House Sponsors: KENNER-BLACK-POE-KLINGLER-SCHOENBERG. Senate Sponsors: MUNOZ-DUDYCZ Short description: HOUSING AUTH-FINANCES Synopsis of Bill as introduced: Amends the Housing Authorities Act. Allows the Authority to issue revenue bonds, make or undertake commitments to make loans, or purchase or make commitments to purchase loans for the purpose of financing the acquisition, construction, equipping, rehabilitation, or refinancing of multifamily rental housing. Provides that the Authority may grant a specific pledge or assignment of and lien on or security interest in income and revenues derived from loan agreements. Allows the Authority to enter into loan agreements, regulatory agreements, and all other instruments or documentation with private borrowers of the proceeds of the Authority's multifamily housing revenue bonds and to accept guaranties from persons having an obligation to the Authority. Makes other changes. Effective immediately. HOUSE AMENDMENT NO. 1. Further amends the Housing Authorities Act. Defines "multifamily rental housing". In the definition of "loan agreement", provides that the term applies to a "multifamily rental housing project" rather than to a "project". SENATE AMENDMENT NO. 1. Further amends the Housing Authorities Act. Deletes language allowing an Authority to issue bonds, make or undertake commitments to make loans, or purchase or make commitments to purchase loans for the purpose of acquiring multifamily rental housing. Limits the ability of an Authority to issue revenue bonds, make or undertake commitments to make loans, or purchase or make commitments to purchase loans for the purpose of financing the construction, equipping, rehabilitation or refinancing of multifamily rental housing, grant a specific pledge or assignment of and lien on or security interest in income and revenues derived from loan agreements, and enter into loan agreements, regulatory agreements, and all other instruments or documentation with private borrowers to Authorities for municipalities having a population in excess of 1,000,000. Requires the Authority to use any proceeds collected for multifamily rental housing located within that municipality. SENATE AMENDMENT NO. 2. Further amends the Housing Authorities Act. Deletes language allowing an Authority to issue bonds, make or undertake commitments to make loans, or purchase or make commitments to purchase loans for the purpose of acquiring multifamily rental housing. Limits the ability of an Authority to issue revenue bonds, make or undertake commitments to make loans, or purchase or make commitments to purchase loans for the purpose of financing the construction, equipping, rehabilitation or refinancing of multifamily rental housing, grant a specific pledge or assignment of and lien on or security interest in income and revenues derived from loan agreements, and enter into loan agreements, regulatory agreements, and all other instruments or documentation with private borrowers to Authorities for municipalities having a population in excess of 1,000,000. Requires the Authority to use any proceeds collected for multifamily rental housing located within that municipality. SENATE AMENDMENT NO. 4. Further amends the Housing Authorities Act. Deletes language allowing an Authority to issue bonds, make or undertake commitments to make loans, or purchase or make commitments to purchase loans for the purpose of acquiring multifamily rental housing. Limits the ability of an Authority to issue revenue bonds, make or undertake commitments to make loans, or purchase or make commitments to purchase loans for the purpose of financing the construction, equipping, rehabilitation or refinancing of multifamily rental housing, grant a specific pledge or assignment of and lien on or security interest in income and revenues derived from loan agreements, and enter into loan agreements, regulatory agreements, and all other instruments or documentation with private borrowers to Authorities for municipalities having a population in excess of 1,000,000. Requires the Authority to use any proceeds collected for multifamily rental housing located within that municipality. Last action on Bill: PUBLIC ACT.............................. 92-0481 Last action date: AUG-23-2001 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 2 END OF INQUIRY Full Text Bill Status