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Synopsis As Introduced Amends the Illinois Housing Development Act. Authorizes the Illinois Housing Development Authority to develop and implement a program of financial assistance to recently hired Illinois teachers purchasing their first primary residence. Limits the program to teachers employed by school districts defined by the State Board of Education as financially needy or experiencing a teacher shortage. Limits eligibility to public school teachers with no more than 2 years of employment as teachers who commit to teach in their school district for at least 3 years after their closing date. Effective July 1, 2003.
Deletes everything. Creates the Rental Housing Support Program Act. Provides for grants from the Illinois Housing Development Authority to local administering agencies to provide subsidies for landlords to charge rent affordable for low-income tenants. Also provides for grants from the Illinois Housing Development Authority to developers of affordable rental housing. Sets forth criteria for the awarding of grants. Requires the Authority to establish an operating reserve for the program. Amends the State Finance Act to create the Rental Housing Support Program Fund, a special fund in the State treasury. Amends the Counties Code. Provides that the county recorder shall collect a $10 surcharge for the recordation of any real estate-related document, one dollar of which shall be retained by the county and 90% of which shall be deposited into the Rental Housing Support Program Fund. Effective January 1, 2005.
Fiscal Note (Housing Development Authority)
No fiscal effect based on the following assumptions: (1) The Authority will use monies from the Rental Housing Support Program Fund to administer the program; (2) There will be limited activity in this program by the Authority prior to the accumulation of monies in the Rental Housing Support Program Fund; (3) Only monies in the Rental Housing Support Program Fund will be used for the program; (4) The Authority will design rules for proper implementation of the program; (5) Program transactions of a monetary nature will be paid by actual receipts in the Rental Housing Support Program Fund, and not as reimbursements by the Fund.
Housing Affordability Impact Note (Housing Development Authority)
The total cost of purchasing and selling a single-family residence is expected to increase approximately $30. This amount is based on the average number of real estate-related documents filed by the respective buyer and seller of a single-family home in a single home sale.
State Debt Impact Note (Economic and Fiscal Commission)
As amended by HA1, would not change the amount of authorization for any type of State-issued or State-supported bond, and therefore would not affect the level of State indebtedness.
Judicial Note (Admin Office of the Illinois Courts)
As amended by HA1, would neither increase nor decrease the number of judges needed in the state.
Home Rule Note (Department of Commerce and Economic Opportunity)
As amended by HA1, does not pre-empt home rule authority.
State Mandates Fiscal Note (Department of Commerce and Economic Opportunity)
As amended by HA1, creates a local government organization and structure mandate for which reimbursement of the increased costs to units of local government is not required under the State Mandates Act. An estimate of the increased costs to units of local government is not available.
Housing Affordability Impact Note (Housing Development Authority)
For Senate Bill 520, as amended by House Amendment 1, the total cost of purchasing and selling a single-family residence is expected to increase approximately $30. This amount is based on the average number of real estate-related documents filed by the respective buyer and seller of a single-family home in a single home sale.
Fiscal Note (Housing Development Authority)
On condition of the following assumptions, all administrative and program costs will be completely expended by the designated fund and there will be no fiscal effect to the Authority for Senate Bill 520 (HA #1). (1) The Authority will use monies from the Rental Housing Support Program Fund to administer the program. (2) There will be limited activity in this program by the Authority prior to the accumulation of monies in the Rental Housing Support Program Fund. (3) Only monies in the Rental Housing Support Program Fund will be used for the program. (4) The Authority will design rules for proper implementation of the program. (5) Program transactions of a monetary nature will be paid by actual receipts in the Rental Housing Support Program Fund, and not as reimbursements by the Fund.
Deletes everything. Reinserts the provisions of House Amendment No. 1, but provides that the county recorder shall collect an $11 surcharge for the recordation of any real estate-related document, one dollar of which shall be deposited into the county's general revenue fund, one dollar of which shall be deposited into a County Recorder Housing Surcharge Account, and $9 of which shall be deposited into the Rental Housing Support Program Fund (rather than a $10 surcharge, with $1 retained by the county in the county's general revenue fund and 90% of the surcharge deposited into the Rental Housing Support Program Fund). Sets forth the conditions upon which and purposes for which expenditures may be made from the Accounts. Effective July 1, 2005.
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