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Synopsis As Introduced 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 in order to allow them to charge rent that is 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 deposited into the county's general revenue fund and $9 of which shall be 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.
Senate Committee Amendment No. 3 Deletes everything. Reinserts the provisions of the bill as introduced but makes the following changes. Provides that up to 20% of the funds allocated for rural areas may be awarded to one administering agency for distribution throughout the rural areas in the State. Amends the Counties Code. Provides that one dollar of the Rental Housing Support Program surcharge shall be deposited into the county's general revenue fund and fifty cents of that amount shall be used to administer the surcharge and pay any other lawful expenses of the recorder. Provides that the county shall not offset or reduce any appropriation to the recorder because of the surcharge funds received. Provides that units of local government and school districts shall not pay the surcharge. Effective July 1, 2005.
Senate Floor Amendment No. 4 Provides that the recorder may not collect the Rental Housing Support Program State surcharge from any State agency.
Fiscal Note (Department of Revenue)
Senate Bill 75 imposes a $10 surcharge for the recordation of any real estate-related document. The Illinois Dept. of Revenue records approximately 16,000 to 18,000 liens and lien releases each year. The surcharge would cost the Dept. of Revenue approximately $160,000 to $180,000 per year. Additionally, the Dept. of Revenue would incur a one-time cost of approximately $30,000 to make system changes for the administration of the program and an annual cost of between $13,000 and $60,000 to print the receipts required under the program. The Dept. of Revenue would also incur payroll costs of approximately $50,000 to $100,000 per year to administer the program. The Dept. of Revenue cannot determine costs to other agencies because we do not know how many real estate-related documents they record. There would also be a fiscal impact to local governments and school districts, which the Dept. of Revenue cannot determine.
Fiscal Note (S-AM4) (Department of Revenue)
As amended, removes the requirement for the $10 surcharge. Therefore there is no significant fiscal impact on the Department of Revenue.
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