Bill Status of HB 5322   97th General Assembly

Short Description:  IHDA-LIMITED-PROFIT ENTITY

House Sponsors
Rep. Arthur Turner

Last Action  View All Actions

DateChamber Action
  1/8/2013HouseSession Sine Die

Statutes Amended In Order of Appearance
20 ILCS 3805/2from Ch. 67 1/2, par. 302
20 ILCS 3805/8from Ch. 67 1/2, par. 308
20 ILCS 3805/10from Ch. 67 1/2, par. 310

Synopsis As Introduced
Amends the Illinois Housing Development Act. Removes from the definition of the term "limited-profit entity" limited-profit entities having articles of incorporation which provide that if the limited-profit entity receives a loan from the Illinois Housing Development Authority, the Chairman of the Authority shall have the power, if he determines that any such loan is in jeopardy of not being repaid, or that the proposed development for which such loan was made is in jeopardy of not being constructed, or the limited-profit entity is otherwise in violation of rules and regulations promulgated by the Authority, to appoint to the board of directors or other comparable controlling body of such limited-profit entity a number of new directors or persons, which number shall be sufficient to constitute a voting majority of such board or controlling body. Removes provisions prohibiting a limited-profit entity which receives loans from the Authority from making distributions in any one year with respect to a development financed by the Authority in excess of 6% of its equity in such development. Adds language providing that the equity in a development shall consist of the difference between the amount of the mortgage loan and the total cost of the development. Provides that the Authority shall approve a tenant selection plan submitted by the applicant for the loan prior to disbursing any funds in connection with the acquisition, rehabilitation, or construction of a development (rather than providing that prior to making a loan commitment for a development, the Authority shall approve a tenant selection plan submitted by the applicant for the loan). Effective immediately.

Actions 
DateChamber Action
  2/8/2012HouseFiled with the Clerk by Rep. Arthur Turner
  2/8/2012HouseFirst Reading
  2/8/2012HouseReferred to Rules Committee
  2/27/2012HouseAssigned to Housing Committee
  3/8/2012HouseDo Pass / Short Debate Housing Committee; 012-000-000
  3/9/2012HousePlaced on Calendar 2nd Reading - Short Debate
  3/27/2012HouseSecond Reading - Short Debate
  3/27/2012HouseHeld on Calendar Order of Second Reading - Short Debate
  3/30/2012HouseRule 19(a) / Re-referred to Rules Committee
  1/8/2013HouseSession Sine Die

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