|SB0016 Engrossed||- 2 -||LRB097 06631 KTG 46716 b|
The Foreclosure Prevention Counseling Fund.
(a) There is created in the State treasury a special fund
to be known as the Foreclosure Prevention Counseling Fund. The
Fund shall consist of moneys appropriated by the General
(b) Moneys in the Fund shall be used as follows:
(1) 75% of the moneys in the Fund shall be used to make
HUD-certified housing counseling agencies that
provide services outside the City of Chicago and across the
State, as provided in Section 7.32 of the Illinois Housing
Development Act. Grants made by the Illinois Housing
Development Authority shall be based upon the number of
foreclosures filed in a HUD-certified counseling agency's
service area, the capacity of a HUD-certified housing
counseling agency to provide foreclosure counseling
services, and any other facts that the Illinois Housing
Development Authority deems appropriate.
(2) The remaining moneys shall be distributed to the
City of Chicago to provide grants to HUD-certified housing
counseling agencies located within the City of Chicago to
support pre-purchase and post-purchase home-ownership
education and foreclosure prevention counseling activities
under programs administered by the City of Chicago.
This Act takes effect upon