Public Act 102-0793
 
HB5018 EnrolledLRB102 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