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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB1395 Introduced 1/31/2023, by Rep. Curtis J. Tarver, II SYNOPSIS AS INTRODUCED:
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Amends the Illinois Housing Development Act. Provides that the Illinois Housing Development Authority shall develop a form that summarizes the terms of each financing agreement entered into under the Act and shall include the form with the final financing agreement. Effective immediately.
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| | A BILL FOR |
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| | HB1395 | | LRB103 25774 HLH 52123 b |
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| 1 | | AN ACT concerning State government.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Housing Development Act is amended |
| 5 | | by adding Section 13.1 as follows:
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| 6 | | (20 ILCS 3805/13.1 new) |
| 7 | | Sec. 13.1. Form for local agencies. The Authority shall |
| 8 | | develop a form and shall include the completed form with each |
| 9 | | final financing agreement executed under this Act. The form |
| 10 | | shall summarize the terms of the financing agreement. The form |
| 11 | | shall include the following information: the length of the |
| 12 | | affordability period guaranteed under the financing agreement; |
| 13 | | a legal description of the property covered by the agreement; |
| 14 | | the address and property index numbers, if available, for all |
| 15 | | property covered by the agreement; and any other information |
| 16 | | that may be needed for a local county assessor's office or a |
| 17 | | local county and municipal housing development authority to |
| 18 | | assess eligibility for a reduction in the assessed value of |
| 19 | | the property. The form may vary by county only if the Authority |
| 20 | | deems it necessary to create different forms for different |
| 21 | | counties. The nonprofit corporation, housing corporation, |
| 22 | | limited-profit entity, developer, or other entity receiving |
| 23 | | financing or other assistance under this Act shall file the |