(20 ILCS 3805/2) (from Ch. 67 1/2, par. 302)
Sec. 2. As used in this Act:
(a) "Authority" means the Illinois Housing Development Authority created
in this Act.
(b) "Development costs" means the costs approved by the Authority as
appropriate expenditures which may be incurred prior to commitment and
initial closing of assisted mortgage financing or of housing related
commercial facilities, including but not limited to: (1) payments for
options to purchase properties for the proposed development or facilities,
deposits on contracts of purchase, or, with the prior approval
of the Authority, payments for the purchases of such properties; (2) legal,
organizational and consultants' expenses; (3) payment of fees for
preliminary feasibility studies and engineering and architectural work; (4)
necessary application and other fees to federal, State and local government
agencies; and (5) such other expenses as the Authority may deem appropriate
to effectuate the purposes of this Act.
(c) "Assisted mortgage financing" means a below market interest rate
mortgage insured or purchased, or a loan made, by the Secretary of the
United States Department of Housing and Urban Development or by any other
federal agency or governmental corporation or by any political subdivision
of the State of Illinois or by any Illinois public corporation; a market
interest rate mortgage insured or purchased, or a loan made in combination
with, or as augmented by, a program of rent supplements, interest
subsidies, leasing, contributions or grants, or other programs as are now
or hereafter authorized by federal law to serve low or moderate income
persons; a mortgage or loan made pursuant to this Act; or a mortgage or
loan from any private or public source with an interest rate and terms
satisfactory to the Authority and which will meet the requirements and
purposes of this Act.
(d) "Lending institution" means any bank, trust company, savings bank,
savings and loan association, credit union, national banking association,
mortgage banking association, federal savings and loan association or federal
credit unit maintaining an
office in the State, any insurance company or any other entity or
organization which makes or acquires loans secured by real property.
(e) "Residential mortgage" means a loan owed to a lending institution,
to the Authority or to a trustee for holders of bonds or notes of the Authority
or to a trustee for owners of pools of mortgages, and secured by a
lien on real property located in the State and improved by a residential
structure or a mixed residential and commercial structure, or unimproved if
the proceeds of such loan shall be used for the erection of a residential
structure or a mixed residential and commercial structure thereon, whether
or not such loan is insured or guaranteed by the United States of America
or any agency or corporation thereof.
(f) "Development" means a specific work or improvement undertaken to
provide dwelling accommodations, including the acquisition, construction or
rehabilitation of lands, buildings and community facilities and in
connection therewith to provide nonhousing facilities which are a
part of a planned large-scale project or new community.
(g) "Persons and families of low and moderate income" and "Low income or
moderate income persons" means families and persons who cannot afford to
pay the amounts at which private enterprise, without assisted mortgage
financing, is providing a substantial supply of decent, safe and sanitary
housing. The income limits for the admission of such families and persons
to developments shall be those established pursuant to the rules applicable
to the assisted mortgage financing program under which such developments
are financed.
(h) "Moderate rentals" means rent charges less than those rents
generally charged for new dwelling units of comparable size and location
built by the unassisted efforts of private enterprise and financed at then
current market interest rates.
(i) "Low rentals" means rent charges at least 10% lower than moderate
rentals.
(j) "Rents" or "Rentals" shall mean fees or charges paid for use
of a development under this Act, whether the development is operated on a
landlord-tenant basis or as a condominium or cooperative.
(k) "Limited-profit entity" means any individual, joint venture,
partnership, limited partnership, trust or corporation organized or
existing under the laws of the State of Illinois or authorized to do
business in this State and having articles of incorporation or comparable
documents of organization or a written agreement with the Authority which,
in addition to other requirements of law, provide that if the limited-profit entity receives any loan from the
Authority as provided for in this Act, it shall be authorized to enter into
an agreement with the Authority providing for regulations with respect to
rents, profits, dividends and disposition of property or franchises.
(l) "Land development" means the process of clearing and grading land,
making, installing, or constructing waterlines and water supply
installations, sewerlines and sewage disposal installations, steam, gas,
and electric lines and installations, roads, streets, curbs, gutters,
sidewalks, storm drainage facilities, and other installations or work,
whether on or off the site, necessary or desirable to prepare land for
residential, commercial, industrial, or other uses, or to provide
facilities for public or common use.
(m) "Nonprofit corporation" means a nonprofit corporation incorporated
pursuant to the provisions of the Illinois General Not For Profit
Corporation Act or the State Housing Act of 1933 and having articles of
incorporation which, in addition to other requirements of law, provide:
(1) that the corporation has been organized to |
| provide housing facilities for persons of low and moderate income;
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(2) that all income and earnings of the corporation
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| shall be used exclusively for corporation purposes and that no part of the net income or net earnings of the corporation shall inure to the benefit or profit of any private individual, firm, corporation, partnership, or association;
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(3) that the corporation is in no manner controlled
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| or under the direction or acting in the substantial interest of private individuals, firms, corporations, partnerships, or associations seeking to derive profit or gain therefrom or seeking to eliminate or minimize losses in any dealings or transactions therewith;
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(4) that if the corporation receives any loan or
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| advance from the Authority as provided for in this Act, it shall be authorized to enter into an agreement with the Authority providing for regulation with respect to rents, profits, dividends, and disposition of property or franchises;
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(5) that if the corporation receives a loan or
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| advance, as provided for in this Act, the chairman of the Authority, acting with the prior approval of the majority of the members of the Authority, shall have the power if he determines that any such loan or advance is in jeopardy of not being repaid, or that the proposed development for which such loan or advance was made is in jeopardy of not being constructed, or that some part of the net income or net earnings of the corporation is inuring to the benefit of any private individual, firm, corporation, partnership, or association, or that the corporation is in some manner controlled or under the direction of or acting in the substantial interest of any private individual, firm, corporation, partnership, or association seeking to derive benefit or gain therefrom or seeking to eliminate or minimize losses in any dealings or transactions therewith, or is in violation of rules and regulations promulgated by the Authority to appoint to the board of directors of such corporation a number of new directors, which number shall be sufficient to constitute a majority of such board, notwithstanding any other provisions of such articles of incorporation or of any other provisions of law; and
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(6) that each development of such corporation shall
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| be operated exclusively for the benefit of the persons who are housed in such development which shall include families or persons of low or moderate income as required by this Act, and that such development shall reserve for families or persons of low or moderate income the number and types of dwelling units required by applicable federal or State law.
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The requirements contained in paragraphs (2), (3), (5) and (6) are
not mandatory in the case of loans made solely from the Authority's
administrative fund.
(n) "State" means the State of Illinois.
(o) "Community facilities" means the land, buildings, improvements and
equipment for land development, for health, welfare, recreational, social,
educational and commercial activities, and for public, common or municipal
services.
(p) "Sinking fund payment" means the amount of money specified in
the resolution or resolutions authorizing term bonds as payable into a
sinking fund during a particular period for the retirement of term
bonds at maturity after such period, but shall not include
any amount payable by reason only of the maturity of a bond.
(q) "Housing related commercial facilities" means commercial
facilities which are or are to be related to a development. Commercial
facilities are related to a development if they are, in the sole judgment
of the Authority, located in the same area as the development and (i)
necessary or desirable in order to provide services for residents of that
area in which the development is located; or (ii) a portion of the revenues
of the commercial facilities are to be used to provide funds for paying
costs of construction, acquisition, rehabilitation, operation, maintenance
of or payment of debt service on the development or (iii) necessary or
desirable in order to make the development successful, such as, without
limitation, eliminating or preventing slum or blighted conditions,
preserving historic structures or ensuring that facilities are not
inconsistent with the development. For purposes of this Section,
"commercial facilities" includes land, buildings, improvements, equipment
and all ancillary facilities for use for offices, stores, retirement homes,
hotels, financial institutions, service health care, education, recreation
or research establishments or any other commercial purpose.
(r) "Rate protection contract" means interest rate exchange
agreements; currency exchange agreements; forward payment conversion
agreements; contracts providing for payment or receipt of funds based on
levels of, or changes in, interest rates, currency exchange rates, stock or
other indices; contracts to exchange cash flows or a series of payments;
contracts, including without limitation, interest rate caps; interest rate
floors; interest rate locks; interest rate collars; rate of return
guarantees or assurances, to manage payment, currency, rate, spread or
similar exposure; the obligation, right, or option to issue, put, lend,
sell, grant a security interest in, buy, borrow or otherwise acquire, a
bond, note or other security or interest therein as an investment, as
collateral, as a hedge, or otherwise as a source or assurance of payment to
or by the Authority or as a reduction of the Authority's or an obligor's
risk exposure; repurchase agreements; securities lending agreements; and
other agreements or arrangements similar to the foregoing.
(s) "Affordable Housing Program Trust Fund Bonds or Notes" means bonds or
notes issued by the Authority pursuant to the provisions of this Act for the
purposes of providing affordable housing to low and very low income persons as
provided in the Illinois Affordable Housing Act through the use or pledge, in
whole or in part, of Trust Fund Moneys dedicated or
otherwise made available to the Authority.
(t) "Trust Fund Moneys" has the meaning given to that term in Section 3 of
the Illinois Affordable Housing Act.
(Source: P.A. 98-260, eff. 8-9-13.)
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(20 ILCS 3805/3) (from Ch. 67 1/2, par. 303)
Sec. 3.
It is hereby found and declared that as a result of public actions
involving highways, public facilities and urban renewal projects and as a
result of the spread of slum conditions and blight to formerly sound
neighborhoods and as a result of high costs of heating dwelling units,
and as a result of the shortage of and high cost of financing for
housing, there exists within Illinois a serious shortage, of decent,
safe, and sanitary housing available at low and moderate rentals to persons
and families of low and moderate income. This shortage is inimical to the
safety, health, morals and welfare of the residents of this State and the
sound growth of its communities. Private enterprise and investment, without
the assistance contemplated in this Act, is not disposed to nor can it
economically achieve the needed construction of decent, safe and sanitary
housing at rentals which persons and families of low and moderate income
can afford, nor is it disposed nor can it so achieve the urgently needed
rehabilitation of existing housing or the provision of existing housing
to those persons and families at those rentals. It is, therefore,
imperative that the cost of mortgage financing, a major factor materially
affecting rental levels in housing built by private enterprise, be made
lower in order to reduce rental levels for low and moderate income persons
and families; that the supply of housing for persons and families displaced
by public action or natural disaster be increased; and that private
enterprise be encouraged to acquire, build and rehabilitate housing which
will help prevent the recurrence of slum conditions and assist in their
permanent elimination by housing persons of varied economic means in the
same structures and neighborhoods.
It is further found and declared that the serious shortage of decent,
safe and sanitary housing in the State of Illinois is in large measure
caused by recurring critical shortages of funds in private lending
institutions available for residential mortgages at reasonable interest
rates. These shortages have contributed to serious reductions in
construction starts of new residential units and in rehabilitation of
existing housing. The unaided operations of private enterprise have not met
and cannot consistently meet the need for increased funds for residential
mortgage financing.
It is further found and declared that urban growth in this State is not
taking place in an efficient and well-planned manner. Many existing and
planned industrial and commercial facilities are not easily accessible to
the places of residence of substantial numbers of unemployed persons. The
unaided efforts of private enterprise have not met and cannot meet the
needs of providing residential dwellings in conjunction with or easily
accessible to such industrial and commercial facilities due to problems
encountered in assembling suitable building sites, the lack of adequate
public services, the unavailability of private capital for development in
such areas, and the inability of private enterprise alone to plan, finance
and coordinate industrial and commercial development with residential
development for persons and families of low and moderate income and with
public services and mass transportation facilities.
It is further found and declared that the development and provision of
decent, safe and sanitary housing available at low and moderate rentals to
persons and families of low and moderate income is being adversely
affected, in various areas, by the failure of those areas to have adequate
commercial facilities to serve the areas in which such housing may be
provided under this Act. It is further found and declared that the
coordinated development of commercial facilities in conjunction with
housing facilities can assist in providing decent, safe and sanitary
housing available at low and moderate rentals to persons and families of
low and moderate income. Moreover, the provision of housing related
commercial facilities will serve to provide employment, which is needed in
the State because of the serious and long standing level of unemployment in
the State, with the consequential reduction of public revenues and
increased costs of public services.
It is further found and declared that in the absence of direct
governmental subsidies the unaided operations of private enterprise do not
provide sufficient resources for residential construction, rehabilitation,
rental or purchase, and that support from housing related commercial
facilities is one means of stimulating residential construction,
rehabilitation, rental and purchase.
It is further found and declared that cost-effective construction
materials and techniques can significantly reduce normal heating costs, but
that the bargaining power of prospective low and moderate income tenants or
owners of housing developed under this Act is insufficient to assure the
utilization of such materials and techniques, and thus to assure affordable
heat to those who are the intended beneficiaries of this Act.
It is further found and declared that demolition and conversion of
single room occupancy hotels has exacerbated the shortage of affordable
housing for low-income persons.
It is further found and declared that the supply of decent, safe and
sanitary housing available at low and moderate rentals to persons and
families of low and moderate income is threatened by the potential
prepayment of federally subsidized mortgages. Based upon the above findings and declarations it is therefore
determined and declared that there exist unacceptable conditions in the
State which require the creation of a body politic and corporate with power
to issue notes and bonds in order to make loans for the acquisition,
construction and rehabilitation of housing, community facilities
and housing related commercial facilities, acquire and develop
land for large-scale planned developments and new communities and, as a
means of encouraging home ownership, make loans to and purchase residential
mortgages from private lending institutions.
(Source: P.A. 87-250.)
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(20 ILCS 3805/7.2) (from Ch. 67 1/2, par. 307.2)
Sec. 7.2.
The Authority may make mortgage or other loans to non-profit
corporations and limited-profit entities for the acquisition, construction or
substantial or moderate rehabilitation of such developments as in the
judgement of the Authority
have promise of supplying, on a rental, cooperative, condominium or home
ownership basis, well planned, well designed energy-efficient housing
for low or moderate
income persons or families at low or moderate rentals in locations where
there is a need for such housing. Such loans may be for development costs
and construction financing as well as permanent financing, and
may provide
financing for community facilities to the extent permitted by applicable
Authority regulations. The Authority may also make loans to
individuals, joint ventures, partnerships, limited partnerships, trusts or
corporations, including not-for-profit corporations, for the acquisition,
construction, equipment or rehabilitation of housing related commercial facilities.
When the Authority makes a loan for housing related commercial facilities,
it may require as a condition of the loan that a portion of the borrower's receipts
from the use of the facilities be used for the construction, acquisition,
rehabilitation, operation or maintenance or payment of debt service on a
development to which the facilities relate. The Authority may set from
time to time the interest
rates and other terms and conditions at which it shall make mortgage
and other loans and
may establish other terms and conditions with respect to the making of such
loans, including the charging of fees or penalties for the late payment of
principal and interest on its loans.
When the loan by the Authority is for the purpose of providing housing
on a condominium or home ownership basis, sale of the housing units by the
nonprofit corporation or limited-profit entity shall be to individual
purchasers who are persons or families of low or moderate income and shall
be subject to the approval of the Authority. Upon the sale by the nonprofit
corporation or limited-profit entity of any housing unit to a low or
moderate income person, such housing unit shall be released from the
overall development mortgage running from the nonprofit corporation or
limited-profit entity to the Authority and, as to such housing unit, the
overall development mortgage shall be replaced by an individual mortgage
running from the low or moderate income purchaser to the Authority.
To secure notes or bonds of the Authority
in connection with loans made pursuant to this Section for a development or
other facilities, the Authority may require or obtain for the benefit of itself,
the holders of the notes or bonds or their trustee, mortgages, pledges,
assignments, liens, letters of credit, guarantees or other security
interests or devices from any persons or entities, whether or not the owner
of the development or facilities, and covering any property, real or
personal, tangible or intangible, whether or not pertaining to the
development or facilities.
When the Authority issues Affordable Housing Program Trust Fund Bonds or
Notes in connection with loans made pursuant to this Section for financing low
and very low income residential housing as provided in the Illinois Affordable
Housing Act, to secure such bonds and notes, the Authority, in addition to the
other devices, security interests, mortgages and rights provided by this
Section and other provisions of this Act, may pledge and grant rights in Trust
Fund Moneys as provided in Section 9 of the Illinois Affordable Housing Act.
(Source: P.A. 88-93.)
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(20 ILCS 3805/7.24g) (from Ch. 67 1/2, par. 307.24g)
Sec. 7.24g.
(a) The Authority is hereby designated the State Housing
Credit Agency and is charged with responsibility for administering
low-income housing tax credits allocated to the State under Section 42 of
the Internal Revenue Code of 1986, as amended. In fulfilling its
responsibilities as the State Housing Credit Agency, the Authority is
authorized to do all acts authorized or required under Section 42 of the
Internal Revenue Code of 1986, as amended, and to:
(1) Establish a plan for allocation of low-income |
| housing tax credits; prepare application forms for allocation of such tax credits; and make allocation of such tax credits to eligible individuals and corporations.
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(2) Initiate marketing, education and out-reach
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| projects throughout the State to maximize utilization of all available low-income housing tax credits.
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(3) Provide technical assistance and training to
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| local governments, including home rule jurisdictions, to encourage coordination of local, State and federal resources with the allocation of low-income housing tax credits.
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(4) Accept and allocate low-income housing tax
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| credits that may be transferred from Illinois home rule jurisdictions.
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(5) Assess fees to cover the costs of allocating and
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| administering the tax credits.
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(b) Commencing in calendar year 1990, the aggregate unused housing tax
credit dollar amount of all home rule jurisdictions available pursuant to
Section 42 of the Internal Revenue Code of 1986, as amended, shall be as of
June 1 of each calendar year reserved to the Authority for allocation by
the Authority in the same manner as the Authority allocates low-income
housing tax credits allocated to the State; provided that this reservation
shall not apply to the housing tax credit amount of a city with over
2,000,000 inhabitants.
This amendatory Act of 1989 is intended to alter the allocation of
low-income housing tax credits to home rule units, other than a
municipality with over 2,000,000 inhabitants otherwise conferred pursuant
to Section 42 of the Internal Revenue Code of 1986, as amended.
(Source: P.A. 86-40; 87-250.)
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(20 ILCS 3805/7.28)
Sec. 7.28. Tax credit for donation to sponsors. The Authority may administer and adopt rules
for
an affordable housing tax donation credit program to provide tax credits for
donations as set forth in this
Section.
(a) In this Section:
"Administrative housing agency" means either the Authority or an agency of the City of Chicago.
"Affordable housing project" means either: (1) a rental project in which at least 25% of the |
| units have rents (including tenant-paid heat) that do not exceed, on a monthly basis, maximum gross rent figures, as published by the Authority, that are:
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(i) based on data published annually by the U.S.
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| Department of Housing and Urban Development;
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(ii) based on the annual income of households
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| earning 60% of the area median income;
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(iii) computed using a 30% of gross monthly
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(iv) adjusted for unit size and at least 25% of
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| the units are occupied by persons and families whose incomes do not exceed 60% of the median family income for the geographic area in which the residential unit is located; or
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(2) a unit for sale to homebuyers whose gross
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| household income is at or below (A) 60% of the area median income (for taxable years beginning prior to January 1, 2022) or (B) 120% of the area median income (for taxable years beginning on or after January 1, 2022) and who pay no more than 30% of their gross household income for mortgage principal, interest, property taxes, and property insurance (PITI).
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"Donation" means money, securities, or real or personal property that is
donated to a not-for-profit sponsor that is used solely for costs associated
with either (i) purchasing, constructing, or rehabilitating an affordable
housing project in this State, (ii) an employer-assisted housing project in
this State, (iii) general operating support, or (iv) technical assistance as
defined by this Section.
"Employer-assisted housing project" means either down-payment assistance,
reduced-interest mortgages, mortgage guarantee programs, rental subsidies, or
individual development account savings plans that are provided by employers to
employees to assist in securing affordable housing near the workplace, that
are restricted to housing near the workplace, and that are restricted to
employees whose gross household income is at or below 120% of the area median
income.
"General operating support" means any cost incurred by a sponsor that is a
part of its general program costs and is not limited to costs directly incurred
by the affordable housing project.
"Geographical area" means the metropolitan area or county designated as an
area by the federal Department of Housing and Urban Development under Section 8
of the United States Housing Act of 1937, as amended, for purposes of
determining fair market rental rates.
"Median income" means the incomes that are determined by the federal
Department of Housing and Urban Development guidelines and adjusted for family
size.
"Project" means an affordable housing project, an employer-assisted housing
project, general operating support, or technical assistance.
"Sponsor" means a not-for-profit organization that (i) is organized as a
not-for-profit organization under the laws of this State or another
state and (1) for an affordable housing project, has as one of its purposes the
development of affordable housing; (2) for an employer-assisted housing
project, has as one of its purposes home ownership education; and (3) for a
technical assistance project, has as one of
its purposes either the development of affordable housing or home ownership
education; (ii) is organized
for the purpose of constructing or rehabilitating affordable housing units and
has
been issued a ruling from the Internal Revenue Service of the United States
Department of the Treasury that the organization is exempt from income taxation
under provisions of the Internal Revenue Code; or (iii) is an organization
designated as a community development corporation by the United States
government under Title VII of the Economic Opportunity Act of 1964.
"Tax credit" means a tax credit allowed under Section 214 of the Illinois
Income Tax Act.
"Technical assistance" means any cost incurred by a sponsor for project
planning, assistance with applying for financing, or counseling services
provided to prospective homebuyers.
(b) A sponsor must apply to an administrative housing agency for approval of the project. The
administrative housing
agency must reserve a specific amount of tax credits for each approved project.
Tax credits for general operating support can only be reserved as part of a
reservation of tax credits for an affordable housing project, an
employer-assisted housing project, or technical assistance. No tax credits
shall be allowed for a project without a reservation of such tax credits by an
administrative housing agency for that project.
(c) The Authority must adopt rules
establishing
criteria for eligible costs and donations, issuing and verifying tax credits,
and selecting projects that are eligible for a tax
credit.
(d) Tax credits for employer-assisted housing projects are limited to
that pool of
tax credits that have been set aside for employer-assisted housing. Tax
credits for general operating support are limited to 10% of the total tax
credit reservation for the related project (other than general operating
support) and are also limited to that pool of
tax
credits that have been set aside for general operating support. Tax credits
for technical assistance are limited to that pool of tax credits that have been
set aside for technical assistance.
(e) The amount of tax credits reserved by the administrative housing agency
for an approved project is limited to $32,850,352 in State fiscal years 2022 and 2023 and shall
increase by 5% each fiscal year thereafter. The City of Chicago shall receive 24.5% of total tax
credits authorized for each fiscal year. The
Authority shall receive the balance of the tax credits authorized for each
fiscal year. The tax credits may be used anywhere in this State.
The tax
credits have the following set-asides:
(1) for employer-assisted housing projects, $2
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(2) for general operating support and technical
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The balance of the funds must be used for affordable housing
projects.
During the first 9 months of a fiscal year, if an administrative housing
agency is unable to reserve the tax credits set aside for the purposes
described in
subsection (e), the administrative housing agency may reserve the tax credits
for any approved projects.
(f) The administrative housing agency that reserves tax credits for an
affordable housing project must record
against the land upon which the affordable housing project is located an
instrument to assure that
the property maintains its affordable housing compliance for a minimum of 10
years. The Authority has flexibility to assure that the instrument
does
not cause undue hardship on homeowners.
(Source: P.A. 102-175, eff. 7-29-21.)
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(20 ILCS 3805/7.30) Sec. 7.30. Foreclosure Prevention Program. (a) The Authority shall establish and administer a Foreclosure Prevention Program. The Authority shall use moneys in the Foreclosure Prevention Program Fund, and any other funds appropriated for this purpose, to make grants to (i) approved counseling agencies for approved housing counseling and (ii) approved community-based organizations for approved foreclosure prevention outreach programs. The Authority shall promulgate rules to implement this Program and may adopt emergency rules as soon as practicable to begin implementation of the Program. (b) Subject to
appropriation and the annual receipt of funds, the Authority shall make grants from the Foreclosure Prevention Program Fund derived from fees paid as specified in subsection (a) of Section 15-1504.1 of the Code of Civil Procedure as follows: (1) 25% of the moneys in the Fund shall be used to |
| make grants to approved counseling agencies that provide services in Illinois outside of the City of Chicago. Grants shall be based upon the number of foreclosures filed in an approved counseling agency's service area, the capacity of the agency to provide foreclosure counseling services, and any other factors that the Authority deems appropriate.
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(2) 25% of the moneys in the Fund shall be
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| distributed to the City of Chicago to make grants to approved counseling agencies located within the City of Chicago for approved housing counseling or to support foreclosure prevention counseling programs administered by the City of Chicago.
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(3) 25% of the moneys in the Fund shall be used to
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| make grants to approved community-based organizations located outside of the City of Chicago for approved foreclosure prevention outreach programs.
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(4) 25% of the moneys in the Fund shall be used to
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| make grants to approved community-based organizations located within the City of Chicago for approved foreclosure prevention outreach programs, with priority given to programs that provide door-to-door outreach.
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(b-1) Subject to appropriation and the annual receipt of funds, the Authority shall make grants from the Foreclosure Prevention Program Graduated Fund derived from fees paid as specified in paragraph (1) of subsection (a-5) of Section 15-1504.1 of the Code of Civil Procedure, as follows:
(1) 30% shall be used to make grants for approved
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| housing counseling in Cook County outside of the City of Chicago;
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(2) 25% shall be used to make grants for approved
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| housing counseling in the City of Chicago;
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(3) 30% shall be used to make grants for approved
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| housing counseling in DuPage, Kane, Lake, McHenry, and Will Counties; and
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(4) 15% shall be used to make grants for approved
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| housing counseling in Illinois in counties other than Cook, DuPage, Kane, Lake, McHenry, and Will Counties provided that grants to provide approved housing counseling to borrowers residing within these counties shall be based, to the extent practicable, (i) proportionately on the amount of fees paid to the respective clerks of the courts within these counties and (ii) on any other factors that the Authority deems appropriate.
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The percentages set forth in this subsection (b-1) shall be calculated after deduction of reimbursable administrative expenses incurred by the Authority, but shall not be greater than 4% of the annual appropriated amount.
(b-5) As used in this Section:
"Approved community-based organization" means a not-for-profit entity that provides educational and financial information to residents of a community through in-person contact. "Approved community-based organization" does not include a not-for-profit corporation or other entity or person that provides legal representation or advice in a civil proceeding or court-sponsored mediation services, or a governmental agency.
"Approved foreclosure prevention outreach program" means a program developed by an approved community-based organization that includes in-person contact with residents to provide (i) pre-purchase and post-purchase home ownership counseling, (ii) education about the foreclosure process and the options of a mortgagor in a foreclosure proceeding, and (iii) programs developed by an approved community-based organization in conjunction with a State or federally chartered financial institution.
"Approved counseling agency" means a housing counseling agency approved by the U.S. Department of Housing and Urban Development.
"Approved housing counseling" means in-person counseling provided by a counselor employed by an approved counseling agency to all borrowers, or documented telephone counseling where a hardship would be imposed on one or more borrowers. A hardship shall exist in instances in which the borrower is confined to his or her home due to a medical condition, as verified in writing by a physician, advanced practice registered nurse, or physician assistant, or the borrower resides 50 miles or more from the nearest approved counseling agency. In instances of telephone counseling, the borrower must supply all necessary documents to the counselor at least 72 hours prior to the scheduled telephone counseling session.
(c) (Blank).
(c-5) Where the jurisdiction of an approved counseling agency is included within more than one of the geographic areas set forth in this Section, the Authority may elect to fully fund the applicant from one of the relevant geographic areas.
(Source: P.A. 99-581, eff. 1-1-17; 100-513, eff. 1-1-18.)
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(20 ILCS 3805/7.31) Sec. 7.31. Abandoned Residential Property Municipality Relief Program. (a) The Authority shall establish and administer an Abandoned Residential Property Municipality Relief Program. The Authority shall use moneys in the Abandoned Residential Property Municipality Relief Fund, and any other funds appropriated for this purpose, to make grants to municipalities and to counties to assist with costs incurred by the municipality or county for: cutting of neglected weeds or grass, trimming of trees or bushes, and removal of nuisance bushes or trees; extermination of pests or prevention of the ingress of pests; removal of garbage, debris, and graffiti; boarding up, closing off, or locking windows or entrances or otherwise making the interior of a building inaccessible to the general public; surrounding part or all of an abandoned residential property's underlying parcel with a fence or wall or otherwise making part or all of the abandoned residential property's underlying parcel inaccessible to the general public; demolition of abandoned residential property; and repair or rehabilitation of abandoned residential property, as approved by the Authority under the Program. For purposes of this subsection (a), "pests" has the meaning ascribed to that term in subsection (c) of Section 11-20-8 of the Illinois Municipal Code. The Authority shall promulgate rules for the administration, operation, and maintenance of the Program and may adopt emergency rules as soon as practicable to begin implementation of the Program. (b) Subject to
appropriation and the annual receipt of funds, the Authority shall make grants from the Abandoned Residential Property Municipality Relief Fund derived from fees paid as specified in paragraph (1) of subsection (a-5) of Section 15-1504.1 and subsection (a)
of Section 15-1507.1 of the Code of Civil Procedure as follows: (1) 30% of the moneys in the Fund shall be used to |
| make grants to municipalities other than the City of Chicago in Cook County and to Cook County;
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(2) 25% of the moneys in the Fund shall be used to
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| make grants to the City of Chicago;
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(3) 30% of the moneys in the Fund shall be used to
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| make grants to municipalities in DuPage, Kane, Lake, McHenry and Will Counties, and to those counties; and
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(4) 15% of the moneys in the Fund shall be used to
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| make grants to municipalities in Illinois in counties other than Cook, DuPage, Kane, Lake, McHenry, and Will Counties, and to counties other than Cook, DuPage, Kane, Lake, McHenry, and Will Counties. Grants distributed to the municipalities and counties shall be based on (i) areas of greatest need within these counties, which shall be determined, to the extent practicable, proportionately on the amount of fees paid to the respective clerks of the courts within these counties, and (ii) on any other factors that the Authority deems appropriate.
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The percentages set forth in this subsection (b) shall be calculated after deduction of reimbursable administrative expenses incurred by the Authority, but shall not be greater than 4% of the annual appropriated amount.
(c) Where the jurisdiction of a municipality is included within more than one of the geographic areas set forth in this Section, the Authority may elect to fully fund the municipality from one of the relevant geographic areas.
(Source: P.A. 97-1164, eff. 6-1-13; 98-20, eff. 6-11-13.)
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(20 ILCS 3805/8.1) (from Ch. 67 1/2, par. 308.1)
Sec. 8.1.
With respect to mortgage loans for developments financed by
the issuance of the Authority's bonds and notes and not covered under the
Low-Income Housing Preservation and Resident Homeownership Act of 1990 (12
U.S.C. 4101 et seq.) created by Title VI of the Cranston-Gonzalez National
Affordable Housing Act, the owner may not make, and the Authority may not
accept, a prepayment of the mortgage loan except in accordance with the
provisions of this Section.
(a) For those developments covered under this Section, the owner may
make, and the Authority may accept, a prepayment of the mortgage loan if
the owner enters into an agreement with the Authority to extend to the full
term of the mortgage loan the affordability restrictions on those units
affordable to low income persons and families or create a comparable number
of new units of housing affordable for low income persons and families. As
used in this Section, "affordability restrictions" means limits imposed by
a federal or Authority regulation, regulatory agreement or rent subsidy
contract on tenant rents, rent contributions, or income eligibility for the
development so as to require that the units be affordable to low income
persons and families.
(b) If the owner does not enter into the agreement described in
subsection (a), prior to the owner making and the Authority accepting
prepayment of the mortgage loan on those developments covered by this
Section the owner shall provide notice to the tenants of the development of
the owner's intent to prepay the mortgage loan and the tenants' rights
under this Section. The notice shall be in a form approved by the
Authority and shall be delivered at least 9 months prior to the date the
owner intends to prepay the mortgage loan.
(c) If the owner does not enter into the agreement described in
subsection (a) and intends to cause the prepayment of the mortgage loan,
the tenants shall have the first right to purchase the development as follows:
(1) The tenants shall, within 60 days after the date |
| of the owner's notice under subsection (b), notify the owner in writing that the tenants have formed a tenant association and shall designate the name of its representative. As used in this Section, "tenant association" means an association, corporation or other organization that represents at least a majority of the tenants in the development.
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(2) After receiving notice from the tenants under
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| paragraph (1) of this subsection (c), the owners shall provide a bona fide offer for sale of the development to the tenant association which contains the essential terms of the sale, including, at a minimum, the following: the sale price; the terms of seller financing, if any, including the amount, the interest rate, and amortization rate; the terms of assumable financing, if any, including the amount, the interest rate, and the amortization rate; and the proposed improvements, if any, to the property to be made by the owner in connection with the sale. The bona fide offer for sale shall also state that within 30 days after its receipt, the tenant association shall notify the owner, in writing, of its intent to purchase the development, which notice shall not create any legal obligation other than under this Section. By this notice the tenant association may designate a not-for-profit corporation to act on its behalf to purchase the development.
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(3) The tenant association or its designee shall,
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| within 90 days after delivery of the notice of intent to purchase under paragraph (2) of this subsection (c), deliver to the owner and the owner shall execute a purchase contract reflecting a sale price and terms agreed to by the parties or the sale price and terms determined as follows: If the owner and the tenant association or its designee are unable to agree to a sale price within the first 60 days of the 90 day period specified above, the sale price of the development shall be based upon its fair market value at its highest and best use minus any rehabilitation costs or other costs required to convert the development to that use, as determined by 2 independent appraisers qualified to perform multi-family housing appraisals. One appraiser shall be selected and paid by the owner and the other shall be selected and paid by the tenant association or its designee. If the appraisers fail to agree upon a fair market value, the owner and the tenant association or its designee shall either jointly select and pay a third appraiser whose appraisal shall be binding, or agree to take an average of the 2 appraisals. All appraisers shall be MAI certified. The determination of the sale price shall be completed within the 90 day period specified above.
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(4) The tenant association or its designee shall
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| close on the sale of the development within 90 days after the date the parties sign the contract to purchase.
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(d) The provisions of this Section shall not apply to any of the
following: a government taking by eminent domain or negotiated purchase; a
forced sale pursuant to a foreclosure; or a transfer by gift, devise or
operation of law.
(e) If the Authority determines, in its sole discretion, that the
tenants of the development failed to form a tenant association as defined
in this Section, or that the tenant association or its designee failed to
provide notice to the owner of the formation of a tenant association under
paragraph (1) of subsection (c), failed to provide notice to the owner of
its intent to purchase under paragraph (2) of subsection
(c), failed to provide a bona fide offer to purchase under paragraph (3) of
subsection (c), or failed to close on the development under paragraph (4) of
subsection (c), the owner may prepay the mortgage loan and the Authority
may accept the prepayment of the mortgage loan.
(f) The owner and the tenant association or its designee shall timely
forward a copy of all notices required under this Section to the Authority.
(Source: P.A. 87-578.)
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(20 ILCS 3805/16) (from Ch. 67 1/2, par. 316)
Sec. 16.
The notes and bonds issued under this Act shall be
authorized by resolution of the members of the Authority, shall bear
such date or dates, and shall mature at such time or times, in the case
of any note, or any renewal thereof, not exceeding 15 years (or such
longer time not exceeding 25 years if the Authority shall determine, with
respect to notes issued in anticipation of bonds, that a longer maturity
date is required in order to assure the ability to issue the bonds), from the
date of issue of such original note, and in the case of any bond not
exceeding 50 years from the date of issue, as the resolution may
provide. The bonds may be issued as serial bonds or as term bonds or as
a combination thereof. The notes and
bonds shall bear interest at such rate or rates as shall be determined by
the members of the Authority by the resolution authorizing issuance of the
bonds and notes provided, however, that notes and bonds issued after July
1, 1983, shall bear interest at such rate or rates not exceeding the
greater of (i) the maximum rate established in "An Act to authorize
public corporations to issue bonds, other evidences of indebtedness and tax
anticipation warrants subject to interest rate limitations set forth
therein", approved May 26, 1970, as from time to time in effect; (ii) 11%
per annum or (iii) 70% of the prime commercial rate in effect at the time
the contract is made. In the event the Authority issues notes or bonds
not exempt from income taxation under the Internal Revenue Code of 1954,
as amended, such notes or bonds shall bear interest at a rate or rates as
shall be determined by the members of the Authority by the resolution
authorizing issuance of the bonds and notes. Prime commercial rate means
such prime rate as from time to time is publicly announced by the largest
commercial banking institution located in this State, measured in terms of
total assets. A contract is made with respect to notes or bonds when the
Authority is contractually obligated to issue and sell such notes or bonds
to a purchaser who is contractually obligated to purchase them. The notes
and bonds shall be in such denominations, be in such form, either coupon or
registered, carry such registration privileges, be executed in such manner,
be payable in
such medium of payment, at such place or places and be subject to such
terms of redemption as such resolution or resolutions may provide. The
notes and bonds of the Authority may be sold by the Authority, at public
or private sale, at such price or prices as the Authority shall determine.
In lieu of establishing the rate at which notes or bonds of the
Authority shall bear interest and the price at which the notes or bonds
shall be sold, the resolution authorizing their issuance may set maximum
and minimum prices, interest rates and annual interest cost to the
Authority for that issue of notes or bonds (computed as the resolution
shall provide), such that the difference between the maximum and minimum
annual interest cost shall not exceed 1% of the principal amount of the
notes or bonds. Such a resolution shall authorize any two of the Chairman,
Treasurer or Director (or in the Director's absence, the Deputy Director)
to establish the actual price and interest rate within the range
established by the resolution.
In lieu of establishing the dates, maturities or other terms
of the notes or bonds, the resolution authorizing their issuance may
authorize any two of the Chairman, Treasurer or Director (or in the
Director's absence, the Deputy Director) to establish such dates,
maturities and other terms within ranges or criteria established by the resolution.
In connection with the issuance of its notes and bonds, the Authority may
enter into arrangements to provide additional security and liquidity for
the notes and bonds. These may include, without limitation, letters of
credit, lines of credit by which the Authority may borrow funds to pay or
redeem its notes or bonds and purchase or remarketing arrangements for
assuring the ability
of owners of the Authority's notes and bonds to sell or to have redeemed
their notes and bonds. The Authority may enter into contracts and may agree
to pay fees to persons providing such arrangements, but only under
circumstances in which the total interest paid or to be paid on
the notes or bonds, together with the fees for the arrangements (being
treated as if interest), would not, taken together, cause the notes or bonds to
bear interest, calculated to their absolute maturity, at a rate in excess
of the maximum rate allowed by this Act.
The resolution of the Authority authorizing the issuance of its notes or
bonds may provide that interest rates may vary from time to time depending
upon criteria established by the Authority, which may include, without
limitation, a variation in interest rates as may be necessary to cause
notes or bonds to be remarketable from time to time at a price equal
to their principal amount (or compound accredited value in case of original
issue discount bonds), and may provide for appointment of a national
banking association, bank, trust company, investment bank or other financial
institution to serve as a remarketing agent in that connection. The
resolution of the Authority authorizing the issuance of its notes or bonds
may provide that alternative interest rates or provisions will apply during
such times as the notes or bonds are held by a person providing a letter of
credit or other credit enhancement arrangement for those notes or bonds.
Notwithstanding any other provisions of law, there shall be no statutory
limitation on the interest rates which such variable rate notes and bonds
may bear from time to time.
In addition to the other authorizations contained in this Section, the
Authority may adopt a resolution or resolutions granting to any two of the
Chairman, Treasurer or Director (or in the Director's absence, the Deputy
Director) the power to authorize issuance of notes or bonds, or both, on
behalf of the Authority from time to time without further resolution of the
Authority. Any such resolution shall contain a statement of the maximum
aggregate amount of notes or bonds that may be outstanding at any one time
pursuant to the authorization granted in such resolution. Such resolution
shall also contain a statement of the period of time during which such
notes or bonds of the Authority may be so issued. Such resolution shall
also delegate specifically or generally to the persons empowered to
authorize issuance of the notes or bonds the authority to establish or
approve any or all matters relating to the issuance and sale of the notes
or bonds, which may include the interest rates, if any, which the notes
or bonds shall bear and the prices (including premiums or discounts, if
any) at which they shall be issued and sold, or the criteria upon which
such interest rates and prices may vary, the appointment of remarketing
agents, the approval of alternative interest rates, whether there shall be
any statutory or other limitation on the interest rates which such notes or
bonds may bear (treating as if interest the fees for any arrangements to
provide additional security and liquidity for the notes and bonds), and the
dates, maturities and other terms and conditions on which the notes or
bonds shall be issued and sold. Any or all of such matters may vary from
issue to issue and within an issue. Any such resolution may set forth the
criteria by which any or all of the matters entrusted to the persons
designated in such resolution are to be established or approved, and may
grant the power to authorize issuance of notes or bonds which are exempt
from income taxation under the Internal Revenue Code of 1954, as amended,
or which are not exempt.
Notwithstanding any other provision of law, and in addition to any other
authority provided by law, with respect to mortgage or other loans made
by it, the Authority may require payments of principal, make interest charges
and impose prepayment premiums or penalties (in addition to any fees or
charges made by the Authority) so that such principal, interest and premiums
or penalties are sufficient to enable the Authority to pay when due all
principal, interest and redemption premiums or penalties on any notes or
bonds issued by the Authority to finance or continue the financing of such
loans (including a proportionate share of such bonds or notes issued to
fund reserves or to cover any discount) and to make any required deposits
in any reserve funds; and any contract relating to any mortgage or other
loan made by the Authority may provide for changes during its term in the
rate at which interest shall be paid, to the extent the changes are provided
for in order to enable the Authority to make payments with respect to bonds
or notes as provided in this Section.
(Source: P.A. 85-1450.)
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(20 ILCS 3805/17) (from Ch. 67 1/2, par. 317)
Sec. 17.
A resolution of the Authority authorizing the issuance of
any notes or bonds or any issue thereof under this Act may provide for:
(a) Pledging or assigning or granting a lien on or |
| security interest in all or any part of the fees and charges made or received by the Authority, and all or any part of the moneys received in payment of mortgage or other loans and interest thereon, and other moneys received or to be received, to secure the payment of the notes or bonds or of any issue thereof, and subject to such agreements with bondholders or noteholders as may then exist;
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(b) Pledging or assigning or granting a lien on or
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| security interest in all or any part of the revenue of the Authority, including payments or income from mortgages or other loans and obligations owned or held by the Authority, or pledging or assigning or granting a lien on or security interest in any obligations owned or held by the Authority, to secure the payment of the notes or bonds issued under this Act or of any issue of such notes or bonds, subject to such agreements with noteholders or bondholders as may then exist;
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(c) Pledging or assigning or granting a lien on or
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| security interest in any loan, grant, or contribution from the federal, State, or local government, if authorized by the terms of such loan, grant or contribution;
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(d) The use and disposition of the gross income from
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| mortgages or other loans owned by the Authority and payment of the principal of mortgages and other loans owned by the Authority;
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(e) The setting aside of reserves or sinking funds
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| and the regulation and disposition thereof;
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(f) Limitations on the purpose to which the proceeds
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| of sale of notes or bonds may be applied and pledging or assigning or granting a lien on or security interest in such proceeds to secure the payment of the notes or bonds or of any issue thereof;
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(g) Limitations on the issuance of additional notes
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| or bonds; the terms upon which additional notes or bonds may be issued and secured; and the refunding of outstanding or other notes or bonds;
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(h) The procedure, if any, by which the terms of any
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| contract with noteholders or bondholders may be amended or abrogated, the amount of notes or bonds the holders of which must consent thereto, and the manner in which such consent may be given;
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(i) Vesting in a trustee or trustees such property,
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| rights, powers and duties in trust as the Authority may determine, which may include any or all of the rights, powers and duties of the trustee appointed by the bondholders pursuant to this Act and limiting or abrogating the right of the bondholders to appoint a trustee or limiting the rights, powers and duties of such trustee;
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(j) With respect to Affordable Housing Program Trust
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| Fund Bonds or Notes, pledging or assigning or granting a lien on or security interest in Trust Fund Moneys as provided in Section 9 of the Illinois Affordable Housing Act, to secure such bonds and notes, and vesting in any trustee for the holders of such bonds and notes any and all rights, powers, and assignments to receive, hold and apply such Trust Fund Moneys and the proceeds thereof, to the extent permitted by Section 9 of the Illinois Affordable Housing Act, to secure or pay such bonds and notes;
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(k) Any other matters, of like or different
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| character, which in any way affect the security or protection of the notes or bonds issued by the Authority.
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Any pledge, assignment, lien or security interest or grant made pursuant to
this Act or pursuant to Section 9 of the Illinois Affordable Housing Act
shall be valid and binding and immediately effective, upon its
being made or granted, without any physical delivery, filing, recording or
further act, and
shall be valid and binding as against, and superior to any claims of all
others having claims of any kind against the Authority or any other person,
irrespective of whether such other parties have notice of the pledge,
assignment, lien or security interest.
(Source: P.A. 88-93.)
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(20 ILCS 3805/35) (Section scheduled to be repealed on January 1, 2025) Sec. 35. Property Tax Payment Plan Task Force. (a) In counties with 3,000,000 or more inhabitants, the annual tax sale has a disproportionately negative impact on minority communities. The loss of owner-occupied homes following the annual tax sale results in a loss of home equity for impacted households and negatively impacts the ability of those households to build generational wealth. The creation of a well-designed payment plan program that allows owner-occupants to repay delinquent property taxes has the potential to help homeowners who are unable to afford their property taxes avoid the tax sale and the potential loss of their home while also ensuring that property taxes are collected for the benefit of local taxing districts. Such a payment plan program will result in a more equitable and effective property tax system. (b) The Property Tax Payment Plan Task Force is hereby created. The Task Force shall consist of the following members: (1) one member, who shall serve as co-chairperson of |
| the Task Force, appointed by the President of the Senate;
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(2) one member, who shall serve as co-chairperson of
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| the Task Force, appointed by the Speaker of the House of Representatives;
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(3) one member appointed by the Minority Leader of
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(4) one member appointed by the Minority Leader of
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| the House of Representatives;
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(5) the Executive Director of the Illinois Housing
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| Development Authority or his or her designee;
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(6) the Cook County Treasurer or his or her designee;
(7) the Cook County Clerk or his or her designee;
(8) the President of the Cook County Board of
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| Commissioners or his or her designee;
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(9) up to 2 members, appointed by the co-chairpersons
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| of the Task Force, representing nonprofit affordable housing organizations in counties with 3,000,000 or more inhabitants, housing counseling organizations in counties with 3,000,000 or more inhabitants, or homeownership organizations in counties with 3,000,000 or more inhabitants;
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(10) up to 2 members, appointed by the
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| co-chairpersons of the Task Force, representing community, neighborhood, or resident associations in counties with 3,000,000 or more inhabitants;
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(11) up to 2 members, appointed by the
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| co-chairpersons of the Task Force, representing public interest organizations from counties with 3,000,000 or more inhabitants or civic organizations from counties with 3,000,000 or more inhabitants;
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(12) the Village President of the Village of Hazel
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| Crest or his or her designee;
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(13) the Mayor of the City of Harvey or his or her
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(14) the Village President of the Village of Richton
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| Park or his or her designee; and
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(15) up to 3 members, appointed by the
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| co-chairpersons of the Task Force, representing taxing districts, other than municipalities, with properties that are the most highly represented in the annual tax sale in counties with 3,000,000 or more inhabitants.
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At the discretion of both of the Co-Chairpersons of the Task Force, additional individuals may participate as nonvoting members of the Task Force.
Members of the Task Force shall be appointed no later than 30 days after the effective date of this amendatory Act of the 103rd General Assembly. If any members are not appointed within that 30-day period, the appointing authority shall be deemed to have waived the right to make that appointment. Vacancies in the Task Force, other than a vacancy occurring because of a waiver by the appointing authority under this subsection, shall be filled by the original appointing authority.
(c) Members of the Task Force shall serve without compensation. The Illinois Housing Development Authority shall provide administrative support to the Task Force as needed.
(d) The members of the Task Force are exempt from any training, disclosure, or filing requirements under the State Officials and Employees Ethics Act, the Illinois Governmental Ethics Act, or any other applicable State law or rule imposing such requirements.
(e) Once all of the members have been appointed, the Task Force shall meet not less than 4 times to carry out the duties prescribed in this Section. Members of the Task Force may attend those meetings virtually.
(f) The Task Force shall study and make recommendations for the implementation of one or more payment plan options in counties with 3,000,000 or more inhabitants to prevent eligible tax-delinquent owner-occupied properties in those counties from being sold at the annual tax sale. The Task Force shall take into consideration the impact of the payment plan option on homeowners, taxpayers, local agencies responsible for the collection of property taxes, and local taxing districts. These recommendations may be used to recommend legislation in the 103rd General Assembly or a subsequent General Assembly.
(g) A report detailing the Task Force's findings, conclusions, and recommendations shall be submitted to the General Assembly no later than November 15, 2023. The Task Force is dissolved upon submission of the report.
(h) This Section is repealed on January 1, 2025.
(Source: P.A. 103-369, eff. 7-28-23.)
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