92nd General Assembly
Summary of HB2432
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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 
                                                                               



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