Illinois General Assembly - Full Text of SB0016
Illinois General Assembly

Previous General Assemblies

Full Text of SB0016  97th General Assembly



SB0016 EngrossedLRB097 06631 KTG 46716 b

1    AN ACT concerning foreclosure.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Housing Development Act is amended
5by adding Section 7.32 as follows:
6    (20 ILCS 3805/7.32 new)
7    Sec. 7.32. Foreclosure prevention counseling program.
8Subject to appropriation, the Authority shall establish and
9administer a foreclosure prevention counseling program. The
10Authority shall use moneys in the Foreclosure Prevention
11Counseling Fund, and any other funds appropriated for this
12purpose, to make grants to HUD-certified housing counseling
13agencies to support pre-purchase and post-purchase
14home-ownership education and foreclosure prevention counseling
15activities under the program.
16    Section 10. The State Finance Act is amended by adding
17Sections 5.786 and 6z-87 as follows:
18    (30 ILCS 105/5.786 new)
19    Sec. 5.786. The Foreclosure Prevention Counseling Fund.
20    (30 ILCS 105/6z-87 new)



SB0016 Engrossed- 2 -LRB097 06631 KTG 46716 b

1    Sec. 6z-87. The Foreclosure Prevention Counseling Fund.
2    (a) There is created in the State treasury a special fund
3to be known as the Foreclosure Prevention Counseling Fund. The
4Fund shall consist of moneys appropriated by the General
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 7.32 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
25becoming law.