|
|
||||
| Public Act 095-0710 |
||||
| ||||
| ||||
AN ACT concerning State government.
| ||||
Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
| ||||
Section 5. The State Finance Act is amended by adding | ||||
Section 5.676 as follows: | ||||
(30 ILCS 105/5.676 new)
| ||||
Sec. 5.676. The Illinois Affordable Housing Capital Fund. | ||||
Section 10. The Illinois Affordable Housing Act is amended | ||||
by changing Sections 3 and 7 and by adding Sections 5.5 and 8.5 | ||||
as follows:
| ||||
(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) "Capital Fund" means the Illinois Affordable Housing | ||||
Capital Fund.
| ||||
(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 | ||
Revenue.
| ||
(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 in the Trust Fund pursuant to Section 5(b) 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.
| ||
(Source: P.A. 91-357, eff. 7-29-99.)
| ||
(310 ILCS 65/5.5 new) | ||
Sec. 5.5. Illinois Affordable Housing Capital Fund. | ||
(a) There is hereby created the Illinois Affordable Housing | ||
Capital Fund, hereinafter referred to as the "Capital Fund", to | ||
be held as a separate fund within the State treasury and to be | ||
administered by the Program Administrator. The purpose of the | ||
Capital Fund is to finance projects of the Illinois Affordable | ||
Housing Program as authorized by the Illinois Housing | ||
Development Authority's comprehensive plan and approved by the | ||
Program Administrator. The Funding Agent shall establish, | ||
within the Capital Fund, a general account to be used for | ||
expenditures associated with implementing the provisions of | ||
the Illinois Housing Development Authority's comprehensive | ||
plan, a Commitment Account, and a Development Credits Account. | ||
The Funding Agent shall authorize distribution of Capital Fund | ||
moneys to the Program Administrator or a payee designated by | ||
the Program Administrator for purposes authorized by this Act. | ||
After receipt of the Capital 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) There shall be deposited in the Capital Fund such | ||
amounts as may become available under the provisions of this | ||
Act, including, but not limited to: | ||
(1) any appropriations made to the Funding Agent on | ||
behalf of the Program Administrator pursuant to an issuance | ||
of General Obligation Bonds of the State of Illinois; | ||
(2) all receipts, including dividends, principal, and | ||
interest repayments, attributable to any loans or | ||
agreements funded from the Capital Fund; | ||
(3)
all proceeds of assets of whatever nature received | ||
by the Program Administrator and attributable to default | ||
with respect to loans or agreements funded from the Capital | ||
Fund; | ||
(4)
all fees or charges collected by the Program | ||
Administrator or Funding Agent in connection with loans or | ||
agreements funded from the Capital Fund pursuant to this | ||
Act; | ||
(5)
any other funds as appropriated by the General | ||
Assembly; and | ||
(6)
any income, less any administrative costs and fees | ||
associated with the Program Escrow, received by the Program | ||
Administrator that is derived from moneys in the Capital | ||
Fund held in the Program Escrow prior to expenditure of | ||
such moneys.
| ||
(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 the | ||
Capital Fund or from monies secured by the Trust Fund or | ||
the Capital Fund for
affordable housing for low and very | ||
low-income families;
| ||
(b) purchase first and second mortgages, to make | ||
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;
| ||
(c) expend monies for mortgage participation | ||
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;
| ||
(d) fix, determine, charge and collect any fees, 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;
| ||
(e) establish applications, notification procedures, | ||
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;
| ||
(f) make and enter into and enforce all loans, loan | ||
commitments,
contracts and agreements necessary, | ||
convenient or desirable to the
performance of its duties | ||
and the execution of its powers under this Act;
| ||
(g) consent, subject to the provisions of any 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;
| ||
(h) acquire by purchase, gift, or foreclosure, but 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;
| ||
(i) subject to the provisions of any contract or | ||
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;
| ||
(j) sell any eligible loan made by the Program | ||
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;
| ||
(k) provide, contract or arrange, or participate with | ||
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;
| ||
(l) receive and accept any gifts, grants, donations 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
| ||
(m) exercise such other powers as are necessary or | ||
incidental to the
administration of this Act or performance | ||
of duties under this Act.
| ||
(Source: P.A. 91-357, eff. 7-29-99.)
| ||
(310 ILCS 65/8.5 new) | ||
Sec. 8.5. Uses of Illinois Affordable Housing Capital Fund; | ||
report. | ||
(a) Subject to annual appropriation to the Funding Agent, | ||
the Illinois Affordable Housing Capital Fund may be used to | ||
make grants, mortgages, or other loans to acquire, construct, | ||
rehabilitate, develop, insure, and retain affordable | ||
single-family and multi-family housing in this State for | ||
low-income and very low-income households. The majority of | ||
moneys appropriated to the Illinois Affordable Housing Capital | ||
Fund in any given year are to be used for affordable housing | ||
for very low-income households. | ||
(b) The Illinois Housing Development Authority shall | ||
submit an annual report to the General Assembly and the | ||
Governor regarding the Illinois Affordable Housing Capital | ||
Fund.
| ||