SB1484 EngrossedLRB103 28836 DTM 55221 b


  
1    AN ACT concerning finance.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The State Finance Act is amended  by adding 
5Section 5.998 and Section 6z-139 as follows:
 
6    (30 ILCS 105/5.998 new)
7    Sec. 5.998. The Cooperative Housing Fund.
 
8    (30 ILCS 105/6z-139 new)
9    Sec. 6z-139. The Cooperative Housing Fund.
10    (a) The Cooperative Housing Fund is created as a special 
11fund in the State treasury. The Fund may accept moneys from any 
12lawful source. Any interest earned on moneys in the Fund shall 
13be deposited into the Fund.
14    (b) Subject to appropriation, moneys in the Fund shall be 
15used by the Illinois Housing Development Authority to award 
16grants to not-for-profit organizations, units of local 
17government, or other community organizations for cooperative 
18housing development for housing residents that have an income 
19that is less than or equal to  the median income of the 
20residents of the municipality in which the development is to 
21occur. The Illinois Housing Development Authority may issue up 
22to $5,000,000 in total grants under this Section each fiscal 
 
 
SB1484 Engrossed- 2 -LRB103 28836 DTM 55221 b

1year for fiscal years beginning on or after July 1, 2023.
2    (c) The Illinois Housing Development Authority shall adopt 
3rules establishing requirements for the distribution of grant 
4moneys under this Section and the determination of which 
5persons or entities are eligible for grants under this 
6Section, and it may adopt any other rules necessary to 
7implement this Section and administer the Fund.
8    (d) As used in this Section, "cooperative housing" means a 
9residential building owned by a corporation whose residents 
10are shareholders of the corporation based in part on the 
11relative size of the unit in which they live. 
  
 
12    Section 99. Effective date. This Act takes effect upon 
13becoming law.