Illinois General Assembly - Full Text of Public Act 102-0793

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Public Act 102-0793

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Public Act 0793 102ND GENERAL ASSEMBLY

Public Act 102-0793

HB5018 Enrolled LRB102 25459 RJF 34745 b

    AN ACT concerning government.

    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:

    Section 5. The Counties Code is amended by adding Section
3-11021 as follows:

    (55 ILCS 5/3-11021 new)
    Sec. 3-11021. Cook County Housing Trust Fund.
    (a) The Cook County Treasurer shall maintain a special
fund known as the Cook County Housing Trust Fund for which the
Housing Authority of Cook County shall be the sole
beneficiary.
    (b) The Fund may receive moneys from appropriations from
the State for use by the Housing Authority of Cook County, as
well as loan repayments, cash distributions from equity
investments, and similar cash payments generated by a funded
project that may be redeposited into the Fund and used for
additional projects.
    (c) Moneys in the Fund may be used by the Housing Authority
of Cook County for the following purposes:
        (1) eligible projects, including projects involving
    multi-family rental housing, single family rental housing,
    and single family for-sale housing;
        (2) eligible costs, including the cost of: (i) real
    property acquisition; (ii) new construction; (iii)
    rehabilitation of newly acquired property, including
    conversion of non-residential structures to residential
    use; (iv) necessary and related onsite and offsite
    improvements; (v) reasonable developer fees; (vi)
    reasonable consulting and legal fees; (vii) initial
    operating costs for housing units; and (viii) capitalized
    reserves for replacement and operation; and
        (3) other eligible Housing Authority uses, including
    equity investment in project owners, loans to project
    owners with a term not to exceed 40 years, and direct
    acquisition of land to be leased to project owners.
    (d) The Cook County Treasurer, in consultation with the
Housing Authority of Cook County, shall make accounting
annually to the Cook County Board of Commissioners through the
County Clerk of the use of moneys maintained in the Fund.

Effective Date: 1/1/2023

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