Illinois General Assembly - Bill Status for HB0490

Creates Rental Housing Support Program Act. Creates the Illinois Housing Development Authority with powers and duties, such as: make grants to non-profit organizations designated by municipalities; grants to be distributed according to a formula based on U.S. Census data to 20 designated areas of the State; make grants for long-term operating support for affordable rental housing; limits eligibility for tenancy in units supported by grants to those households with income that is 30% or below of the area's median family income. Makes other provisions. Amends the State Finance Act by adding the Rental Housing Support Program Fund. Amends the Counties Code to provide that recorders shall collect a $10 Rental Housing Support Program surcharge for recording any real estate-related document. Allocates from each $10 surcharge, $1 to county's general revenue fund and $9 to the Department of Revenue for deposit in the Rental Housing Support Program Fund. Effective July 1, 2005.

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