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310 ILCS 65/5
(310 ILCS 65/5)
(from Ch. 67 1/2, par. 1255)
Illinois Affordable Housing Trust Fund.
(a) There is hereby
created the Illinois Affordable Housing Trust Fund, hereafter referred to
in this Act as the "Trust Fund" to be held as a separate fund within the
State Treasury and to be administered by the Program Administrator. The
purpose of the Trust Fund is to finance projects of the Illinois Affordable
Housing Program as authorized and approved by the Program Administrator.
The Funding Agent shall establish, within the Trust Fund, a General Account,
a Bond Account, a Commitment Account and a Development Credits
The Funding Agent shall authorize distribution of Trust Fund moneys to the
Program Administrator or a payee designated by the Program Administrator for
purposes authorized by this Act. After
receipt of the Trust Fund moneys by the Program Administrator or designated
payee, the Program Administrator shall ensure that all those
moneys are expended for a public purpose and only as authorized by this Act.
(b) Except as otherwise provided in Section 8(c) of this Act, there
shall be deposited in the Trust Fund such amounts as may become available
under the provisions of this Act, including,
but not limited to:
(1) all receipts, including dividends, principal and
interest repayments attributable to any loans or agreements funded from the Trust Fund;
(2) all proceeds of assets of whatever nature
received by the Program Administrator, and attributable to default with respect to loans or agreements funded from the Trust Fund;
(3) any appropriations, grants or gifts of funds or
property, or financial or other aid from any federal or State agency or body, local government or any other public organization or private individual made to the Trust Fund;
(4) any income received as a result of the investment
of moneys in the Trust Fund;
(5) all fees or charges collected by the Program
Administrator or Funding Agent pursuant to this Act;
(6) an amount equal to one half of all proceeds
collected by the Funding Agent pursuant to Section 3 of the Real Estate Transfer Tax Act, as amended;
(7) other funds as appropriated by the General
(8) any income, less costs and fees associated with
the Program Escrow, received by the Program Administrator that is derived from Trust Fund Moneys held in the Program Escrow prior to expenditure of such Trust Fund Moneys.
(c) Additional Trust Fund Purpose: Receipt and use of federal funding for programs responding to the COVID-19 public health emergency. Notwithstanding any other provision of this Act or any other law limiting or directing the use of the Trust Fund, the Trust Fund may receive, directly or indirectly, federal funds from the Homeowner Assistance Fund authorized under Section 3206 of the federal American Rescue Plan Act of 2021 (Public Law 117-2). Any such funds shall be deposited into a Homeowner Assistance Account which shall be established within the Trust Fund by the Funding Agent so that such funds can be accounted for separately from other funds in the Trust Fund. Such funds may be used only in the manner and for the purposes authorized in Section 3206 of the American Rescue Plan Act of 2021 and in related federal guidance. Also, the Trust Fund may receive, directly or indirectly, federal funds from the Emergency Rental Assistance Program authorized under Section 3201 of the federal American Rescue Plan Act of 2021 and Section 501 of Subtitle A of Title V of Division N of the Consolidated Appropriations Act, 2021 (Public Law 116–260). Any such funds shall be deposited into an Emergency Rental Assistance Account which shall be established within the Trust Fund by the Funding Agent so that such funds can be accounted for separately from other funds in the Trust Fund. Such funds may be used only in the manner and for the purposes authorized in Section 3201 of the American Rescue Plan Act of 2021 and in related federal guidance. Expenditures under this subsection (c) are subject to annual appropriation to the Funding Agent. Unless used in this subsection (c), the defined terms set forth in Section 3 shall not apply to funds received pursuant to the American Rescue Plan Act of 2021. Notwithstanding any other provision of this Act or any other law limiting or directing the use of the Trust Fund, funds received under the American Rescue Plan Act of 2021 are not subject to the terms and provisions of this Act except as specifically set forth in this subsection (c).
(Source: P.A. 102-16, eff. 6-17-21.)