SB0268 Engrossed

LRB096 04161 AJO 14203 b






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    AN ACT concerning foreclosure.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Illinois Housing Development Act is amended  
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by adding Section 7.30 as follows:
 
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    (20 ILCS 3805/7.30  new)
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    Sec. 7.30. Foreclosure prevention counseling program. 
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Subject to appropriation, the Authority shall establish and 
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administer a foreclosure

prevention counseling program. The  
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Authority shall use moneys

in the Foreclosure Prevention 
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Counseling Fund, and any other

funds appropriated for this 
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purpose, to make grants to

HUD-certified housing counseling 
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agencies to support

pre-purchase and post-purchase 
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home-ownership education and

foreclosure prevention counseling 
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activities under the

program.
 
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    Section 10. The State Finance Act is amended  by adding 
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Sections 5.719 and 6z-80 as follows:
 
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    (30 ILCS 105/5.719  new)
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    Sec. 5.719. The Foreclosure Prevention Counseling Fund.
 
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    (30 ILCS 105/6z-80  new)
 


 






SB0268 Engrossed
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LRB096 04161 AJO 14203 b




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    Sec. 6z-80. The Foreclosure Prevention Counseling Fund.
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    (a) There is created in the State treasury a special fund


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to be known as the Foreclosure Prevention Counseling Fund. The 
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Fund shall consist of moneys appropriated by the General 
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Assembly.
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    (b) Moneys in the Fund shall be used as follows:
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        (1)    75% of the moneys in the Fund shall be used to make 
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    grants to

HUD-certified housing counseling agencies that 
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    provide services outside the City of Chicago and across the 
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    State, as provided in Section 7.30 of the Illinois Housing 
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    Development Act. Grants made by the Illinois Housing 
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    Development Authority shall be based upon the number of


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    foreclosures filed in a HUD-certified counseling agency's 
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    service area, the capacity of a HUD-certified housing 
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    counseling agency to provide foreclosure counseling 
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    services, and any other facts that the Illinois Housing 
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    Development Authority deems appropriate.
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        (2) The remaining moneys shall, be distributed to the 
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    City of Chicago to provide grants to HUD-certified housing 
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    counseling agencies located within the City of Chicago to 
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    support pre-purchase and post-purchase home-ownership 
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    education and foreclosure prevention counseling activities 
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    under programs administered by the City of Chicago.

 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.