Bill Status of HB 2830   98th General Assembly

Short Description:  IHDA-LIMITED-PROFIT ENTITY

House Sponsors
Rep. Arthur Turner-Al Riley-Kenneth Dunkin

Senate Sponsors
(Sen. Jacqueline Y. Collins)


Last Action  View All Actions

DateChamber Action
  8/9/2013HousePublic Act . . . . . . . . . 98-0260

Statutes Amended In Order of Appearance
20 ILCS 3805/2from Ch. 67 1/2, par. 302
20 ILCS 3805/8from Ch. 67 1/2, par. 308
20 ILCS 3805/10from Ch. 67 1/2, par. 310

Synopsis As Introduced
Amends the Illinois Housing Development Act. Removes from the definition of the term "limited-profit entity" limited-profit entities having articles of incorporation which provide that if the limited-profit entity receives a loan from the Illinois Housing Development Authority, the Chairman of the Authority shall have the power, if he determines that any such loan is in jeopardy of not being repaid, or that the proposed development for which such loan was made is in jeopardy of not being constructed, or the limited-profit entity is otherwise in violation of rules and regulations promulgated by the Authority, to appoint to the board of directors or other comparable controlling body of such limited-profit entity a number of new directors or persons, which number shall be sufficient to constitute a voting majority of such board or controlling body. Removes provisions prohibiting a limited-profit entity which receives loans from the Authority from making distributions in any one year with respect to a development financed by the Authority in excess of 6% of its equity in such development. Adds language providing that the equity in a development shall consist of the difference between the amount of the mortgage loan and the total cost of the development. Provides that the Authority shall approve a tenant selection plan submitted by the applicant for the loan prior to disbursing any funds in connection with the acquisition, rehabilitation, or construction of a development (rather than providing that prior to making a loan commitment for a development, the Authority shall approve a tenant selection plan submitted by the applicant for the loan). Effective immediately.

Actions 
DateChamber Action
  2/22/2013HouseFiled with the Clerk by Rep. Arthur Turner
  2/26/2013HouseFirst Reading
  2/26/2013HouseReferred to Rules Committee
  3/4/2013HouseAssigned to Housing Committee
  3/14/2013HouseDo Pass / Short Debate Housing Committee; 011-000-000
  3/15/2013HousePlaced on Calendar 2nd Reading - Short Debate
  3/19/2013HouseSecond Reading - Short Debate
  3/19/2013HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/22/2013HouseThird Reading - Short Debate - Passed 105-000-001
  3/22/2013HouseAdded Chief Co-Sponsor Rep. Al Riley
  3/22/2013HouseAdded Chief Co-Sponsor Rep. Kenneth Dunkin
  3/22/2013SenateArrive in Senate
  3/22/2013SenatePlaced on Calendar Order of First Reading
  4/1/2013SenateChief Senate Sponsor Sen. Jacqueline Y. Collins
  4/3/2013SenateFirst Reading
  4/3/2013SenateReferred to Assignments
  4/16/2013SenateAssigned to Financial Institutions
  5/1/2013SenateDo Pass Financial Institutions; 008-000-000
  5/1/2013SenatePlaced on Calendar Order of 2nd Reading May 2, 2013
  5/7/2013SenateSecond Reading
  5/7/2013SenatePlaced on Calendar Order of 3rd Reading May 8, 2013
  5/15/2013SenateThird Reading - Passed; 054-000-000
  5/15/2013HousePassed Both Houses
  6/13/2013HouseSent to the Governor
  8/9/2013HouseGovernor Approved
  8/9/2013HouseEffective Date August 9, 2013
  8/9/2013HousePublic Act . . . . . . . . . 98-0260

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