Bill Text: IL HB1395 | 2023-2024 | 103rd General Assembly | Introduced
Bill Title: Amends the Illinois Housing Development Act. Provides that the Illinois Housing Development Authority shall develop a form that summarizes the terms of each financing agreement entered into under the Act and shall include the form with the final financing agreement. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2023-01-31 - Referred to Rules Committee [HB1395 Detail]
Download: Illinois-2023-HB1395-Introduced.html
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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,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Housing Development Act is amended | |||||||||||||||||||
5 | by adding Section 13.1 as follows:
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6 | (20 ILCS 3805/13.1 new) | |||||||||||||||||||
7 | Sec. 13.1. Form for local agencies. The Authority shall | |||||||||||||||||||
8 | develop a form and shall include the completed form with each | |||||||||||||||||||
9 | final financing agreement executed under this Act. The form | |||||||||||||||||||
10 | shall summarize the terms of the financing agreement. The form | |||||||||||||||||||
11 | shall include the following information: the length of the | |||||||||||||||||||
12 | affordability period guaranteed under the financing agreement; | |||||||||||||||||||
13 | a legal description of the property covered by the agreement; | |||||||||||||||||||
14 | the address and property index numbers, if available, for all | |||||||||||||||||||
15 | property covered by the agreement; and any other information | |||||||||||||||||||
16 | that may be needed for a local county assessor's office or a | |||||||||||||||||||
17 | local county and municipal housing development authority to | |||||||||||||||||||
18 | assess eligibility for a reduction in the assessed value of | |||||||||||||||||||
19 | the property. The form may vary by county only if the Authority | |||||||||||||||||||
20 | deems it necessary to create different forms for different | |||||||||||||||||||
21 | counties. The nonprofit corporation, housing corporation, | |||||||||||||||||||
22 | limited-profit entity, developer, or other entity receiving | |||||||||||||||||||
23 | financing or other assistance under this Act shall file the |
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1 | form with the local county assessor's office and the local | ||||||
2 | county and municipal housing authority for the county in which | ||||||
3 | the property is located. No fees shall be levied against the | ||||||
4 | nonprofit corporation, housing corporation, limited-profit | ||||||
5 | entity, developer, or other entity for filing the form with | ||||||
6 | the county assessor's office of local housing authority.
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