Illinois General Assembly - Full Text of HB5018
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Full Text of HB5018  102nd General Assembly

HB5018enr 102ND GENERAL ASSEMBLY

  
  
  

 


 
HB5018 EnrolledLRB102 25459 RJF 34745 b

1    AN ACT concerning government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Counties Code is amended by adding Section
53-11021 as follows:
 
6    (55 ILCS 5/3-11021 new)
7    Sec. 3-11021. Cook County Housing Trust Fund.
8    (a) The Cook County Treasurer shall maintain a special
9fund known as the Cook County Housing Trust Fund for which the
10Housing Authority of Cook County shall be the sole
11beneficiary.
12    (b) The Fund may receive moneys from appropriations from
13the State for use by the Housing Authority of Cook County, as
14well as loan repayments, cash distributions from equity
15investments, and similar cash payments generated by a funded
16project that may be redeposited into the Fund and used for
17additional projects.
18    (c) Moneys in the Fund may be used by the Housing Authority
19of Cook County for the following purposes:
20        (1) eligible projects, including projects involving
21    multi-family rental housing, single family rental housing,
22    and single family for-sale housing;
23        (2) eligible costs, including the cost of: (i) real

 

 

HB5018 Enrolled- 2 -LRB102 25459 RJF 34745 b

1    property acquisition; (ii) new construction; (iii)
2    rehabilitation of newly acquired property, including
3    conversion of non-residential structures to residential
4    use; (iv) necessary and related onsite and offsite
5    improvements; (v) reasonable developer fees; (vi)
6    reasonable consulting and legal fees; (vii) initial
7    operating costs for housing units; and (viii) capitalized
8    reserves for replacement and operation; and
9        (3) other eligible Housing Authority uses, including
10    equity investment in project owners, loans to project
11    owners with a term not to exceed 40 years, and direct
12    acquisition of land to be leased to project owners.
13    (d) The Cook County Treasurer, in consultation with the
14Housing Authority of Cook County, shall make accounting
15annually to the Cook County Board of Commissioners through the
16County Clerk of the use of moneys maintained in the Fund.