Bill Text: IL SB1484 | 2023-2024 | 103rd General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the State Finance Act. Creates the Cooperative Housing Fund as a special fund in the State treasury. Directs the Illinois Housing Development Authority to use appropriated moneys from the Fund to award grants to various organizations for cooperative housing developments. Allows only $5,000,000 in these grants to be issued by the Authority in each fiscal year. Defines "cooperative housing". Effective immediately.

Spectrum: Partisan Bill (Democrat 20-0)

Status: (Passed) 2023-06-09 - Public Act . . . . . . . . . 103-0089 [SB1484 Detail]

Download: Illinois-2023-SB1484-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1484 Introduced 2/7/2023, by Sen. Mike Simmons SYNOPSIS AS INTRODUCED:
30 ILCS 105/5.998 new
30 ILCS 105/6z-139 new
Amends the State Finance Act. Creates the Cooperative Housing Fund as a special fund in the State treasury. Directs the Illinois Housing Development Authority to use appropriated moneys from the Fund to award grants to various organizations for cooperative housing developments. Allows only $5,000,000 in these grants to be issued by the Authority in each fiscal year. Defines "cooperative housing". Effective immediately.
LRB103 28836 DTM 55221 b
A BILL FOR
SB1484 LRB103 28836 DTM 55221 b
AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The State Finance Act is amended by adding
Section 5.998 and Section 6z-139 as follows:
(30 ILCS 105/5.998 new)
Sec. 5.998. The Cooperative Housing Fund.
(30 ILCS 105/6z-139 new)
Sec. 6z-139. The Cooperative Housing Fund.
(a) The Cooperative Housing Fund is created as a special
fund in the State treasury. The Fund may accept moneys from any
lawful source. Any interest earned on moneys in the Fund shall
be deposited into the Fund.
(b) Subject to appropriation, moneys in the Fund shall be
used by the Illinois Housing Development Authority to award
grants to not-for-profit organizations, units of local
government, or other community organizations for cooperative
housing development for housing residents that have an income
that is less than or equal to the median income of the
residents of the municipality in which the development is to
occur. The Illinois Housing Development Authority may issue up
to $5,000,000 in total grants under this Section each fiscal

SB1484 - 2 - LRB103 28836 DTM 55221 b
year for fiscal years beginning on or after July 1, 2023.
(c) The Illinois Housing Development Authority shall adopt
rules establishing requirements for the distribution of grant
moneys under this Section and the determination of which
persons or entities are eligible for grants under this
Section, and it may adopt any other rules necessary to
implement this Section and administer the Fund.
(d) As used in this Section, "cooperative housing" means a
residential building owned by a corporation whose residents
are shareholders of the corporation based in part on the
relative size of the unit in which they live.
Section 99. Effective date. This Act takes effect upon
becoming law.