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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, | ||||||
3 | represented in the General Assembly:
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4 | Section 5. The State Finance Act is amended by adding | ||||||
5 | Section 5.676 as follows: | ||||||
6 | (30 ILCS 105/5.676 new)
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7 | Sec. 5.676. The Illinois Affordable Housing Capital Fund. | ||||||
8 | Section 10. The Illinois Affordable Housing Act is amended | ||||||
9 | by changing Sections 3 and 7 and by adding Sections 5.5 and 8.5 | ||||||
10 | as follows:
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11 | (310 ILCS 65/3) (from Ch. 67 1/2, par. 1253)
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12 | Sec. 3. Definitions. As used in this Act:
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13 | (a) "Program" means the Illinois Affordable Housing | ||||||
14 | Program.
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15 | (b) "Trust Fund" means the Illinois Affordable Housing | ||||||
16 | Trust Fund.
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17 | (b-5) "Capital Fund" means the Illinois Affordable Housing | ||||||
18 | Capital Fund.
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19 | (c) "Low-income household" means a single person, family or | ||||||
20 | unrelated
persons living together whose adjusted income is more | ||||||
21 | than 50%, but less than
80%, of the median income of the area |
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1 | of residence, adjusted for family
size, as such adjusted income | ||||||
2 | and median income for the area are determined
from time to time | ||||||
3 | by the United States Department of Housing and Urban
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4 | Development for purposes of Section 8 of the United States | ||||||
5 | Housing Act of 1937.
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6 | (d) "Very low-income household" means a single person, | ||||||
7 | family or
unrelated persons living together whose adjusted | ||||||
8 | income is not more than
50% of the median income of the area of | ||||||
9 | residence, adjusted for family
size, as such adjusted income | ||||||
10 | and median income for the area are determined
from time to time | ||||||
11 | by the United States Department of Housing and Urban
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12 | Development for purposes of Section 8 of the United States | ||||||
13 | Housing Act of 1937.
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14 | (e) "Affordable housing" means residential housing that, | ||||||
15 | so long as the
same is occupied by low-income households or | ||||||
16 | very low-income households,
requires payment of monthly | ||||||
17 | housing costs, including utilities other than
telephone, of no | ||||||
18 | more than 30% of the maximum allowable income as stated
for | ||||||
19 | such households as defined in this Section.
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20 | (f) "Multi-family housing" means a building or buildings | ||||||
21 | providing
housing to 5 or more households.
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22 | (g) "Single-family housing" means a building containing | ||||||
23 | one to 4
dwelling units, including a mobile home as defined in | ||||||
24 | subsection (b) of
Section 3 of the Mobile Home Landlord and | ||||||
25 | Tenant Rights Act, as
amended.
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26 | (h) "Community-based organization" means a not-for-profit |
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1 | entity whose
governing body includes a majority of members who | ||||||
2 | reside in the community
served by the organization.
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3 | (i) "Advocacy organization" means a not-for-profit | ||||||
4 | organization which
conducts, in part or in whole, activities to | ||||||
5 | influence public policy on
behalf of low-income or very | ||||||
6 | low-income households.
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7 | (j) "Program Administrator" means the Illinois Housing | ||||||
8 | Development
Authority.
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9 | (k) "Funding Agent" means the Illinois Department of | ||||||
10 | Revenue.
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11 | (l) "Commission" means the Affordable Housing Advisory | ||||||
12 | Commission.
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13 | (m) "Congregate housing" means a building or structure in | ||||||
14 | which 2 or
more households, inclusive, share common living | ||||||
15 | areas and may share child
care, cleaning, cooking and other | ||||||
16 | household responsibilities.
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17 | (n) "Eligible applicant" means a proprietorship, | ||||||
18 | partnership, for-profit
corporation, not-for-profit | ||||||
19 | corporation or unit of local government which
seeks to use fund | ||||||
20 | assets as provided in this Article.
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21 | (o) "Moderate income household" means a single person, | ||||||
22 | family or
unrelated persons living together whose adjusted | ||||||
23 | income is more than 80%
but less than 120% of the median income | ||||||
24 | of the area of residence, adjusted
for family size, as such | ||||||
25 | adjusted income and median income for the area are
determined | ||||||
26 | from time to time by the United States Department of Housing |
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1 | and
Urban Development for purposes of Section 8 of the United | ||||||
2 | States Housing
Act of 1937.
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3 | (p) "Affordable Housing Program Trust Fund Bonds or Notes" | ||||||
4 | means the bonds
or notes issued by the Program Administrator | ||||||
5 | under the Illinois Housing
Development Act to further the | ||||||
6 | purposes of this Act.
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7 | (q) "Trust Fund Moneys" means all moneys, deposits, | ||||||
8 | revenues, income,
interest, dividends, receipts, taxes, | ||||||
9 | proceeds and other amounts or funds
deposited or to be | ||||||
10 | deposited in the Trust Fund pursuant to Section 5(b) of this
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11 | Act and any proceeds, investments or increase thereof.
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12 | (r) "Program Escrow" means accounts, except those accounts | ||||||
13 | relating to any
Affordable Housing Program Trust Fund Bonds or | ||||||
14 | Notes, designated by the Program
Administrator, into which | ||||||
15 | Trust Fund Moneys are deposited.
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16 | (Source: P.A. 91-357, eff. 7-29-99.)
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17 | (310 ILCS 65/5.5 new) | ||||||
18 | Sec. 5.5. Illinois Affordable Housing Capital Fund. | ||||||
19 | (a) There is hereby created the Illinois Affordable Housing | ||||||
20 | Capital Fund, hereinafter referred to as the "Capital Fund", to | ||||||
21 | be held as a separate fund within the State treasury and to be | ||||||
22 | administered by the Program Administrator. The purpose of the | ||||||
23 | Capital Fund is to finance projects of the Illinois Affordable | ||||||
24 | Housing Program as authorized by the Illinois Housing | ||||||
25 | Development Authority's comprehensive plan and approved by the |
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1 | Program Administrator. The Funding Agent shall establish, | ||||||
2 | within the Capital Fund, a general account to be used for | ||||||
3 | expenditures associated with implementing the provisions of | ||||||
4 | the Illinois Housing Development Authority's comprehensive | ||||||
5 | plan, a Commitment Account, and a Development Credits Account. | ||||||
6 | The Funding Agent shall authorize distribution of Capital Fund | ||||||
7 | moneys to the Program Administrator or a payee designated by | ||||||
8 | the Program Administrator for purposes authorized by this Act. | ||||||
9 | After receipt of the Capital Fund moneys by the Program | ||||||
10 | Administrator or designated payee, the Program Administrator | ||||||
11 | shall ensure that all those moneys are expended for a public | ||||||
12 | purpose and only as authorized by this Act. | ||||||
13 | (b) There shall be deposited in the Capital Fund such | ||||||
14 | amounts as may become available under the provisions of this | ||||||
15 | Act, including, but not limited to: | ||||||
16 | (1) any appropriations made to the Funding Agent on | ||||||
17 | behalf of the Program Administrator pursuant to an issuance | ||||||
18 | of General Obligation Bonds of the State of Illinois; | ||||||
19 | (2) all receipts, including dividends, principal, and | ||||||
20 | interest repayments, attributable to any loans or | ||||||
21 | agreements funded from the Capital Fund; | ||||||
22 | (3)
all proceeds of assets of whatever nature received | ||||||
23 | by the Program Administrator and attributable to default | ||||||
24 | with respect to loans or agreements funded from the Capital | ||||||
25 | Fund; | ||||||
26 | (4)
all fees or charges collected by the Program |
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1 | Administrator or Funding Agent in connection with loans or | ||||||
2 | agreements funded from the Capital Fund pursuant to this | ||||||
3 | Act; | ||||||
4 | (5)
any other funds as appropriated by the General | ||||||
5 | Assembly; and | ||||||
6 | (6)
any income, less any administrative costs and fees | ||||||
7 | associated with the Program Escrow, received by the Program | ||||||
8 | Administrator that is derived from moneys in the Capital | ||||||
9 | Fund held in the Program Escrow prior to expenditure of | ||||||
10 | such moneys.
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11 | (310 ILCS 65/7) (from Ch. 67 1/2, par. 1257)
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12 | Sec. 7. Powers of the Program Administrator. The Program
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13 | Administrator, in addition to the powers set forth in the | ||||||
14 | Illinois Housing
Development Act and the powers identified in | ||||||
15 | Sections 8 and 9 of this Act,
has the power to:
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16 | (a) identify, select and make financing available to | ||||||
17 | eligible applicants
from monies in the Trust Fund or the | ||||||
18 | Capital Fund or from monies secured by the Trust Fund or | ||||||
19 | the Capital Fund for
affordable housing for low and very | ||||||
20 | low-income families;
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21 | (b) purchase first and second mortgages, to make | ||||||
22 | secured, unsecured or
deferred repayment loans, to make no | ||||||
23 | interest or low interest loans or to
issue grants, payments | ||||||
24 | or subsidies for the predevelopment expenses,
acquisition, | ||||||
25 | construction, rehabilitation development, operation,
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1 | insurance, or retention of projects in support of | ||||||
2 | affordable single family
and multi-family housing for low | ||||||
3 | and very low-income households;
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4 | (c) expend monies for mortgage participation | ||||||
5 | certificates representing
an undivided interest in | ||||||
6 | specified, first-lien conventional residential
Illinois | ||||||
7 | mortgages which are underwritten, insured, guaranteed or | ||||||
8 | purchased
by the Federal Home Loan Mortgage Corporation;
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9 | (d) fix, determine, charge and collect any fees, costs | ||||||
10 | and expenses,
including without limitation, any | ||||||
11 | application fees, commitment or servicing
fees, program | ||||||
12 | fees, financing charges, or publication fees in connection
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13 | with activities under this Act;
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14 | (e) establish applications, notification procedures, | ||||||
15 | and other forms,
and to prepare and issue rules deemed | ||||||
16 | necessary and appropriate to
implement this Act with | ||||||
17 | consultation from the Commission; and to issue
emergency | ||||||
18 | rules, as necessary, for program implementation needed | ||||||
19 | prior to
publication of the first annual plan required by | ||||||
20 | Section 12 of this Act;
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21 | (f) make and enter into and enforce all loans, loan | ||||||
22 | commitments,
contracts and agreements necessary, | ||||||
23 | convenient or desirable to the
performance of its duties | ||||||
24 | and the execution of its powers under this Act;
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25 | (g) consent, subject to the provisions of any contract | ||||||
26 | or agreement with
another person, whenever it deems it is |
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1 | necessary or desirable in the
fulfillment of the purposes | ||||||
2 | of this Act, to the modification or
restructuring of any | ||||||
3 | loan commitment, loan, contract or agreement to which
the | ||||||
4 | Program Administrator is a party;
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5 | (h) acquire by purchase, gift, or foreclosure, but not | ||||||
6 | by condemnation,
any real or personal property, or any | ||||||
7 | interest therein, to procure
insurance against loss, to | ||||||
8 | enter into any lease of property and to hold,
sell, assign, | ||||||
9 | lease, mortgage or otherwise dispose of any real or | ||||||
10 | personal
property, or any interest therein, or relinquish | ||||||
11 | any right,
title, claim, lien, interest, easement or demand | ||||||
12 | however acquired, and to
do any of the foregoing by public | ||||||
13 | or private sale;
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14 | (i) subject to the provisions of any contract or | ||||||
15 | agreement with another
party to collect, enforce the | ||||||
16 | collection of, and foreclose on any property
or collateral | ||||||
17 | securing its loan or loans, mortgage or mortgages, and
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18 | acquire or take possession of such property or collateral | ||||||
19 | and release or
relinquish any right, title, claim, lien, | ||||||
20 | interest, easement, or demand in
property foreclosed by it | ||||||
21 | or to sell the same at public or private sale,
with or | ||||||
22 | without bidding, and otherwise deal with such collateral as | ||||||
23 | may be
necessary to protect the interest of the Program | ||||||
24 | Administrator;
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25 | (j) sell any eligible loan made by the Program | ||||||
26 | Administrator or mortgage
interest owned by it, at public |
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1 | or private sale, with or without bidding,
either singly or | ||||||
2 | in groups, or in shares of loans or shares of groups of
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3 | loans, and to deposit and invest the funds derived from | ||||||
4 | such sales in any
manner authorized by this Act;
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5 | (k) provide, contract or arrange, or participate with | ||||||
6 | or enter into
agreements with any department, agency or | ||||||
7 | authority of the United States
or of this State, or any | ||||||
8 | local unit of government, or any banking
institution, | ||||||
9 | insurance company, trust or fiduciary or any foundation or
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10 | not-for-profit agency for the review, application, | ||||||
11 | servicing, processing or
administration of any proposed | ||||||
12 | loan, grant, application, servicing,
processing or | ||||||
13 | administration of any proposed loan, grant, agreement, or
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14 | contract of the Department when such arrangement is in | ||||||
15 | furtherance of this Act;
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16 | (l) receive and accept any gifts, grants, donations or | ||||||
17 | contributions
from any source, of money, property, labor or | ||||||
18 | other things of value, to be
held, used and applied to | ||||||
19 | carry out the purposes of this Act subject to
including, | ||||||
20 | but not limited to, gifts or grants from any Department or
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21 | agency of the United States or the State or from any local | ||||||
22 | unit of
government, not-for-profit organization or private | ||||||
23 | firm or individual for
any purpose consistent with this | ||||||
24 | Act; and
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25 | (m) exercise such other powers as are necessary or | ||||||
26 | incidental to the
administration of this Act or performance |
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1 | of duties under this Act.
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2 | (Source: P.A. 91-357, eff. 7-29-99.)
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3 | (310 ILCS 65/8.5 new) | ||||||
4 | Sec. 8.5. Uses of Illinois Affordable Housing Capital Fund; | ||||||
5 | report. | ||||||
6 | (a) Subject to annual appropriation to the Funding Agent, | ||||||
7 | the Illinois Affordable Housing Capital Fund may be used to | ||||||
8 | make grants, mortgages, or other loans to acquire, construct, | ||||||
9 | rehabilitate, develop, insure, and retain affordable | ||||||
10 | single-family and multi-family housing in this State for | ||||||
11 | low-income and very low-income households. The majority of | ||||||
12 | moneys appropriated to the Illinois Affordable Housing Capital | ||||||
13 | Fund in any given year are to be used for affordable housing | ||||||
14 | for very low-income households. | ||||||
15 | (b) The Illinois Housing Development Authority shall | ||||||
16 | submit an annual report to the General Assembly and the | ||||||
17 | Governor regarding the Illinois Affordable Housing Capital | ||||||
18 | Fund.
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