TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 380 RENTAL HOUSING SUPPORT PROGRAM
SECTION 380.205 RESERVE FUND


 

Section 380.205  Reserve Fund

 

a)         Each Agency shall establish a Reserve Fund in an interesting bearing account from each Appropriation or Fund Distribution, as applicable, to offset decreases in funding caused by periodic fluctuation in annual Appropriations, to maintain continuity in funding when Commitments expire, and to phase out Rental Assistance lost by a shift in any Geographic Area's proportionate Fund Distribution as a result of a new decennial census.  Municipalities may delegate the responsibility to establish a Reserve Fund to their designated LAAs.

 

b)         The amount to fund the Reserve Fund for the Authority shall be a maximum of 5% of the amount of each annual Appropriation after subtracting the Authority's operating fee and the Fund Distributions to Municipalities.  The amount of each Municipality's Reserve Fund shall be a maximum of 5% of the Municipality's Fund Distribution.  Each Reserve Fund shall also include income derived from investing funds in the Reserve Fund and funds received from LAAs that did not use the entire amount of their Allocations.