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 
5Assembly.
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.