(310 ILCS 65/3) (from Ch. 67 1/2, par. 1253) Sec. 3. Definitions. As used in this Act: (a) "Program" means the Illinois Affordable Housing Program. (b) "Trust Fund" means the Illinois Affordable Housing Trust Fund. (b-5) (Blank). (c) "Low-income household" means a single person, family or unrelated persons living together whose adjusted income is more than 50%, but less than 80%, of the median income of the area of residence, adjusted for family size, as such adjusted income and median income for the area are determined from time to time by the United States Department of Housing and Urban Development for purposes of Section 8 of the United States Housing Act of 1937. (d) "Very low-income household" means a single person, family or unrelated persons living together whose adjusted income is not more than 50% of the median income of the area of residence, adjusted for family size, as such adjusted income and median income for the area are determined from time to time by the United States Department of Housing and Urban Development for purposes of Section 8 of the United States Housing Act of 1937. (e) "Affordable housing" means residential housing that, so long as the same is occupied by low-income households or very low-income households, requires payment of monthly housing costs, including utilities other than telephone, of no more than 30% of the maximum allowable income as stated for such households as defined in this Section. (f) "Multi-family housing" means a building or buildings providing housing to 5 or more households. (g) "Single-family housing" means a building containing one to 4 dwelling units, including a mobile home as defined in subsection (b) of Section 3 of the Mobile Home Landlord and Tenant Rights Act, as amended. (h) "Community-based organization" means a not-for-profit entity whose governing body includes a majority of members who reside in the community served by the organization. (i) "Advocacy organization" means a not-for-profit organization which conducts, in part or in whole, activities to influence public policy on behalf of low-income or very low-income households. (j) "Program Administrator" means the Illinois Housing Development Authority. (k) "Funding Agent" means the Illinois Department of Human Services. (l) "Commission" means the Affordable Housing Advisory Commission. (m) "Congregate housing" means a building or structure in which 2 or more households, inclusive, share common living areas and may share child care, cleaning, cooking and other household responsibilities. (n) "Eligible applicant" means a proprietorship, partnership, for-profit corporation, not-for-profit corporation or unit of local government which seeks to use fund assets as provided in this Article. (o) "Moderate income household" means a single person, family or unrelated persons living together whose adjusted income is more than 80% but less than 120% of the median income of the area of residence, adjusted for family size, as such adjusted income and median income for the area are determined from time to time by the United States Department of Housing and Urban Development for purposes of Section 8 of the United States Housing Act of 1937. (p) "Affordable Housing Program Trust Fund Bonds or Notes" means the bonds or notes issued by the Program Administrator under the Illinois Housing Development Act to further the purposes of this Act. (q) "Trust Fund Moneys" means all moneys, deposits, revenues, income, interest, dividends, receipts, taxes, proceeds and other amounts or funds deposited or to be deposited into the Trust Fund pursuant to subsection (b) of Section 5 of this Act and any proceeds, investments or increase thereof. (r) "Program Escrow" means accounts, except those accounts relating to any Affordable Housing Program Trust Fund Bonds or Notes, designated by the Program Administrator, into which Trust Fund Moneys are deposited. (s) "Common household pet" means a domesticated animal, such as a dog (canis lupus familiaris) or cat (felis catus), which is commonly kept in the home for pleasure rather than for commercial purposes. (Source: P.A. 102-283, eff. 1-1-22; 103-8, eff. 7-1-23; 103-616, eff. 7-1-24.) |
(310 ILCS 65/5) (from Ch. 67 1/2, par. 1255)
Sec. 5. Illinois Affordable Housing Trust Fund.
(a) There is hereby
created the Illinois Affordable Housing Trust Fund, hereafter referred to
in this Act as the "Trust Fund" to be held as a separate fund within the
State Treasury and to be administered by the Program Administrator. The
purpose of the Trust Fund is to finance projects of the Illinois Affordable
Housing Program as authorized and approved by the Program Administrator.
The Funding Agent shall establish, within the Trust Fund, a General Account,
a Bond Account, a Commitment Account and a Development Credits
Account.
The Funding Agent shall authorize distribution of Trust Fund moneys to the
Program Administrator or a payee designated by the Program Administrator for
purposes authorized by this Act. After
receipt of the Trust Fund moneys by the Program Administrator or designated
payee, the Program Administrator shall ensure that all those
moneys are expended for a public purpose and only as authorized by this Act.
(b) Except as otherwise provided in Section 8(c) of this Act, there
shall be deposited in the Trust Fund such amounts as may become available
under the provisions of this Act, including,
but not limited to:
(1) all receipts, including dividends, principal and |
| interest repayments attributable to any loans or agreements funded from the Trust Fund;
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(2) all proceeds of assets of whatever nature
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| received by the Program Administrator, and attributable to default with respect to loans or agreements funded from the Trust Fund;
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(3) any appropriations, grants or gifts of funds or
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| property, or financial or other aid from any federal or State agency or body, local government or any other public organization or private individual made to the Trust Fund;
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(4) any income received as a result of the investment
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| of moneys in the Trust Fund;
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(5) all fees or charges collected by the Program
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| Administrator or Funding Agent pursuant to this Act;
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(6) amounts as provided in Section 31-35 of the Real
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(7) other funds as appropriated by the General
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(8) any income, less costs and fees associated with
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| the Program Escrow, received by the Program Administrator that is derived from Trust Fund Moneys held in the Program Escrow prior to expenditure of such Trust Fund Moneys.
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(c) Additional Trust Fund Purpose: Receipt and use of federal funding for programs responding to the COVID-19 public health emergency. Notwithstanding any other provision of this Act or any other law limiting or directing the use of the Trust Fund, the Trust Fund may receive, directly or indirectly, federal funds from the Homeowner Assistance Fund authorized under Section 3206 of the federal American Rescue Plan Act of 2021 (Public Law 117-2). Any such funds shall be deposited into a Homeowner Assistance Account which shall be established within the Trust Fund by the Funding Agent so that such funds can be accounted for separately from other funds in the Trust Fund. Such funds may be used only in the manner and for the purposes authorized in Section 3206 of the American Rescue Plan Act of 2021 and in related federal guidance. Also, the Trust Fund may receive, directly or indirectly, federal funds from the Emergency Rental Assistance Program authorized under Section 3201 of the federal American Rescue Plan Act of 2021 and Section 501 of Subtitle A of Title V of Division N of the Consolidated Appropriations Act, 2021 (Public Law 116–260). Any such funds shall be deposited into an Emergency Rental Assistance Account which shall be established within the Trust Fund by the Funding Agent so that such funds can be accounted for separately from other funds in the Trust Fund. Such funds may be used only in the manner and for the purposes authorized in Section 3201 of the American Rescue Plan Act of 2021 and in related federal guidance. Expenditures under this subsection (c) are subject to annual appropriation to the Funding Agent. Unless used in this subsection (c), the defined terms set forth in Section 3 shall not apply to funds received pursuant to the American Rescue Plan Act of 2021. Notwithstanding any other provision of this Act or any other law limiting or directing the use of the Trust Fund, funds received under the American Rescue Plan Act of 2021 are not subject to the terms and provisions of this Act except as specifically set forth in this subsection (c).
(Source: P.A. 102-16, eff. 6-17-21; 103-8, eff. 7-1-23.)
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(310 ILCS 65/6) (from Ch. 67 1/2, par. 1256)
Sec. 6. Advisory Commission.
(a) There is hereby created the Illinois
Affordable Housing Advisory Commission. The Commission shall consist of 15
members. Three of the Commissioners shall be the Directors of the Illinois
Housing Development Authority, the Illinois Finance
Authority
and the Department of Commerce and Economic Opportunity or their
representatives. One of the Commissioners shall be the Commissioner of the
Chicago Department of Housing or its representative. The remaining 11
members shall be appointed
by the Governor, with the advice and consent of the Senate, and not more
than 4 of these Commission members shall reside in any one county in the
State. At least one Commission member shall be an administrator of a public
housing authority from other than a municipality having a population in
excess of 2,000,000; at least 2 Commission members shall be representatives of
special needs populations as described in subsection (e) of Section
8; at
least 4 Commission members shall be representatives of community-based
organizations engaged in the development or operation of housing for
low-income and very low-income households; and at least 4 Commission
members shall be representatives of advocacy organizations, one of which
shall represent a tenants' advocacy organization. The Governor shall
consider nominations made by advocacy organizations and community-based
organizations.
(b) Members appointed to the Commission shall serve a term of 3 years;
however, 3 members first appointed under this Act shall serve an initial
term of one year, and 4 members first appointed under this Act shall serve
a term of 2 years. Individual terms of office shall be chosen by lot at
the initial meeting of the Commission. The Governor shall appoint the
Chairman of the Commission, and the Commission members shall elect a Vice Chairman.
(c) Members of the Commission shall not be entitled to compensation, but
shall receive reimbursement for actual and reasonable expenses incurred in
the performance of their duties.
(d) Eight members of the Commission shall constitute a quorum for the
transaction of business.
(e) The Commission shall meet at least quarterly and its duties and
responsibilities are:
(1) the study and review of the availability of |
| affordable housing for low-income and very low-income households in the State of Illinois and the development of a plan which addresses the need for additional affordable housing;
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(2) encouraging collaboration between federal and
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| State agencies, local government and the private sector in the planning, development and operation of affordable housing for low-income and very low-income households;
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(3) studying, evaluating and soliciting new and
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| expanded sources of funding for affordable housing;
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(4) developing, proposing, reviewing, and commenting
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| on priorities, policies and procedures for uses and expenditures of Trust Fund monies, including policies which assure equitable distribution of funds statewide;
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(5) making recommendations to the Program
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| Administrator concerning proposed expenditures from the Trust Fund;
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(6) making recommendations to the Program
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| Administrator concerning the developments proposed to be financed with the proceeds of Affordable Housing Program Trust Fund Bonds or Notes;
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(7) reviewing and commenting on the development of
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| priorities, policies and procedures for the administration of the Program;
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(8) monitoring and evaluating all allocations of
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| funds under this Program; and
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(9) making recommendations to the General Assembly
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| for further legislation that may be necessary in the area of affordable housing.
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(Source: P.A. 93-205, eff. 1-1-04; 94-793, eff. 5-19-06.)
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(310 ILCS 65/7) (from Ch. 67 1/2, par. 1257) Sec. 7. Powers of the Program Administrator. The Program Administrator, in addition to the powers set forth in the Illinois Housing Development Act and the powers identified in Sections 8 and 9 of this Act, has the power to: (a) identify, select and make financing available to |
| eligible applicants from monies in the Trust Fund or from monies secured by the Trust Fund for affordable housing for low and very low-income families;
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(b) purchase first and second mortgages, to make
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| secured, unsecured or deferred repayment loans, to make no interest or low interest loans or to issue grants, payments or subsidies for the predevelopment expenses, acquisition, construction, rehabilitation development, operation, insurance, or retention of projects in support of affordable single family and multi-family housing for low and very low-income households;
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(c) expend monies for mortgage participation
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| certificates representing an undivided interest in specified, first-lien conventional residential Illinois mortgages which are underwritten, insured, guaranteed or purchased by the Federal Home Loan Mortgage Corporation;
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(d) fix, determine, charge and collect any fees,
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| costs and expenses, including without limitation, any application fees, commitment or servicing fees, program fees, financing charges, or publication fees in connection with activities under this Act;
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(e) establish applications, notification procedures,
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| and other forms, and to prepare and issue rules deemed necessary and appropriate to implement this Act with consultation from the Commission; and to issue emergency rules, as necessary, for program implementation needed prior to publication of the first annual plan required by Section 12 of this Act;
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(f) make and enter into and enforce all loans, loan
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| commitments, contracts and agreements necessary, convenient or desirable to the performance of its duties and the execution of its powers under this Act;
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(g) consent, subject to the provisions of any
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| contract or agreement with another person, whenever it deems it is necessary or desirable in the fulfillment of the purposes of this Act, to the modification or restructuring of any loan commitment, loan, contract or agreement to which the Program Administrator is a party;
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(h) acquire by purchase, gift, or foreclosure, but
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| not by condemnation, any real or personal property, or any interest therein, to procure insurance against loss, to enter into any lease of property and to hold, sell, assign, lease, mortgage or otherwise dispose of any real or personal property, or any interest therein, or relinquish any right, title, claim, lien, interest, easement or demand however acquired, and to do any of the foregoing by public or private sale;
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(i) subject to the provisions of any contract or
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| agreement with another party to collect, enforce the collection of, and foreclose on any property or collateral securing its loan or loans, mortgage or mortgages, and acquire or take possession of such property or collateral and release or relinquish any right, title, claim, lien, interest, easement, or demand in property foreclosed by it or to sell the same at public or private sale, with or without bidding, and otherwise deal with such collateral as may be necessary to protect the interest of the Program Administrator;
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(j) sell any eligible loan made by the Program
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| Administrator or mortgage interest owned by it, at public or private sale, with or without bidding, either singly or in groups, or in shares of loans or shares of groups of loans, and to deposit and invest the funds derived from such sales in any manner authorized by this Act;
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(k) provide, contract or arrange, or participate with
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| or enter into agreements with any department, agency or authority of the United States or of this State, or any local unit of government, or any banking institution, insurance company, trust or fiduciary or any foundation or not-for-profit agency for the review, application, servicing, processing or administration of any proposed loan, grant, application, servicing, processing or administration of any proposed loan, grant, agreement, or contract of the Department when such arrangement is in furtherance of this Act;
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(l) receive and accept any gifts, grants, donations
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| or contributions from any source, of money, property, labor or other things of value, to be held, used and applied to carry out the purposes of this Act subject to including, but not limited to, gifts or grants from any Department or agency of the United States or the State or from any local unit of government, not-for-profit organization or private firm or individual for any purpose consistent with this Act; and
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(m) exercise such other powers as are necessary or
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| incidental to the administration of this Act or performance of duties under this Act.
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(Source: P.A. 103-616, eff. 7-1-24.)
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(310 ILCS 65/8) (from Ch. 67 1/2, par. 1258)
Sec. 8. Uses of Trust Fund.
(a) Subject to annual appropriation to
the Funding Agent and subject to the prior dedication, allocation, transfer
and use of Trust Fund Moneys as provided in Sections 8(b), 8(c) and 9 of this
Act, the Trust Fund may be used to make grants,
mortgages, or
other loans to acquire, construct, rehabilitate, develop, operate, insure,
and retain affordable single-family and multi-family housing in this State
for low-income
and very low-income households. The majority of monies appropriated to the
Trust Fund in any given year are to be used for affordable housing for very
low-income households. For the fiscal years 2007, 2008, and 2009
only, the Department of Human Services is authorized to receive appropriations and spend moneys from the Illinois Affordable Housing Trust Fund for the purpose of developing and coordinating public and private resources targeted to meet the affordable housing needs of low-income, very low-income, and special needs households in the State of Illinois.
(b) For each fiscal year commencing with fiscal year 1994, the Program
Administrator shall certify from time to time to the Funding Agent, the
Comptroller and the State
Treasurer amounts, up to an aggregate in any fiscal year of $10,000,000, of
Trust Fund Moneys expected to be used or pledged by the Program Administrator
during the fiscal year for the purposes and uses specified in Sections 8(c) and
9 of this Act. Subject to annual appropriation, upon receipt of such
certification, the Funding Agent and the
Comptroller shall dedicate and the State Treasurer shall transfer not less
often than monthly to the Program Administrator or its designated payee,
without requisition or further
request therefor, all amounts accumulated in the Trust Fund within the State
Treasury and not already transferred to the Loan Commitment Account prior to
the Funding Agent's receipt of such certification, until the Program
Administrator has received the aggregate amount certified by the Program
Administrator, to be used solely for the purposes and uses authorized and
provided in Sections 8(c) and 9 of this Act. Neither the Comptroller nor the
Treasurer shall transfer, dedicate or allocate any of the Trust Fund Moneys
transferred or certified for transfer by the Program Administrator as provided
above to any other fund, nor shall the Governor authorize any such transfer,
dedication or allocation, nor shall any of the Trust Fund Moneys so dedicated,
allocated or transferred be used, temporarily or otherwise, for interfund
borrowing, or be otherwise used or appropriated, except as expressly authorized
and provided in Sections 8(c) and 9 of this Act for the purposes and subject to
the priorities, limitations and conditions provided for therein until such
obligations, uses and dedications as therein provided, have been satisfied.
(c) Notwithstanding Section 5(b) of this Act, any Trust Fund Moneys
transferred to the Program Administrator pursuant to Section 8(b) of this Act,
or otherwise obtained, paid to or held by or for the Program Administrator, or
pledged pursuant to resolution of the Program Administrator, for Affordable
Housing Program Trust Fund Bonds or Notes under the Illinois Housing
Development Act, and all proceeds, payments and receipts from investments or
use of such moneys, including any residual or additional funds or moneys
generated or obtained in connection with any of the foregoing, may be held,
pledged, applied or dedicated by the Program Administrator as follows:
(1) as required by the terms of any pledge of or |
| resolution of the Program Administrator authorized under Section 9 of this Act in connection with Affordable Housing Program Trust Fund Bonds or Notes issued pursuant to the Illinois Housing Development Act;
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(2) to or for costs of issuance and administration
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| and the payments of any principal, interest, premium or other amounts or expenses incurred or accrued in connection with Affordable Housing Program Trust Fund Bonds or Notes, including rate protection contracts and credit support arrangements pertaining thereto, and, provided such expenses, fees and charges are obligations, whether recourse or nonrecourse, and whether financed with or paid from the proceeds of Affordable Housing Program Trust Fund Bonds or Notes, of the developers, mortgagors or other users, the Program Administrator's expenses and servicing, administration and origination fees and charges in connection with any loans, mortgages, or developments funded or financed or expected to be funded or financed, in whole or in part, from the issuance of Affordable Housing Program Trust Fund Bonds or Notes;
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(3) to or for costs of issuance and administration
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| and the payments of principal, interest, premium, loan fees, and other amounts or other obligations of the Program Administrator, including rate protection contracts and credit support arrangements pertaining thereto, for loans, commercial paper or other notes or bonds issued by the Program Administrator pursuant to the Illinois Housing Development Act, provided that the proceeds of such loans, commercial paper or other notes or bonds are paid or expended in connection with, or refund or repay, loans, commercial paper or other notes or bonds issued or made in connection with bridge loans or loans for the construction, renovation, redevelopment, restructuring, reorganization of Affordable Housing and related expenses, including development costs, technical assistance, or other amounts to construct, preserve, improve, renovate, rehabilitate, refinance, or assist Affordable Housing, including financially troubled Affordable Housing, permanent or other financing for which has been funded or financed or is expected to be funded or financed in whole or in part by the Program Administrator through the issuance of or use of proceeds from Affordable Housing Program Trust Fund Bonds or Notes;
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(4) to or for direct expenditures or reimbursement
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| for development costs, technical assistance, or other amounts to construct, preserve, improve, renovate, rehabilitate, refinance, or assist Affordable Housing, including financially troubled Affordable Housing, permanent or other financing for which has been funded or financed or is expected to be funded or financed in whole or in part by the Program Administrator through the issuance of or use of proceeds from Affordable Housing Program Trust Fund Bonds or Notes; and
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(5) for deposit into any residual, sinking, reserve
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| or revolving fund or pool established by the Program Administrator, whether or not pledged to secure Affordable Housing Program Trust Fund Bonds or Notes, to support or be utilized for the issuance, redemption, or payment of the principal, interest, premium or other amounts payable on or with respect to any existing, additional or future Affordable Housing Program Trust Fund Bonds or Notes, or to or for any other expenditure authorized by this Section 8(c).
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(d) All or a portion of the Trust Fund Moneys on
deposit or to be
deposited in
the Trust Fund not already certified for transfer or transferred to the
Program Administrator pursuant to Section 8(b) of this Act may be used to
secure the repayment of Affordable Housing Program Trust Fund Bonds or
Notes, or otherwise to supplement or support Affordable Housing funded or
financed
or
intended to be funded or financed, in whole or in part, by Affordable Housing
Program Trust Fund Bonds or Notes.
(e) Assisted housing may include housing for special needs
populations
such as the homeless, single-parent families, the elderly, or persons with disabilities. The Trust Fund shall be used to
implement a demonstration congregate housing project for any such special
needs population.
(f) Grants from the Trust Fund may include, but are not limited
to,
rental assistance and security deposit subsidies for low and very low-income
households.
(g) The Trust Fund may be used to pay actual and reasonable
costs for
Commission members to attend Commission meetings, and any litigation costs
and expenses, including legal fees, incurred by the Program Administrator
in any litigation related to this Act or its action as Program
Administrator.
(h) The Trust Fund may be used to make grants for (1) the
provision of
technical assistance, (2) outreach, and (3) building an organization's
capacity to develop affordable housing projects.
(i) Amounts on deposit in the Trust Fund may be used to reimburse the
Program
Administrator and the Funding Agent for costs incurred in the performance of
their duties under this Act, excluding costs and fees of the Program
Administrator associated with the Program Escrow to the extent withheld
pursuant to paragraph (8) of subsection (b) of Section 5.
(Source: P.A. 99-143, eff. 7-27-15.)
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(310 ILCS 65/9) (from Ch. 67 1/2, par. 1259)
Sec. 9.
Notes and bonds.
(a) Subject to the restrictions on purposes and uses contained in this Act
and the limit on amount contained in Section 22 of the Illinois Housing
Development Act, the Program Administrator may issue Affordable Housing Program
Trust Fund Bonds or Notes pursuant to the Illinois Housing Development Act.
Such bonds and notes shall be secured as provided in the authorizing resolution
of the Program Administrator under the Illinois Housing Development Act which
may, notwithstanding any other provision of this Act, include in addition to
any other security, a specific pledge or assignment of lien on or security
interest in, Trust Fund Moneys received or to be received by the Program
Administrator from the Trust Fund pursuant to Section 8(b) of this Act. Any
such pledge, assignment, lien or security interest shall be for the benefit of
the holders of such bonds or notes and shall be valid, binding from the times
bonds or notes are issued without any physical delivery or further act, and
shall be valid and binding as against and prior to the claims of all other
parties having claims of any kind against the Program Administrator or any
other person irrespective of whether such other parties have notice of such
pledge, assignment, lien or security interest. The
pledge by the Program Administrator of Trust Fund Moneys obtained pursuant to
Section 8(b) of this Act and pledged pursuant to this Section shall be superior
to and have priority over any other use of such moneys by the Program
Administrator under this Act. The resolution authorizing the issuance of any
such bonds or notes may provide, as part of the contract with the holders of
the bonds or notes, for the creation of a separate fund or funds to provide for
the payment of principal, premium, if any, interest and other amounts in
respect of such bonds or notes and for the deposit in such funds of any or all
Trust Fund Moneys certified to the State Treasurer, the Comptroller and the
Funding Agent by the Program Administrator as provided in Section 8(b) of this
Act, as well as any other amounts, all as provided in such resolution, to meet
the debt service requirements on such bonds or notes, including principal,
premium, if any, and interest in respect of such bonds or notes, and any
sinking fund, reserve fund or other fund or account requirements as may be
provided by such resolution, and all expenses incident to or in connection with
such fund or account or the issuance, administration and payment of such bonds
or notes.
(b) The resolution of the Program Administrator authorizing the issuance of
Affordable Housing Program Trust Fund Bonds or Notes may further secure such
bonds or notes by providing for the assignment and direct payment to the
corporate or indenture trustee, if any, for the holders of such bonds and notes
of any or all Trust Fund Moneys transferred or certified or dedicated for
transfer to the Program Administrator pursuant to Section 8(b) of this Act.
Subject to annual appropriation, upon receipt of notice of any such
assignment, the Funding Agent, the Treasurer
and the Comptroller of the State of Illinois shall thereafter, notwithstanding
the provisions of any other Act, including Section 5 of the State Finance Act,
provide for such assigned
amounts to be paid directly to the trustee instead of the Program
Administrator, all in accordance with the terms of the resolution making the
assignment. The resolution shall provide that Trust Fund Moneys paid pursuant
to Section 8(b) and this Section to the trustee which are not
required to be deposited, held or invested in funds and accounts created by the
resolution with respect to Affordable Housing Program Trust Fund Bonds or
Notes, may be paid by the trustee to the Program Administrator and the Program
Administrator may use such amounts or funds as provided in Section 8(c) of this
Act.
(c) In issuing Affordable Housing Program Trust Fund Bonds or Notes
pursuant to the Illinois Housing Development Act, the Program Administrator may
include in the
resolution authorizing such issue a covenant as part of the contract with the
holders of the bonds or notes, that as long as such obligations are
outstanding, it shall make the deposits or transfers of Trust Fund Moneys it
receives or is entitled to receive pursuant to Section 8(b) of this Act. A
certified copy of the resolution authorizing the issuance of any of such bonds
or notes shall be filed at or prior to the issuance of such obligations with
the Governor, the Treasurer and Comptroller of the State of Illinois and with
the Funding Agent.
(d) The State of Illinois pledges to and agrees with the holders of
Affordable Housing Program Trust Fund Bonds or Notes issued pursuant to the
Illinois Housing Development Act that the State will not limit or alter the
rights and powers vested in the Program Administrator by this Act or the
Illinois Housing Development Act so as to impair the terms of any contract made
by the Program Administrator with such holders or in any way impair the rights
and remedies of such holders until the principal and premium, if
any, of such bonds and notes, together with interest thereon, with interest on
any unpaid installments of interest, and all costs and expenses in connection
with any action or proceedings by or on behalf of such holders are fully met
and discharged. In addition, the State pledges to and agrees with the holders
of such bonds and notes that the State will not limit or alter the basis on
which Trust Fund Moneys are to be collected and paid to the Program
Administrator as provided in this Act, or the use of such funds, and the State
will not take action to repeal or reduce the Real Estate Transfer Tax, as
amended, so as to impair the terms of any such contract. The Program
Administrator is authorized to include these pledges and agreements of the
State in any contract with the holders of Affordable Housing Program Trust Fund
Bonds or Notes.
(e) Illinois Affordable Housing Program Trust Fund Bonds or Notes do not
constitute general obligations of the State and shall not be secured by a
pledge
of the full faith and credit of the State. Each such bond or note shall
describe the limited nature of the State's obligation on the face of the bond
or note.
(Source: P.A. 88-93.)
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(310 ILCS 65/10.5) Sec. 10.5. Minimum standard of living requirement. All housing financed under the Illinois Affordable Housing Program must meet a minimum standard of living requirement. In order for a program applicant to be eligible to receive funding to acquire, construct, rehabilitate, develop, operate, insure, or retain affordable single-family or multi-family housing, the applicant must demonstrate that each housing unit can provide and meet the following quality standards, as applicable: (1) Cooling standards: (A) Housing must have cooling and |
| dehumidification systems capable of being operated independently from the heating system.
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(B) Newly constructed housing must have permanent
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(C) All housing cooling and dehumidification
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| systems must operate when the heat index exceeds 80 degrees.
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(2) Heating standards during the heating season,
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| October 1 through May 31, unless a unit of government has standards that require a higher temperature of heat, for all housing:
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(A) Between 6 a.m. and 10 p.m., heat must
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| register at least 68 degrees Fahrenheit when the outside temperature falls below 55 degrees.
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(B) Between 10 p.m. and 6 a.m., heat must
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| register at least 62 degrees Fahrenheit.
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(C) Housing must not have heat lapse longer than
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(D) Any tenant complaint about heating must be
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| rectified within 24 hours.
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(3) Windows must open and close with safety
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| mechanisms installed and must be inspected on a regular basis.
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(4) Maintenance and upkeep.
(A) Housing, occupied primarily by persons 65
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| years of age or older or by persons with a disability, must provide laundry machines that are fully operational so that senior residents and residents with disabilities do not have to travel far for their laundry.
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(B) Premises of the single-family or multi-family
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| housing must be kept fit for human habitation and must be kept reasonably clean and safe and free of trash and food waste.
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(C) Property manager must provide for control of
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| insects, rodents, and other pests.
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(D) Property manager or maintenance personnel
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| must respond within a reasonable amount of time (1-2 days) for tenant requests, including, but not limited to, appliances, windows, doors, and painting.
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(5) Property management. Property management
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| companies must adhere to compliance checks and tenant reviews.
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(Source: P.A. 103-248, eff. 6-30-23.)
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(310 ILCS 65/11) (from Ch. 67 1/2, par. 1261)
Sec. 11.
Trust Fund commitments and distributions.
(a) Trust Fund Moneys
shall be
committed and distributed from the Trust Fund first as provided in Sections
8(b), 8(c) and 9 of this Act with any undistributed or uncommitted balance
remaining in the Trust Fund to be committed, used, and distributed for
purposes authorized in Section 8 of this Act.
(b) For loans or grants authorized by Section 8:
(1) Upon finding that the recommended loan or grant |
| meets the standards set forth in the rules and regulations promulgated hereunder by the Program Administrator, the Program Administrator may issue a commitment. Any commitment issued pursuant to this Act shall be made expressly contingent upon the availability of monies in the Trust Fund and shall expire if unfunded within one year from the date of issuance.
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(2) Upon issuance of a commitment under this Act, the
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| Program Administrator shall certify to the Funding Agent the amount of the commitment. Upon receiving a commitment certification from the Program Administrator, the Funding Agent shall determine if sufficient monies to fund the commitment are available in the General Account and shall so notify the Program Administrator. When there are sufficient monies in the General Account to fund the commitment, such monies shall be transferred to the Commitment Account and the Funding Agent shall so notify the Program Administrator. Commitments certified to the Funding Agent from the Program Administrator shall be held for allocation to the Commitment Account on a first come, first serve basis.
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(3) Within 30 days of the date of an anticipated
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| closing, the Program Administrator shall submit a payout request to the Funding Agent identifying the related commitment and indicating the anticipated date of payout, the amount of the payout and the party to whom the payout shall be made payable and delivered. The Program Administrator may promulgate rules and regulations hereunder governing the payout procedure.
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(4) After the payout has been disbursed from the
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| State treasury to the Program Escrow, (i) if no portion of the payout has been disbursed from the Program Escrow, or, in the case of a construction loan, the construction has not commenced, within 180 days after receipt of the payout to the Program Escrow, the Program Administrator shall return the undisbursed balance of the payout to the State Treasurer for deposit into the Trust Fund and (ii) if the loan amount has been disbursed from the Program Escrow, but not for the specific purpose designated in the commitment, the Program Administrator shall exercise those powers under Section 7 that it deems appropriate and shall return that portion of the payout that is recaptured pursuant to such powers to the State Treasurer for deposit into the Trust Fund.
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(c) For uses authorized by subsections (g) and (i) of Section 8,
the Program Administrator shall submit a payout request to the Funding Agent
identifying the payee, the purpose for which the payout is sought, and the
date on which the payout is required. The payout shall not be disbursed to the
Program Escrow or any other escrow account, but shall be disbursed directly to
the payee indicated on the payout request. If the payout has not been used by
the payee
for the purpose identified in the payout
request, or if it has not been used within 180 days after the payment, the
Program Administrator shall exercise those powers under Section 7 that it deems
appropriate and shall return that portion of the payout that is recaptured
pursuant to such powers to the State Treasurer for deposit into the Trust
Fund.
(Source: P.A. 88-93; 89-286, eff. 8-10-95.)
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