HB5018 EngrossedLRB102 25459 RJF 34745 b


  
1    AN ACT concerning government.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Counties Code is amended  by adding Section 
53-11021 as follows:
 
6    (55 ILCS 5/3-11021 new)
7    Sec. 3-11021. Cook County Housing Trust Fund.
8    (a)   The Cook County Treasurer shall maintain a special 
9fund known as the Cook County Housing Trust Fund for which the 
10Housing Authority of Cook County shall be the sole 
11beneficiary.
12    (b)   The Fund may receive moneys from appropriations from 
13the State for use by the Housing Authority of Cook County, as 
14well as loan repayments, cash distributions from equity 
15investments, and similar cash payments generated by a funded 
16project that may be redeposited into the Fund and used for 
17additional projects.
18    (c)   Moneys in the Fund may be used by the Housing Authority 
19of Cook County for the following purposes:
20        (1)   eligible projects, including projects involving 
21    multi-family rental housing, single family rental housing, 
22    and single family for-sale housing;
23        (2)   eligible costs, including the cost of: (i) real 
 
 
HB5018 Engrossed- 2 -LRB102 25459 RJF 34745 b

1    property acquisition; (ii) new construction; (iii) 
2    rehabilitation of newly acquired property, including 
3    conversion of non-residential structures to residential 
4    use; (iv) necessary and related onsite and offsite 
5    improvements; (v) reasonable developer fees; (vi) 
6    reasonable consulting and legal fees; (vii) initial 
7    operating costs for housing units; and (viii) capitalized 
8    reserves for replacement and operation; and
9        (3)   other eligible Housing Authority uses, including 
10    equity investment in project owners, loans to project 
11    owners with a term not to exceed 40 years, and direct 
12    acquisition of land to be leased to project owners.
13    (d)   The Cook County Treasurer, in consultation with the 
14Housing Authority of Cook County, shall make accounting 
15annually to the Cook County Board of Commissioners through the 
16County Clerk of the use of moneys maintained in the Fund.