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1 | AN ACT concerning housing.
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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 Property Tax Code is amended by changing | ||||||||||||||||||||||||||||||
5 | Sections 31-10 and 31-15 as follows: | ||||||||||||||||||||||||||||||
6 | (35 ILCS 200/31-10)
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7 | Sec. 31-10. Imposition of tax. | ||||||||||||||||||||||||||||||
8 | (a) A tax is imposed on the privilege of
transferring title | ||||||||||||||||||||||||||||||
9 | to real estate located in Illinois, on the privilege of | ||||||||||||||||||||||||||||||
10 | transferring a beneficial interest in
real
property located in | ||||||||||||||||||||||||||||||
11 | Illinois,
and on the privilege of transferring a controlling | ||||||||||||||||||||||||||||||
12 | interest in a real estate
entity owning property located in | ||||||||||||||||||||||||||||||
13 | Illinois,
at the rate of :
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14 | (1) $0. 40
50¢ for each $500 of
value or fraction of | ||||||||||||||||||||||||||||||
15 | $500 not in excess of $500,000 stated in the declaration | ||||||||||||||||||||||||||||||
16 | required by Section 31-25 ; . | ||||||||||||||||||||||||||||||
17 | (2) $1.50 for each $500 of value or fraction of $500 in | ||||||||||||||||||||||||||||||
18 | excess of $500,000 but not in excess of $1,000,000 stated | ||||||||||||||||||||||||||||||
19 | in the declaration required by Section 31-25; | ||||||||||||||||||||||||||||||
20 | (3) $3.50 for each $500 of value or fraction of $500 in | ||||||||||||||||||||||||||||||
21 | excess of $1,000,000 but not in excess of $3,000,000 stated | ||||||||||||||||||||||||||||||
22 | in the declaration required by Section 31-25; and | ||||||||||||||||||||||||||||||
23 | (4) $5.00 for each $500 of value or fraction of $500 in |
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| |||||||
1 | excess of $3,000,000 stated in the declaration required by | ||||||
2 | Section 31-25.
| ||||||
3 | (b) If, however, the transferring document states that the | ||||||
4 | real estate, beneficial interest, or
controlling interest
is
| ||||||
5 | transferred subject to a mortgage, the amount of the mortgage | ||||||
6 | remaining
outstanding at the time of transfer shall not be | ||||||
7 | included in the basis of
computing the tax.
The tax is due if | ||||||
8 | the transfer is made
by one or more related transactions or | ||||||
9 | involves one or more persons or entities
and whether or
not a | ||||||
10 | document is recorded.
| ||||||
11 | (Source: P.A. 93-657, eff. 6-1-04; 93-1099, eff. 6-1-05 .)
| ||||||
12 | (35 ILCS 200/31-15)
| ||||||
13 | Sec. 31-15. Collection of tax. The tax shall be collected | ||||||
14 | by the recorder
or registrar of titles of the county in which | ||||||
15 | the property is situated through the sale of revenue
stamps, | ||||||
16 | the design, denominations and form of which shall be prescribed | ||||||
17 | by the
Department. If requested by the recorder or registrar of | ||||||
18 | titles of a county
that has imposed a county real estate | ||||||
19 | transfer tax under Section 5-1031 of the
Counties Code, the | ||||||
20 | Department shall design the stamps furnished to that county
| ||||||
21 | under this Section so that the same stamp also provides | ||||||
22 | evidence of the payment
of the county real estate transfer tax | ||||||
23 | and shall include in the design of the
stamp the name of the | ||||||
24 | county and an indication that the stamp is evidence of
the | ||||||
25 | payment of both State and county real estate transfer taxes. |
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1 | The revenue
stamps shall be sold by the Department to the | ||||||
2 | recorder or registrar
of titles who shall cause them to be sold | ||||||
3 | for the purposes prescribed.
The Department shall charge the | ||||||
4 | rates imposed under Section 31-10
at a rate of 50¢ per $500 of | ||||||
5 | value in
units of not less than $500. The recorder or registrar | ||||||
6 | of titles of the several
counties shall sell the revenue stamps | ||||||
7 | at the rates imposed under Section 31-10
a rate of 50¢ per $500 | ||||||
8 | of
value or fraction of $500 . The recorder or registrar of | ||||||
9 | titles may use the
proceeds for the purchase of revenue stamps | ||||||
10 | from the Department. The Department must establish a system to | ||||||
11 | allow the recorder or registrar
of titles to purchase the | ||||||
12 | revenue stamps electronically and must deliver the | ||||||
13 | electronically purchased stamps to the recorder or registrar
of | ||||||
14 | titles.
| ||||||
15 | (Source: P.A. 94-785, eff. 1-1-07.)
| ||||||
16 | Section 10. The Illinois Affordable Housing Act is amended | ||||||
17 | by changing Sections 3 and 8 as follows:
| ||||||
18 | (310 ILCS 65/3) (from Ch. 67 1/2, par. 1253)
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19 | Sec. 3. Definitions. As used in this Act:
| ||||||
20 | (a) "Program" means the Illinois Affordable Housing | ||||||
21 | Program.
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22 | (b) "Trust Fund" means the Illinois Affordable Housing | ||||||
23 | Trust Fund.
| ||||||
24 | (c) "Low-income household" means a single person, family or |
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| |||||||
1 | unrelated
persons living together whose adjusted income is more | ||||||
2 | than 50%, but less than
80%, of the median income of the area | ||||||
3 | of residence, adjusted for family
size, as such adjusted income | ||||||
4 | and median income for the area are determined
from time to time | ||||||
5 | by the United States Department of Housing and Urban
| ||||||
6 | Development for purposes of Section 8 of the United States | ||||||
7 | Housing Act of 1937.
| ||||||
8 | (d) "Very low-income household" means a single person, | ||||||
9 | family or
unrelated persons living together whose adjusted | ||||||
10 | income is not more than
50% of the median income of the area of | ||||||
11 | residence, adjusted for family
size, as such adjusted income | ||||||
12 | and median income for the area are determined
from time to time | ||||||
13 | by the United States Department of Housing and Urban
| ||||||
14 | Development for purposes of Section 8 of the United States | ||||||
15 | Housing Act of 1937.
| ||||||
16 | (e) "Affordable housing" means residential housing that, | ||||||
17 | so long as the
same is occupied by low-income households or | ||||||
18 | very low-income households,
requires payment of monthly | ||||||
19 | housing costs, including utilities other than
telephone, of no | ||||||
20 | more than 30% of the maximum allowable income as stated
for | ||||||
21 | such households as defined in this Section ; for residential | ||||||
22 | housing occupied by extremely low-income households, payment | ||||||
23 | of monthly housing costs, including utilities other than | ||||||
24 | telephone, of no more than 30% of the maximum allowable income | ||||||
25 | is the targeted guideline .
| ||||||
26 | (f) "Multi-family housing" means a building or buildings |
| |||||||
| |||||||
1 | providing
housing to 5 or more households.
| ||||||
2 | (g) "Single-family housing" means a building containing | ||||||
3 | one to 4
dwelling units, including a mobile home as defined in | ||||||
4 | subsection (b) of
Section 3 of the Mobile Home Landlord and | ||||||
5 | Tenant Rights Act, as
amended.
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6 | (h) "Community-based organization" means a not-for-profit | ||||||
7 | entity whose
governing body includes a majority of members who | ||||||
8 | reside in the community
served by the organization.
| ||||||
9 | (i) "Advocacy organization" means a not-for-profit | ||||||
10 | organization which
conducts, in part or in whole, activities to | ||||||
11 | influence public policy on
behalf of low-income or very | ||||||
12 | low-income households.
| ||||||
13 | (j) "Program Administrator" means the Illinois Housing | ||||||
14 | Development
Authority.
| ||||||
15 | (k) "Funding Agent" means the Illinois Department of | ||||||
16 | Revenue.
| ||||||
17 | (l) "Commission" means the Affordable Housing Advisory | ||||||
18 | Commission.
| ||||||
19 | (m) "Congregate housing" means a building or structure in | ||||||
20 | which 2 or
more households, inclusive, share common living | ||||||
21 | areas and may share child
care, cleaning, cooking and other | ||||||
22 | household responsibilities.
| ||||||
23 | (n) "Eligible applicant" means a proprietorship, | ||||||
24 | partnership, for-profit
corporation, not-for-profit | ||||||
25 | corporation or unit of local government which
seeks to use fund | ||||||
26 | assets as provided in this Article.
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1 | (o) "Moderate income household" means a single person, | ||||||
2 | family or
unrelated persons living together whose adjusted | ||||||
3 | income is more than 80%
but less than 120% of the median income | ||||||
4 | of the area of residence, adjusted
for family size, as such | ||||||
5 | adjusted income and median income for the area are
determined | ||||||
6 | from time to time by the United States Department of Housing | ||||||
7 | and
Urban Development for purposes of Section 8 of the United | ||||||
8 | States Housing
Act of 1937.
| ||||||
9 | (p) "Affordable Housing Program Trust Fund Bonds or Notes" | ||||||
10 | means the bonds
or notes issued by the Program Administrator | ||||||
11 | under the Illinois Housing
Development Act to further the | ||||||
12 | purposes of this Act.
| ||||||
13 | (q) "Trust Fund Moneys" means all moneys, deposits, | ||||||
14 | revenues, income,
interest, dividends, receipts, taxes, | ||||||
15 | proceeds and other amounts or funds
deposited or to be | ||||||
16 | deposited in the Trust Fund pursuant to Section 5(b) of this
| ||||||
17 | Act and any proceeds, investments or increase thereof.
| ||||||
18 | (r) "Program Escrow" means accounts, except those accounts | ||||||
19 | relating to any
Affordable Housing Program Trust Fund Bonds or | ||||||
20 | Notes, designated by the Program
Administrator, into which | ||||||
21 | Trust Fund Moneys are deposited.
| ||||||
22 | (s) "Extremely low-income household" means a single | ||||||
23 | person, a family, or unrelated persons living together whose | ||||||
24 | adjusted income is not more than 30% of the median income of | ||||||
25 | the area of residence, adjusted for family size, as such | ||||||
26 | adjusted income and median income for the area are determined |
| |||||||
| |||||||
1 | from time to time by the United States Department of Housing | ||||||
2 | and Urban Development for purposes of Section 8 of the United | ||||||
3 | States Housing Act of 1937. | ||||||
4 | (t) "Household with special needs" means a household that | ||||||
5 | is homeless or imminently at risk of becoming homeless; or that | ||||||
6 | is or is imminently at risk of living in institutional settings | ||||||
7 | because of the unavailability of suitable housing; or that has | ||||||
8 | one or more members with disabilities, including but not | ||||||
9 | limited to physical disabilities, developmental disabilities, | ||||||
10 | mental illness, or HIV/AIDS. | ||||||
11 | (u) "Supportive services" means a flexible array of | ||||||
12 | comprehensive services provided to households with special | ||||||
13 | needs that may include case management; mental health | ||||||
14 | counseling; substance abuse counseling; medical services; | ||||||
15 | training in basic living skills, such as money management and | ||||||
16 | household establishment; and employment counseling and | ||||||
17 | training. "Supportive services", however, does not include | ||||||
18 | personal care assistance. | ||||||
19 | (v) "Permanent supportive housing" means affordable | ||||||
20 | housing where an extremely low-income household with special | ||||||
21 | needs has a lease or similar form of occupancy agreement under | ||||||
22 | which the tenancy is renewable so long as the tenant abides by | ||||||
23 | the conditions of the lease or occupancy agreement and where | ||||||
24 | the permanent supportive housing provider guarantees all its | ||||||
25 | households access to voluntary on-site or off-site supportive | ||||||
26 | services closely connected to the housing.
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| |||||||
1 | (Source: P.A. 91-357, eff. 7-29-99.)
| ||||||
2 | (310 ILCS 65/8) (from Ch. 67 1/2, par. 1258)
| ||||||
3 | Sec. 8. Uses of Trust Fund.
| ||||||
4 | (a) Subject to annual appropriation to
the Funding Agent | ||||||
5 | and subject to the prior dedication, allocation, transfer
and | ||||||
6 | use of Trust Fund Moneys as provided in Sections 8(b), 8(c) and | ||||||
7 | 9 of this
Act, the Trust Fund may be used to make grants,
| ||||||
8 | mortgages, or
other loans to acquire, construct, rehabilitate, | ||||||
9 | develop, operate, insure,
and retain affordable single-family | ||||||
10 | and multi-family housing in this State
for low-income ,
and very | ||||||
11 | low-income , and extremely low-income households. The majority | ||||||
12 | of monies appropriated to the
Trust Fund in any given year are | ||||||
13 | to be used for affordable housing for very
low-income | ||||||
14 | households. For the fiscal year beginning July 1, 2006 only, | ||||||
15 | the Department of Human Services is authorized to receive | ||||||
16 | appropriations and spend moneys from the Illinois Affordable | ||||||
17 | Housing Trust Fund for the purpose of developing and | ||||||
18 | coordinating public and private resources targeted to meet the | ||||||
19 | affordable housing needs of low-income, very low-income, and | ||||||
20 | special needs households in the State of Illinois.
| ||||||
21 | (b) For each fiscal year commencing with fiscal year 1994, | ||||||
22 | the Program
Administrator shall certify from time to time to | ||||||
23 | the Funding Agent, the
Comptroller and the State
Treasurer | ||||||
24 | amounts, up to an aggregate in any fiscal year of $10,000,000, | ||||||
25 | of
Trust Fund Moneys expected to be used or pledged by the |
| |||||||
| |||||||
1 | Program Administrator
during the fiscal year for the purposes | ||||||
2 | and uses specified in Sections 8(c) and
9 of this Act. Subject | ||||||
3 | to annual appropriation, upon receipt of such
certification, | ||||||
4 | the Funding Agent and the
Comptroller shall dedicate and the | ||||||
5 | State Treasurer shall transfer not less
often than monthly to | ||||||
6 | the Program Administrator or its designated payee,
without | ||||||
7 | requisition or further
request therefor, all amounts | ||||||
8 | accumulated in the Trust Fund within the State
Treasury and not | ||||||
9 | already transferred to the Loan Commitment Account prior to
the | ||||||
10 | Funding Agent's receipt of such certification, until the | ||||||
11 | Program
Administrator has received the aggregate amount | ||||||
12 | certified by the Program
Administrator, to be used solely for | ||||||
13 | the purposes and uses authorized and
provided in Sections 8(c) | ||||||
14 | and 9 of this Act. Neither the Comptroller nor the
Treasurer | ||||||
15 | shall transfer, dedicate or allocate any of the Trust Fund | ||||||
16 | Moneys
transferred or certified for transfer by the Program | ||||||
17 | Administrator as provided
above to any other fund, nor shall | ||||||
18 | the Governor authorize any such transfer,
dedication or | ||||||
19 | allocation, nor shall any of the Trust Fund Moneys so | ||||||
20 | dedicated,
allocated or transferred be used, temporarily or | ||||||
21 | otherwise, for interfund
borrowing, or be otherwise used or | ||||||
22 | appropriated, except as expressly authorized
and provided in | ||||||
23 | Sections 8(c) and 9 of this Act for the purposes and subject to
| ||||||
24 | the priorities, limitations and conditions provided for | ||||||
25 | therein until such
obligations, uses and dedications as therein | ||||||
26 | provided, have been satisfied.
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| |||||||
1 | (c) Notwithstanding Section 5(b) of this Act, any Trust | ||||||
2 | Fund Moneys
transferred to the Program Administrator pursuant | ||||||
3 | to Section 8(b) of this Act,
or otherwise obtained, paid to or | ||||||
4 | held by or for the Program Administrator, or
pledged pursuant | ||||||
5 | to resolution of the Program Administrator, for Affordable
| ||||||
6 | Housing Program Trust Fund Bonds or Notes under the Illinois | ||||||
7 | Housing
Development Act, and all proceeds, payments and | ||||||
8 | receipts from investments or
use of such moneys, including any | ||||||
9 | residual or additional funds or moneys
generated or obtained in | ||||||
10 | connection with any of the foregoing, may be held,
pledged, | ||||||
11 | applied or dedicated by the Program Administrator as follows:
| ||||||
12 | (1) as required by the terms of any pledge of or | ||||||
13 | resolution of the Program
Administrator authorized under | ||||||
14 | Section 9 of this Act in connection with
Affordable Housing | ||||||
15 | Program Trust Fund Bonds or Notes issued pursuant to the
| ||||||
16 | Illinois Housing Development Act;
| ||||||
17 | (2) to or for costs of issuance and administration
and | ||||||
18 | the payments of any principal, interest, premium or other | ||||||
19 | amounts or
expenses incurred or accrued in connection with | ||||||
20 | Affordable Housing Program
Trust Fund Bonds or Notes, | ||||||
21 | including rate protection contracts and credit
support | ||||||
22 | arrangements pertaining thereto, and, provided such | ||||||
23 | expenses, fees and
charges are obligations, whether | ||||||
24 | recourse or nonrecourse, and whether financed
with or paid | ||||||
25 | from the proceeds of Affordable Housing Program Trust Fund | ||||||
26 | Bonds
or Notes, of the developers, mortgagors or other |
| |||||||
| |||||||
1 | users, the Program
Administrator's expenses and servicing, | ||||||
2 | administration and origination fees and
charges in | ||||||
3 | connection with any loans, mortgages, or developments | ||||||
4 | funded or
financed or expected to be funded or financed, in | ||||||
5 | whole or in part, from the
issuance of Affordable Housing | ||||||
6 | Program Trust Fund Bonds or Notes;
| ||||||
7 | (3) to or for costs of issuance and administration and | ||||||
8 | the payments of
principal, interest, premium, loan fees, | ||||||
9 | and other amounts or other obligations
of the Program | ||||||
10 | Administrator, including rate protection contracts and | ||||||
11 | credit
support arrangements pertaining thereto, for loans, | ||||||
12 | commercial paper or other
notes or bonds issued by the | ||||||
13 | Program Administrator pursuant to the Illinois
Housing | ||||||
14 | Development Act, provided that the proceeds of such loans, | ||||||
15 | commercial
paper or other notes or bonds are paid or | ||||||
16 | expended in connection with, or
refund or repay, loans, | ||||||
17 | commercial paper or other notes or bonds issued or made
in | ||||||
18 | connection with bridge loans or loans for the construction, | ||||||
19 | renovation,
redevelopment, restructuring, reorganization | ||||||
20 | of Affordable Housing and related
expenses, including | ||||||
21 | development costs, technical assistance, or other amounts
| ||||||
22 | to construct, preserve, improve, renovate, rehabilitate, | ||||||
23 | refinance, or assist
Affordable Housing, including | ||||||
24 | financially troubled Affordable Housing,
permanent or | ||||||
25 | other financing for which has been funded or financed or is
| ||||||
26 | expected to be funded or financed in whole or in part by |
| |||||||
| |||||||
1 | the Program
Administrator through the issuance of or use of | ||||||
2 | proceeds from Affordable
Housing Program Trust Fund Bonds | ||||||
3 | or Notes;
| ||||||
4 | (4) to or for direct expenditures or reimbursement for | ||||||
5 | development costs,
technical assistance, or other amounts | ||||||
6 | to construct, preserve, improve,
renovate, rehabilitate, | ||||||
7 | refinance, or assist Affordable Housing, including
| ||||||
8 | financially troubled Affordable Housing, permanent or | ||||||
9 | other financing for which
has been funded or financed or is | ||||||
10 | expected to be funded or financed in whole or
in part by | ||||||
11 | the Program Administrator through the issuance of or use of | ||||||
12 | proceeds
from Affordable Housing Program Trust Fund Bonds | ||||||
13 | or Notes; and
| ||||||
14 | (5) for deposit into any residual, sinking, reserve or | ||||||
15 | revolving fund or
pool established by the Program | ||||||
16 | Administrator, whether or not pledged to secure
Affordable | ||||||
17 | Housing Program Trust Fund Bonds or Notes, to support or be
| ||||||
18 | utilized for the
issuance, redemption, or payment of the | ||||||
19 | principal, interest, premium or other
amounts payable on or | ||||||
20 | with respect to any existing, additional or future
| ||||||
21 | Affordable Housing Program Trust Fund Bonds or Notes, or to | ||||||
22 | or for any other
expenditure authorized by this Section | ||||||
23 | 8(c).
| ||||||
24 | (d) All or a portion of the Trust Fund Moneys on
deposit or | ||||||
25 | to be
deposited in
the Trust Fund not already certified for | ||||||
26 | transfer or transferred to the
Program Administrator pursuant |
| |||||||
| |||||||
1 | to Section 8(b) of this Act may be used to
secure the repayment | ||||||
2 | of Affordable Housing Program Trust Fund Bonds or
Notes, or | ||||||
3 | otherwise to supplement or support Affordable Housing funded or
| ||||||
4 | financed
or
intended to be funded or financed, in whole or in | ||||||
5 | part, by Affordable Housing
Program Trust Fund Bonds or Notes.
| ||||||
6 | (e) Assisted housing may include housing for special needs
| ||||||
7 | populations
such as the homeless, single-parent families, the | ||||||
8 | elderly, or the
physically and mentally disabled. The Trust | ||||||
9 | Fund shall be used to
implement a demonstration congregate | ||||||
10 | housing project for any such special
needs population.
| ||||||
11 | (f) Grants from the Trust Fund may include, but are not | ||||||
12 | limited
to,
rental assistance and security deposit subsidies | ||||||
13 | for low and very low-income
households.
| ||||||
14 | (g) The Trust Fund may be used to pay actual and reasonable
| ||||||
15 | costs for
Commission members to attend Commission meetings, and | ||||||
16 | any litigation costs
and expenses, including legal fees, | ||||||
17 | incurred by the Program Administrator
in any litigation related | ||||||
18 | to this Act or its action as Program
Administrator.
| ||||||
19 | (h) The Trust Fund may be used to make grants for (1) the
| ||||||
20 | provision of
technical assistance, (2) outreach, and (3) | ||||||
21 | building an organization's
capacity to develop affordable | ||||||
22 | housing projects.
| ||||||
23 | (i) Amounts on deposit in the Trust Fund may be used to | ||||||
24 | reimburse the
Program
Administrator and the Funding Agent for | ||||||
25 | costs incurred in the performance of
their duties under this | ||||||
26 | Act, excluding costs and fees of the Program
Administrator |
| |||||||
| |||||||
1 | associated with the Program Escrow to the extent withheld
| ||||||
2 | pursuant to paragraph (8) of subsection (b) of Section 5.
| ||||||
3 | (j) 20% of the funds appropriated to the Trust Fund in any | ||||||
4 | fiscal year, pursuant to Section 5(b)(6) of this Act, must be | ||||||
5 | used to make loans, grants, or other investments to finance or | ||||||
6 | otherwise pay the costs of creating or preserving permanent | ||||||
7 | supportive housing. Moneys allocated for creating or | ||||||
8 | preserving permanent supportive housing, under this | ||||||
9 | subsection, may be used as set forth under subsection (c) of | ||||||
10 | this Section, along with the following special uses: | ||||||
11 | (1) to fund capitalized operating reserves for new or | ||||||
12 | expiring permanent supportive housing projects, where such | ||||||
13 | reserves supplement traditional operating subsidies, serve | ||||||
14 | as the sole source of rental subsidy, or protect against | ||||||
15 | the potential loss of rental subsidy contracts, and where | ||||||
16 | such reserves are capitalized over a period of years, | ||||||
17 | provided that no more than 20% of the amount made available | ||||||
18 | under this subsection may be used for such capitalized | ||||||
19 | operating reserves; or | ||||||
20 | (2) to fund capitalized supportive service directly | ||||||
21 | associated with permanent supportive housing projects, | ||||||
22 | where such reserves supplement traditional sources of | ||||||
23 | funding for supportive services or serve as the sole source | ||||||
24 | of funding for supportive services but no more than 20% of | ||||||
25 | the amount made available under this subsection may be used | ||||||
26 | for the provision of these services. |
| |||||||
| |||||||
1 | (k) If, in any fiscal year, the Program Administrator does | ||||||
2 | not allocate the full amount provided under subsection (j) | ||||||
3 | because it has not received enough applications meeting the | ||||||
4 | Program Administrator's screening criteria, then the remaining | ||||||
5 | balance of these moneys must be allocated to make loans, | ||||||
6 | grants, or other investments to finance or otherwise pay the | ||||||
7 | costs of creating or preserving the following types of | ||||||
8 | affordable housing in the following order of priority: | ||||||
9 | (1) Housing units for extremely low-income households, | ||||||
10 | as provided in subsection (c); | ||||||
11 | (2) Housing units for very low-income households, as | ||||||
12 | provided in subsection (c); and | ||||||
13 | (3) Third, for any other purpose permitted under this | ||||||
14 | Act.
| ||||||
15 | (Source: P.A. 94-839, eff. 6-6-06.)
|