Public Act 103-0089
 
SB1484 EnrolledLRB103 28836 DTM 55221 b


  
    AN ACT concerning finance.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  
 
 
    Section 5. The State Finance Act is amended  by adding 
Section 5.998 and Section 6z-139 as follows:
 
    (30 ILCS 105/5.998 new)
    Sec. 5.998. The Cooperative Housing Fund.
 
    (30 ILCS 105/6z-139 new)
    Sec. 6z-139. The Cooperative Housing Fund.
    (a) The Cooperative Housing Fund is created as a special 
fund in the State treasury. The Fund may accept moneys from any 
lawful source. Any interest earned on moneys in the Fund shall 
be deposited into the Fund.
    (b) Subject to appropriation, moneys in the Fund shall be 
used by the Illinois Housing Development Authority to award 
grants to not-for-profit organizations, units of local 
government, or other community organizations for cooperative 
housing development for housing residents that have an income 
that is less than or equal to  the median income of the 
residents of the municipality in which the development is to 
occur. The Illinois Housing Development Authority may issue up 
to $5,000,000 in total grants under this Section each fiscal 
year for fiscal years beginning on or after July 1, 2023.
    (c) The Illinois Housing Development Authority shall adopt 
rules establishing requirements for the distribution of grant 
moneys under this Section and the determination of which 
persons or entities are eligible for grants under this 
Section, and it may adopt any other rules necessary to 
implement this Section and administer the Fund.
    (d) As used in this Section, "cooperative housing" means a 
residential building owned by a corporation whose residents 
are shareholders of the corporation based in part on the 
relative size of the unit in which they live. 
  
 
    Section 99. Effective date. This Act takes effect upon 
becoming law.