Illinois General Assembly - Full Text of SB1484
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Full Text of SB1484  103rd General Assembly




SB1484 EnrolledLRB103 28836 DTM 55221 b

1    AN ACT concerning finance.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The State Finance Act is amended by adding
5Section 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
11fund in the State treasury. The Fund may accept moneys from any
12lawful source. Any interest earned on moneys in the Fund shall
13be deposited into the Fund.
14    (b) Subject to appropriation, moneys in the Fund shall be
15used by the Illinois Housing Development Authority to award
16grants to not-for-profit organizations, units of local
17government, or other community organizations for cooperative
18housing development for housing residents that have an income
19that is less than or equal to the median income of the
20residents of the municipality in which the development is to
21occur. The Illinois Housing Development Authority may issue up
22to $5,000,000 in total grants under this Section each fiscal



SB1484 Enrolled- 2 -LRB103 28836 DTM 55221 b

1year for fiscal years beginning on or after July 1, 2023.
2    (c) The Illinois Housing Development Authority shall adopt
3rules establishing requirements for the distribution of grant
4moneys under this Section and the determination of which
5persons or entities are eligible for grants under this
6Section, and it may adopt any other rules necessary to
7implement this Section and administer the Fund.
8    (d) As used in this Section, "cooperative housing" means a
9residential building owned by a corporation whose residents
10are shareholders of the corporation based in part on the
11relative size of the unit in which they live.
12    Section 99. Effective date. This Act takes effect upon
13becoming law.