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| | SB1484 Enrolled | | LRB103 28836 DTM 55221 b |
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1 | | AN ACT concerning finance.
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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 State Finance Act is amended by adding |
5 | | Section 5.998 and Section 6z-139 as follows: |
6 | | (30 ILCS 105/5.998 new) |
7 | | Sec. 5.998. The Cooperative Housing Fund. |
8 | | (30 ILCS 105/6z-139 new) |
9 | | Sec. 6z-139. The Cooperative Housing Fund. |
10 | | (a) The Cooperative Housing Fund is created as a special |
11 | | fund in the State treasury. The Fund may accept moneys from any |
12 | | lawful source. Any interest earned on moneys in the Fund shall |
13 | | be deposited into the Fund. |
14 | | (b) Subject to appropriation, moneys in the Fund shall be |
15 | | used by the Illinois Housing Development Authority to award |
16 | | grants to not-for-profit organizations, units of local |
17 | | government, or other community organizations for cooperative |
18 | | housing development for housing residents that have an income |
19 | | that is less than or equal to the median income of the |
20 | | residents of the municipality in which the development is to |
21 | | occur. The Illinois Housing Development Authority may issue up |
22 | | to $5,000,000 in total grants under this Section each fiscal |