HB3291 103RD GENERAL ASSEMBLY

LRB103 30435 KTG 56866 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB3291

Introduced 2/17/2023, by Rep. Theresa Mah

SYNOPSIS AS INTRODUCED:

310 ILCS 65/17

from Ch. 67 1/2, par. 1267

Amends the Illinois Affordable Housing Act. Provides that 1% of the annual proposed budget stemming from the plan shall be allocated to support limited-equity cooperative housing through programs and subsidies for cooperative homebuyer assistance, building acquisition and renovation, assistance with monthly housing charges, predevelopment funding, and technical assistance.

A BILL FOR

AN ACT concerning housing.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Affordable Housing Act is amended by changing Section 17 as follows:

(310 ILCS 65/17) (from Ch. 67 1/2, par. 1267)

Sec. 17. Annual Budget and Report.

(a) Within 9 months after the effective date of this Act, the Commission shall prepare a plan listing available resources, priorities for expenditures, and procedures for making application for grants and loans. The plan shall be published in the Illinois Register. Such a plan shall be prepared annually and published for each succeeding year.

(b) Within 60 days of the end of each fiscal year, the Commission shall prepare a report to the General Assembly describing the activities of the Affordable Housing Program for the preceding year.

(c) 1% of the annual proposed budget stemming from the plan shall be allocated to support limited-equity cooperative housing through programs and subsidies for cooperative homebuyer assistance, building acquisition and renovation, assistance with monthly housing charges, predevelopment funding, and technical assistance.

(Source: P.A. 86-925.)