103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB1395

 

Introduced 1/31/2023, by Rep. Curtis J. Tarver, II

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 3805/13.1 new

    Amends the Illinois Housing Development Act. Provides that the Illinois Housing Development Authority shall develop a form that summarizes the terms of each financing agreement entered into under the Act and shall include the form with the final financing agreement. Effective immediately.


LRB103 25774 HLH 52123 b

 

 

A BILL FOR

 

HB1395LRB103 25774 HLH 52123 b

1    AN ACT concerning State government.
 
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 13.1 as follows:
 
6    (20 ILCS 3805/13.1 new)
7    Sec. 13.1. Form for local agencies. The Authority shall
8develop a form and shall include the completed form with each
9final financing agreement executed under this Act. The form
10shall summarize the terms of the financing agreement. The form
11shall include the following information: the length of the
12affordability period guaranteed under the financing agreement;
13a legal description of the property covered by the agreement;
14the address and property index numbers, if available, for all
15property covered by the agreement; and any other information
16that may be needed for a local county assessor's office or a
17local county and municipal housing development authority to
18assess eligibility for a reduction in the assessed value of
19the property. The form may vary by county only if the Authority
20deems it necessary to create different forms for different
21counties. The nonprofit corporation, housing corporation,
22limited-profit entity, developer, or other entity receiving
23financing or other assistance under this Act shall file the

 

 

HB1395- 2 -LRB103 25774 HLH 52123 b

1form with the local county assessor's office and the local
2county and municipal housing authority for the county in which
3the property is located. No fees shall be levied against the
4nonprofit corporation, housing corporation, limited-profit
5entity, developer, or other entity for filing the form with
6the county assessor's office of local housing authority.
 
7    Section 99. Effective date. This Act takes effect upon
8becoming law.