Illinois General Assembly - Full Text of SB0268
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Full Text of SB0268  96th General Assembly



SB0268 Engrossed LRB096 04161 AJO 14203 b

1     AN ACT concerning foreclosure.
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4     Section 5. The Illinois Housing Development Act is amended
5 by adding Section 7.30 as follows:
6     (20 ILCS 3805/7.30 new)
7     Sec. 7.30. Foreclosure prevention counseling program.
8 Subject to appropriation, the Authority shall establish and
9 administer a foreclosure prevention counseling program. The
10 Authority shall use moneys in the Foreclosure Prevention
11 Counseling Fund, and any other funds appropriated for this
12 purpose, to make grants to HUD-certified housing counseling
13 agencies to support pre-purchase and post-purchase
14 home-ownership education and foreclosure prevention counseling
15 activities under the program.
16     Section 10. The State Finance Act is amended by adding
17 Sections 5.719 and 6z-80 as follows:
18     (30 ILCS 105/5.719 new)
19     Sec. 5.719. The Foreclosure Prevention Counseling Fund.
20     (30 ILCS 105/6z-80 new)



SB0268 Engrossed - 2 - LRB096 04161 AJO 14203 b

1     Sec. 6z-80. The Foreclosure Prevention Counseling Fund.
2     (a) There is created in the State treasury a special fund
3 to be known as the Foreclosure Prevention Counseling Fund. The
4 Fund shall consist of moneys appropriated by the General
5 Assembly.
6     (b) Moneys in the Fund shall be used as follows:
7         (1) 75% of the moneys in the Fund shall be used to make
8     grants to HUD-certified housing counseling agencies that
9     provide services outside the City of Chicago and across the
10     State, as provided in Section 7.30 of the Illinois Housing
11     Development Act. Grants made by the Illinois Housing
12     Development Authority shall be based upon the number of
13     foreclosures filed in a HUD-certified counseling agency's
14     service area, the capacity of a HUD-certified housing
15     counseling agency to provide foreclosure counseling
16     services, and any other facts that the Illinois Housing
17     Development Authority deems appropriate.
18         (2) The remaining moneys shall, be distributed to the
19     City of Chicago to provide grants to HUD-certified housing
20     counseling agencies located within the City of Chicago to
21     support pre-purchase and post-purchase home-ownership
22     education and foreclosure prevention counseling activities
23     under programs administered by the City of Chicago.
24     Section 99. Effective date. This Act takes effect upon
25 becoming law.