Chapter 20 — EXECUTIVE BRANCH

(20 ILCS 3805/23a) (from Ch. 67 1/2, par. 323a) Sec. 23a. The Authority may create and establish one or more special funds (herein referred to as "debt service reserve funds"), and shall pay into each such debt service reserve fund (a) any moneys appropriated and made available b…

(20 ILCS 3805/24) (from Ch. 67 1/2, par. 324) Sec. 24. The Authority shall create and establish such other funds or accounts as may be necessary or desirable for its corporate purposes. (Source: P.A. 78-1074.)

(20 ILCS 3805/25) (from Ch. 67 1/2, par. 325) Sec. 25. If the Authority defaults in the payment of principal or interest on any issue of notes or bonds after the same shall become due, whether at maturity or upon call for redemption, and such default continues for a period of 30 …

(20 ILCS 3805/26) (from Ch. 67 1/2, par. 326) Sec. 26. The trustee appointed pursuant to Section 25 may, and upon written request of the holders of 25% in principal amount of such notes or bonds then outstanding shall, in his own name: (a) enforce all rights of the noteholders or…

(20 ILCS 3805/26.1) (from Ch. 67 1/2, par. 326.1) Sec. 26.1. In the event that the Authority determines that monies of the Authority will not be sufficient for the payment of the principal of and interest on its bonds (or on any notes issued for a maturity in excess of three year…

(20 ILCS 3805/27) (from Ch. 67 1/2, par. 327) Sec. 27. In addition to the powers granted in Sections 25 and 26, the trustee shall have and possess all of the powers necessary or appropriate for the exercise of any functions specifically set forth herein or incident to the general…

(20 ILCS 3805/28) (from Ch. 67 1/2, par. 328) Sec. 28. The venue of any action or proceeding brought by the trustees under Sections 25, 26 and 27, shall be in Sangamon County. Before declaring the principal of notes or bonds (other than bonds to which Section 26.1 of this Act sha…

(20 ILCS 3805/29) (from Ch. 67 1/2, par. 329) Sec. 29. The notes and bonds of the Authority are securities in which all public officers and bodies of this State and all municipalities and municipal subdivisions, all insurance companies and associations, and other persons carrying…

(20 ILCS 3805/3) (from Ch. 67 1/2, par. 303) Sec. 3. It is hereby found and declared that as a result of public actions involving highways, public facilities and urban renewal projects and as a result of the spread of slum conditions and blight to formerly sound neighborhoods and…

(20 ILCS 3805/30) (from Ch. 67 1/2, par. 330) Sec. 30. The property of the Authority and its income and operation shall be exempt from taxation. (Source: P.A. 76-1175.)

(20 ILCS 3805/31) (from Ch. 67 1/2, par. 331) Sec. 31. The 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. In consideration…

(20 ILCS 3805/32) (from Ch. 67 1/2, par. 332) Sec. 32. The 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 …

(20 ILCS 3805/33) (from Ch. 67 1/2, par. 333) Sec. 33. The 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 provisio…

(20 ILCS 3805/34) (from Ch. 67 1/2, par. 334) Sec. 34. This Act is necessary for the welfare of the State and its inhabitants; therefore it shall be liberally construed to effect its purposes. (Source: P.A. 76-1175.)

(20 ILCS 3805/35) Sec. 35. (Repealed). (Source: P.A. 103-369, eff. 7-28-23. Repealed internally, eff. 1-1-25.)

(20 ILCS 3805/4) (from Ch. 67 1/2, par. 304) Sec. 4. There is hereby created a body politic and corporate to be known as the Illinois Housing Development Authority. The Authority shall consist of 9 members, including a senior citizen age 60 or older, of whom not more than three s…

(20 ILCS 3805/4.1) (from Ch. 67 1/2, par. 304.1) Sec. 4.1. (a) No member of the Authority or officer, agent or employee thereof shall, in his or her own name or in the name of a nominee, be an officer, director or hold an ownership interest of more than 7 1/2% in any person, asso…

(20 ILCS 3805/5) (from Ch. 67 1/2, par. 305) Sec. 5. The 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. The Chairman shall be the chief executive officer of the Aut…

(20 ILCS 3805/6) (from Ch. 67 1/2, par. 306) Sec. 6. Five members of the Authority shall constitute a quorum at any meeting of the Authority and the affirmative vote of 5 members shall be necessary for any action taken by the Authority at a meeting, except that the Authority may …

(20 ILCS 3805/7) (from Ch. 67 1/2, par. 307) Sec. 7. The Authority may exercise the powers set forth in the following Sections preceding Section 8. (Source: P.A. 96-1000, eff. 7-2-10.)

(20 ILCS 3805/7.1) (from Ch. 67 1/2, par. 307.1) Sec. 7.1. The Authority may make non-interest bearing advances to nonprofit corporations for constructing or rehabilitating developments designed and planned to make housing available at low and moderate rentals to low and moderate…

(20 ILCS 3805/7.10) (from Ch. 67 1/2, par. 307.10) Sec. 7.10. The Authority may acquire, hold and dispose of personal property for its corporate purposes. (Source: P.A. 76-1175.)

(20 ILCS 3805/7.11) (from Ch. 67 1/2, par. 307.11) Sec. 7.11. The Authority may enter into agreements or other transactions with any federal, or State or local governmental agency. (Source: P.A. 76-1175.)

(20 ILCS 3805/7.12) (from Ch. 67 1/2, par. 307.12) Sec. 7.12. The Authority may acquire real property, or any interest therein, by purchase, foreclosure or otherwise; own, manage, operate, hold, clear, improve and rehabilitate such real property; and sell, assign, exchange, trans…

(20 ILCS 3805/7.13) (from Ch. 67 1/2, par. 307.13) Sec. 7.13. The Authority may invest any funds in mortgage participation certificates representing undivided interests in specified, first-lien conventional residential Illinois mortgages which are underwritten, insured, guarantee…

(20 ILCS 3805/7.14) (from Ch. 67 1/2, par. 307.14) Sec. 7.14. The Authority may borrow money and issue its negotiable notes and bonds and secure the payment thereof by, among other things, the pledge, or assignment, or grant of a lien on or security interest of mortgages and note…

(20 ILCS 3805/7.15) (from Ch. 67 1/2, par. 307.15) Sec. 7.15. The Authority may employ agents, employees, professional and business advisers as may from time to time be necessary in its judgment and fix their compensation. The Authority shall file copies of such contracts as requ…

(20 ILCS 3805/7.16) (from Ch. 67 1/2, par. 307.16) Sec. 7.16. Subject 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. (Source: P.A. 83-1251.)

(20 ILCS 3805/7.17) (from Ch. 67 1/2, par. 307.17) Sec. 7.17. The 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. The Authority may acquire any instruments the purpose of w…

(20 ILCS 3805/7.18) (from Ch. 67 1/2, par. 307.18) Sec. 7.18. The Authority may consent, whenever it deems it necessary or desirable in the fulfillment of the purposes of this Act, to the modification, with respect to rate of interest; time of payment or any installment of princi…

(20 ILCS 3805/7.19) (from Ch. 67 1/2, par. 307.19) Sec. 7.19. The 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…

(20 ILCS 3805/7.2) (from Ch. 67 1/2, par. 307.2) Sec. 7.2. The Authority may make mortgage or other loans to non-profit corporations and limited-profit entities for the acquisition, construction or substantial or moderate rehabilitation of such developments as in the judgement of…

(20 ILCS 3805/7.20) (from Ch. 67 1/2, par. 307.20) Sec. 7.20. The 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. (Source: P.A. 76-1175.)

(20 ILCS 3805/7.21) (from Ch. 67 1/2, par. 307.21) Sec. 7.21. The Authority may make grants to nonprofit corporations for operating, administrative and other expenses of planning, constructing, rehabilitating and operating developments under assisted or unassisted mortgage financ…

(20 ILCS 3805/7.22) (from Ch. 67 1/2, par. 307.22) Sec. 7.22. The 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 f…

(20 ILCS 3805/7.22a) (from Ch. 67 1/2, par. 307.22a) Sec. 7.22a. The Authority may act as a developer of land or structures to provide developments, community facilities or housing related commercial facilities. For that purpose it may utilize its various powers, including withou…

(20 ILCS 3805/7.23) (from Ch. 67 1/2, par. 307.23) Sec. 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 …

(20 ILCS 3805/7.24) (from Ch. 67 1/2, par. 307.24) Sec. 7.24. (a) The Authority may make loans to lending institutions under terms and conditions which, in addition to other provisions as determined by the Authority, shall require the lending institutions to use a portion of the …

(20 ILCS 3805/7.24a) (from Ch. 67 1/2, par. 307.24a) Sec. 7.24a. (a) The Authority may make, purchase, or participate in loans, grants, or deferred payment loans to persons and families of low and moderate income and to not-for-profit and limited-profit entities for the benefit o…

(20 ILCS 3805/7.24b) (from Ch. 67 1/2, par. 307.24b) Sec. 7.24b. The Authority shall prescribe by rule for notification to affected parties and the A-95 agencies prior to any commitment on any development. The Authority shall report to the General Assembly no later than October 3…

(20 ILCS 3805/7.24c) (from Ch. 67 1/2, par. 307.24c) Sec. 7.24c. The Authority may, in instances in which it determines that it is necessary or desirable in order to carry out its purposes under this Act, form or consent to the formation of one or more instrumentality corporation…

(20 ILCS 3805/7.24d) (from Ch. 67 1/2, par. 307.24d) Sec. 7.24d. The Authority may issue or provide for the issuance of trust certificates or other obligations secured by or representing ownership in residential mortgages, may transfer residential mortgages to trusts to facilitat…

(20 ILCS 3805/7.24e) (from Ch. 67 1/2, par. 307.24e) Sec. 7.24e. (a) Not later than January 1, 1986, the Authority shall establish rules and regulations governing minimum energy efficiency standards in developments financed by the Authority and such other standards as may be deem…

(20 ILCS 3805/7.24f) (from Ch. 67 1/2, par. 307.24f) Sec. 7.24f. The 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…

(20 ILCS 3805/7.24g) (from Ch. 67 1/2, par. 307.24g) Sec. 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 Reve…

(20 ILCS 3805/7.24h) (from Ch. 67 1/2, par. 307.24h) Sec. 7.24h. The Authority may use its administrative funds for loans or grants to finance the cost of rehabilitating housing units for the homeless mentally ill. For purposes of this Section, a person is "homeless" if such pers…

(20 ILCS 3805/7.25) (from Ch. 67 1/2, par. 307.25) Sec. 7.25. The 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. (Source: P.A. 83-1251.)

(20 ILCS 3805/7.26) (from Ch. 67 1/2, par. 307.26) Sec. 7.26. In connection with the acquisition or carrying of the Authority's investments, in connection with issuances by the Authority of its bonds and notes for purposes of the Authority's programs or in support of its bonds an…

(20 ILCS 3805/7.27) Sec. 7.27. The 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. The Authority may seek funds from the Federal Home Loan Bank of …

(20 ILCS 3805/7.28) Sec. 7.28. Tax credit for donation to sponsors. The Authority may administer and adopt rules for an affordable housing tax donation credit program to provide tax credits for donations as set forth in this Section. (a) In this Section: "Administrative housing a…