribution requirements. Effective immediately.

Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes: In a provision requiring the Authority to distribute amounts for the Rental Housing Support Program solely from annual receipts on deposit in the Rental Housing Support Program Fund that are appropriated in each year for distribution by the Authority for the Program, and not from any other source of funds for the Authority, provides (i) that a proportionate share of annual receipts on deposit appropriated to the Fund each year (rather than a proportionate share of annual receipts) shall be distributed to municipalities with a population greater than 2,000,000; (ii) that of the remaining annual receipts on deposit appropriated to the Fund each year (rather than of the remaining annual receipts) the Authority shall designate at least 10% in areas of the State not covered as specified under the Rental Housing Support Program Act; and (iii) that the remaining annual receipts on deposit appropriated to the Fund each year (rather than the remaining annual receipts) after the distributions in the previous provisions shall be distributed in areas of the State not covered as specified under the Act. Provides that in order to plan for periodic fluctuations in annual receipts on deposit appropriated to the Fund each year (rather than for periodic fluctuations in annual receipts), the Authority shall establish by rule a mechanism for establishing a reserve fund and the level of funding that shall be held in reserve either by the Authority or by local administering agencies. Effective immediately.

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