(310 ILCS 65/5) (from Ch. 67 1/2, par. 1255)
Sec. 5. 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 Account. 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
Assembly; and
(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.
(Source: P.A. 91-357, eff. 7-29-99.)
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Last modified: February 18, 2015