Illinois General Assembly - Full Text of Public Act 095-0710
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Public Act 095-0710


 

Public Act 0710 95TH GENERAL ASSEMBLY



 


 
Public Act 095-0710
 
HB2353 Enrolled LRB095 00995 RCE 20997 b

    AN ACT concerning State government.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The State Finance Act is amended by adding
Section 5.676 as follows:
 
    (30 ILCS 105/5.676 new)
    Sec. 5.676. The Illinois Affordable Housing Capital Fund.
 
    Section 10. The Illinois Affordable Housing Act is amended
by changing Sections 3 and 7 and by adding Sections 5.5 and 8.5
as follows:
 
    (310 ILCS 65/3)  (from Ch. 67 1/2, par. 1253)
    Sec. 3. Definitions. As used in this Act:
    (a) "Program" means the Illinois Affordable Housing
Program.
    (b) "Trust Fund" means the Illinois Affordable Housing
Trust Fund.
    (b-5) "Capital Fund" means the Illinois Affordable Housing
Capital Fund.
    (c) "Low-income household" means a single person, family or
unrelated persons living together whose adjusted income is more
than 50%, but less than 80%, of the median income of the area
of residence, adjusted for family size, as such adjusted income
and median income for the area are determined from time to time
by the United States Department of Housing and Urban
Development for purposes of Section 8 of the United States
Housing Act of 1937.
    (d) "Very low-income household" means a single person,
family or unrelated persons living together whose adjusted
income is not more than 50% of the median income of the area of
residence, adjusted for family size, as such adjusted income
and median income for the area are determined from time to time
by the United States Department of Housing and Urban
Development for purposes of Section 8 of the United States
Housing Act of 1937.
    (e) "Affordable housing" means residential housing that,
so long as the same is occupied by low-income households or
very low-income households, requires payment of monthly
housing costs, including utilities other than telephone, of no
more than 30% of the maximum allowable income as stated for
such households as defined in this Section.
    (f) "Multi-family housing" means a building or buildings
providing housing to 5 or more households.
    (g) "Single-family housing" means a building containing
one to 4 dwelling units, including a mobile home as defined in
subsection (b) of Section 3 of the Mobile Home Landlord and
Tenant Rights Act, as amended.
    (h) "Community-based organization" means a not-for-profit
entity whose governing body includes a majority of members who
reside in the community served by the organization.
    (i) "Advocacy organization" means a not-for-profit
organization which conducts, in part or in whole, activities to
influence public policy on behalf of low-income or very
low-income households.
    (j) "Program Administrator" means the Illinois Housing
Development Authority.
    (k) "Funding Agent" means the Illinois Department of
Revenue.
    (l) "Commission" means the Affordable Housing Advisory
Commission.
    (m) "Congregate housing" means a building or structure in
which 2 or more households, inclusive, share common living
areas and may share child care, cleaning, cooking and other
household responsibilities.
    (n) "Eligible applicant" means a proprietorship,
partnership, for-profit corporation, not-for-profit
corporation or unit of local government which seeks to use fund
assets as provided in this Article.
    (o) "Moderate income household" means a single person,
family or unrelated persons living together whose adjusted
income is more than 80% but less than 120% of the median income
of the area of residence, adjusted for family size, as such
adjusted income and median income for the area are determined
from time to time by the United States Department of Housing
and Urban Development for purposes of Section 8 of the United
States Housing Act of 1937.
    (p) "Affordable Housing Program Trust Fund Bonds or Notes"
means the bonds or notes issued by the Program Administrator
under the Illinois Housing Development Act to further the
purposes of this Act.
    (q) "Trust Fund Moneys" means all moneys, deposits,
revenues, income, interest, dividends, receipts, taxes,
proceeds and other amounts or funds deposited or to be
deposited in the Trust Fund pursuant to Section 5(b) of this
Act and any proceeds, investments or increase thereof.
    (r) "Program Escrow" means accounts, except those accounts
relating to any Affordable Housing Program Trust Fund Bonds or
Notes, designated by the Program Administrator, into which
Trust Fund Moneys are deposited.
(Source: P.A. 91-357, eff. 7-29-99.)
 
    (310 ILCS 65/5.5 new)
    Sec. 5.5. Illinois Affordable Housing Capital Fund.
    (a) There is hereby created the Illinois Affordable Housing
Capital Fund, hereinafter referred to as the "Capital Fund", to
be held as a separate fund within the State treasury and to be
administered by the Program Administrator. The purpose of the
Capital Fund is to finance projects of the Illinois Affordable
Housing Program as authorized by the Illinois Housing
Development Authority's comprehensive plan and approved by the
Program Administrator. The Funding Agent shall establish,
within the Capital Fund, a general account to be used for
expenditures associated with implementing the provisions of
the Illinois Housing Development Authority's comprehensive
plan, a Commitment Account, and a Development Credits Account.
The Funding Agent shall authorize distribution of Capital Fund
moneys to the Program Administrator or a payee designated by
the Program Administrator for purposes authorized by this Act.
After receipt of the Capital Fund moneys by the Program
Administrator or designated payee, the Program Administrator
shall ensure that all those moneys are expended for a public
purpose and only as authorized by this Act.
    (b) There shall be deposited in the Capital Fund such
amounts as may become available under the provisions of this
Act, including, but not limited to:
        (1) any appropriations made to the Funding Agent on
    behalf of the Program Administrator pursuant to an issuance
    of General Obligation Bonds of the State of Illinois;
        (2) all receipts, including dividends, principal, and
    interest repayments, attributable to any loans or
    agreements funded from the Capital Fund;
        (3) all proceeds of assets of whatever nature received
    by the Program Administrator and attributable to default
    with respect to loans or agreements funded from the Capital
    Fund;
        (4) all fees or charges collected by the Program
    Administrator or Funding Agent in connection with loans or
    agreements funded from the Capital Fund pursuant to this
    Act;
        (5) any other funds as appropriated by the General
    Assembly; and
        (6) any income, less any administrative costs and fees
    associated with the Program Escrow, received by the Program
    Administrator that is derived from moneys in the Capital
    Fund held in the Program Escrow prior to expenditure of
    such moneys.
 
    (310 ILCS 65/7)  (from Ch. 67 1/2, par. 1257)
    Sec. 7. Powers of the Program Administrator. The Program
Administrator, in addition to the powers set forth in the
Illinois Housing Development Act and the powers identified in
Sections 8 and 9 of this Act, has the power to:
        (a) identify, select and make financing available to
    eligible applicants from monies in the Trust Fund or the
    Capital Fund or from monies secured by the Trust Fund or
    the Capital Fund for affordable housing for low and very
    low-income families;
        (b) purchase first and second mortgages, to make
    secured, unsecured or deferred repayment loans, to make no
    interest or low interest loans or to issue grants, payments
    or subsidies for the predevelopment expenses, acquisition,
    construction, rehabilitation development, operation,
    insurance, or retention of projects in support of
    affordable single family and multi-family housing for low
    and very low-income households;
        (c) expend monies for mortgage participation
    certificates representing an undivided interest in
    specified, first-lien conventional residential Illinois
    mortgages which are underwritten, insured, guaranteed or
    purchased by the Federal Home Loan Mortgage Corporation;
        (d) fix, determine, charge and collect any fees, costs
    and expenses, including without limitation, any
    application fees, commitment or servicing fees, program
    fees, financing charges, or publication fees in connection
    with activities under this Act;
        (e) establish applications, notification procedures,
    and other forms, and to prepare and issue rules deemed
    necessary and appropriate to implement this Act with
    consultation from the Commission; and to issue emergency
    rules, as necessary, for program implementation needed
    prior to publication of the first annual plan required by
    Section 12 of this Act;
        (f) make and enter into and enforce all loans, loan
    commitments, contracts and agreements necessary,
    convenient or desirable to the performance of its duties
    and the execution of its powers under this Act;
        (g) consent, subject to the provisions of any contract
    or agreement with another person, whenever it deems it is
    necessary or desirable in the fulfillment of the purposes
    of this Act, to the modification or restructuring of any
    loan commitment, loan, contract or agreement to which the
    Program Administrator is a party;
        (h) acquire by purchase, gift, or foreclosure, but not
    by condemnation, any real or personal property, or any
    interest therein, to procure insurance against loss, to
    enter into any lease of property and to hold, sell, assign,
    lease, mortgage or otherwise dispose of any real or
    personal property, or any interest therein, or relinquish
    any right, title, claim, lien, interest, easement or demand
    however acquired, and to do any of the foregoing by public
    or private sale;
        (i) subject to the provisions of any contract or
    agreement with another party to collect, enforce the
    collection of, and foreclose on any property or collateral
    securing its loan or loans, mortgage or mortgages, and
    acquire or take possession of such property or collateral
    and release or relinquish any right, title, claim, lien,
    interest, easement, or demand in property foreclosed by it
    or to sell the same at public or private sale, with or
    without bidding, and otherwise deal with such collateral as
    may be necessary to protect the interest of the Program
    Administrator;
        (j) sell any eligible loan made by the Program
    Administrator or mortgage interest owned by it, at public
    or private sale, with or without bidding, either singly or
    in groups, or in shares of loans or shares of groups of
    loans, and to deposit and invest the funds derived from
    such sales in any manner authorized by this Act;
        (k) provide, contract or arrange, or participate with
    or enter into agreements with any department, agency or
    authority of the United States or of this State, or any
    local unit of government, or any banking institution,
    insurance company, trust or fiduciary or any foundation or
    not-for-profit agency for the review, application,
    servicing, processing or administration of any proposed
    loan, grant, application, servicing, processing or
    administration of any proposed loan, grant, agreement, or
    contract of the Department when such arrangement is in
    furtherance of this Act;
        (l) receive and accept any gifts, grants, donations or
    contributions from any source, of money, property, labor or
    other things of value, to be held, used and applied to
    carry out the purposes of this Act subject to including,
    but not limited to, gifts or grants from any Department or
    agency of the United States or the State or from any local
    unit of government, not-for-profit organization or private
    firm or individual for any purpose consistent with this
    Act; and
        (m) exercise such other powers as are necessary or
    incidental to the administration of this Act or performance
    of duties under this Act.
(Source: P.A. 91-357, eff. 7-29-99.)
 
    (310 ILCS 65/8.5 new)
    Sec. 8.5. Uses of Illinois Affordable Housing Capital Fund;
report.
    (a) Subject to annual appropriation to the Funding Agent,
the Illinois Affordable Housing Capital Fund may be used to
make grants, mortgages, or other loans to acquire, construct,
rehabilitate, develop, insure, and retain affordable
single-family and multi-family housing in this State for
low-income and very low-income households. The majority of
moneys appropriated to the Illinois Affordable Housing Capital
Fund in any given year are to be used for affordable housing
for very low-income households.
    (b) The Illinois Housing Development Authority shall
submit an annual report to the General Assembly and the
Governor regarding the Illinois Affordable Housing Capital
Fund.

Effective Date: 6/1/2008