Illinois Housing Development Act

Illinois · Executive Branch · §§ 20-3805-1 to 20-3805-9 · 82 sections

Sections covered

20 ILCS 3805/1This Act shall be known and may be cited as the Illinois Housing Development Act
20 ILCS 3805/10The Authority shall approve a tenant selection plan submitted by the applicant for the loan prior to disbursing any funds in connection with the acquisition, rehabilitation, or construction of a development
20 ILCS 3805/11Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/12Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/13Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/14Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/14.1Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/15Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/16Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/17Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/18No member of the Authority or any authorized person executing the notes or bonds shall be liable personally on the notes or bonds or be subject to any personal liability or accountability by reason of the issuance thereof
20 ILCS 3805/19Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/2As used in this Act: (a) "Authority" means the Illinois Housing Development Authority created in this Act
20 ILCS 3805/20The State shall not be liable on notes or bonds of the Authority and such bonds and notes shall not be a debt of the State
20 ILCS 3805/21The Authority shall create and establish a special fund to secure the Housing Development Bonds issued under this Act
20 ILCS 3805/22(a) The Authority shall not have outstanding at any one time bonds and notes for any of its corporate purposes in an aggregate principal amount exceeding $11,500,000,000, excluding bonds and notes issued to refund outstanding bonds and notes
20 ILCS 3805/23In computing the amount of the capital reserve fund for the purposes of this Act, securities in which all or a portion of the fund is invested shall be valued at par, or if purchased at less than par, at their cost to the Authority
20 ILCS 3805/23aExecutive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/24The Authority shall create and establish such other funds or accounts as may be necessary or desirable for its corporate purposes
20 ILCS 3805/25Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/26Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/26.1Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/27Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/28The venue of any action or proceeding brought by the trustees under Sections 25, 26 and 27, shall be in Sangamon County
20 ILCS 3805/29Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/3Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/30The property of the Authority and its income and operation shall be exempt from taxation
20 ILCS 3805/31The creation of the Authority is in all respects for the benefit of the people of Illinois and for the improvement of their health, safety, welfare, comfort and security, and its purposes are public purposes
20 ILCS 3805/32The Authority is authorized to provide to nonprofit corporations, housing corporations and limited-profit entities such advisory, consultative training and educational services as will assist them to become owners of housing constructed or rehabilitated under this Act
20 ILCS 3805/33The provisions of this Act are severable, and if any of its provisions shall be held unconstitutional by any court of competent jurisdiction, the decision of such court shall not affect or impair any of the remaining provisions
20 ILCS 3805/34This Act is necessary for the welfare of the State and its inhabitants; therefore it shall be liberally construed to effect its purposes
20 ILCS 3805/35(Repealed)
20 ILCS 3805/4There is hereby created a body politic and corporate to be known as the Illinois Housing Development Authority
20 ILCS 3805/4.1Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/5The Governor shall designate the Chairman, from time to time, and the Authority shall annually elect from its membership a vice chairman a treasurer, and a secretary
20 ILCS 3805/6Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/7The Authority may exercise the powers set forth in the following Sections preceding Section 8
20 ILCS 3805/7.1Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/7.10The Authority may acquire, hold and dispose of personal property for its corporate purposes
20 ILCS 3805/7.11The Authority may enter into agreements or other transactions with any federal, or State or local governmental agency
20 ILCS 3805/7.12Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/7.13The Authority may invest any funds in mortgage participation certificates representing undivided interests in specified, first-lien conventional residential Illinois mortgages which are underwritten, insured, guaranteed or purchased by the Federal Home Loan Mortgage Corporation
20 ILCS 3805/7.14Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/7.15The Authority may employ agents, employees, professional and business advisers as may from time to time be necessary in its judgment and fix their compensation
20 ILCS 3805/7.16Subject to its covenants with its noteholders and bondholders, the Authority may sell at public or private sale, any mortgage or other obligation held by the Authority
20 ILCS 3805/7.17The Authority may procure insurance against any loss in connection with its property in such amounts, and from such insurers, as may be necessary or desirable
20 ILCS 3805/7.18Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/7.19The Authority may make and publish rules and regulations respecting the grant of loans under this Act and the regulation of borrowers, and such other rules and regulations as are necessary to effectuate the purposes of this Act
20 ILCS 3805/7.2Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/7.20The Authority may accept gifts or grants or loans of funds or property or financial or other aid from any federal or state agency or private fund
20 ILCS 3805/7.21Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/7.22The Authority may act as the State land development agency in the carrying out of new community development programs and may issue notes and bonds for the financing of land development complying with the requirements for federal guarantees
20 ILCS 3805/7.22aThe Authority may act as a developer of land or structures to provide developments, community facilities or housing related commercial facilities
20 ILCS 3805/7.23(a) The Authority may acquire, and contract and enter into advance commitments to acquire, residential mortgages owned by lending institutions at purchase prices and upon other terms and conditions that are determined by the Authority
20 ILCS 3805/7.24Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/7.24aExecutive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/7.24bThe Authority shall prescribe by rule for notification to affected parties and the A-95 agencies prior to any commitment on any development
20 ILCS 3805/7.24cExecutive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/7.24dExecutive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/7.24eExecutive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/7.24fThe Authority may issue bonds or notes in an aggregate amount not to exceed $1,000,000 per year in each of fiscal years 1986, 1987, 1988 and 1989 for the purpose of financing single room occupancy facilities for low income individuals or families
20 ILCS 3805/7.24g(a) The Authority is hereby designated the State Housing Credit Agency and is charged with responsibility for administering low-income housing tax credits allocated to the State under Section 42 of the Internal Revenue Code of 1986, as amended
20 ILCS 3805/7.24hThe Authority may use its administrative funds for loans or grants to finance the cost of rehabilitating housing units for the homeless mentally ill
20 ILCS 3805/7.25The Authority may do any and all things necessary or convenient to carry out its purposes and exercise the powers, either separately or jointly, expressly given and granted in this Act
20 ILCS 3805/7.26Executive Branch › 20 ILCS 3805 — Illinois Housing Development Act
20 ILCS 3805/7.27The Authority may offer non-recourse reverse mortgage loans to qualified borrowers with the same restrictions and requirements as prescribed in Section 6.1 of the Illinois Banking Act
20 ILCS 3805/7.28Tax credit for donation to sponsors
20 ILCS 3805/7.29National Guard and Reservist homebuyer assistance
20 ILCS 3805/7.3The Authority may undertake and carry out studies and analyses of housing needs within the State and study ways of meeting such needs
20 ILCS 3805/7.30Foreclosure Prevention Program
20 ILCS 3805/7.31Abandoned Residential Property Municipality Relief Program
20 ILCS 3805/7.32American Rescue Plan Homeowner Assistance and Emergency Rental Assistance
20 ILCS 3805/7.33Urban and suburban gardening at affordable housing projects
20 ILCS 3805/7.4The Authority may collect fees and charges in connection with its loans, commitments and servicing; and may provide technical assistance in the development of housing for low and moderate income persons and may charge and collect reasonable fees and charges in connection with such assistance
20 ILCS 3805/7.5The Authority may encourage research in demonstration projects to develop new and better techniques and methods for increasing the quality and supply of housing for low and moderate income persons, and make grants or loans, with or without interest, in connection therewith
20 ILCS 3805/7.6The Authority may adopt by-laws for the regulation of its affairs and the conduct of its business
20 ILCS 3805/7.7The Authority may adopt an official seal
20 ILCS 3805/7.8The Authority may sue and be sued in its own name
20 ILCS 3805/7.9The Authority may make and execute contracts and all other instruments necessary or convenient for the exercise of its power and functions
20 ILCS 3805/8The Authority may, pursuant to its rules or regulations, or pursuant to agreements with persons to whom it makes mortgage or other loans, provide for methods of limiting profits or cash flow or other distributions available to limited-profit entities to whom it has made or will make such loans
20 ILCS 3805/8.1With respect to mortgage loans for developments financed by the issuance of the Authority's bonds and notes and not covered under the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (12 U.S.C
20 ILCS 3805/9The ratio of loan to development cost and the amortization period of loans made by the Authority shall be determined in accordance with regulations formulated and published by the Authority

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