IL SB2172 | 2013-2014 | 98th General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 2-0)
Status: Failed on January 13 2015 - 100% progression
Action: 2015-01-13 - Session Sine Die
Text: Latest bill text (Amended) [HTML]
Spectrum: Partisan Bill (Democrat 2-0)
Status: Failed on January 13 2015 - 100% progression
Action: 2015-01-13 - Session Sine Die
Text: Latest bill text (Amended) [HTML]
Summary
Amends the Illinois Housing Development Act. Removes from the definition of the term "limited-profit entity" limited-profit entities having articles of incorporation which provide that if the limited-profit entity receives a loan from the Illinois Housing Development Authority, the Chairman of the Authority shall have the power, if he determines that any such loan is in jeopardy of not being repaid, or that the proposed development for which such loan was made is in jeopardy of not being constructed, or the limited-profit entity is otherwise in violation of rules and regulations promulgated by the Authority, to appoint to the board of directors or other comparable controlling body of such limited-profit entity a number of new directors or persons, which number shall be sufficient to constitute a voting majority of such board or controlling body. Removes provisions prohibiting a limited-profit entity which receives loans from the Authority from making distributions in any one year with respect to a development financed by the Authority in excess of 6% of its equity in such development. Adds language providing that the equity in a development shall consist of the difference between the amount of the mortgage loan and the total cost of the development. Provides that the 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 (rather than providing that prior to making a loan commitment for a development, the Authority shall approve a tenant selection plan submitted by the applicant for the loan). Effective immediately.
Title
IHDA-LIMITED-PROFIT ENTITY
Sponsors
Roll Calls
2013-04-11 - Senate - Third Reading in Senate (Y: 52 N: 0 NV: 7 Abs: 0) [PASS]
History
Date | Chamber | Action |
---|---|---|
2015-01-13 | Senate | Session Sine Die |
2013-12-20 | House | Rule 19(a) / Re-referred to Rules Committee |
2013-11-27 | House | Final Action Deadline Extended-9(b) December 20, 2013 |
2013-10-16 | House | House Committee Amendment No. 2 Referred to Rules Committee |
2013-10-16 | House | House Committee Amendment No. 2 Filed with Clerk by Rep. Jack D. Franks |
2013-10-16 | House | Assigned to State Government Administration Committee |
2013-10-16 | House | Final Action Deadline Extended-9(b) November 30, 2013 |
2013-05-31 | House | House Committee Amendment No. 1 Rule 19(a) / Re-referred to Rules Committee |
2013-05-31 | House | Rule 19(a) / Re-referred to Rules Committee |
2013-05-24 | House | Final Action Deadline Extended-9(b) May 31, 2013 |
2013-05-23 | House | House Committee Amendment No. 1 Rules Refers to Financial Institutions Committee |
2013-05-22 | House | House Committee Amendment No. 1 Referred to Rules Committee |
2013-05-22 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Jack D. Franks |
2013-05-22 | House | Assigned to Financial Institutions Committee |
2013-05-22 | House | Final Action Deadline Extended-9(b) May 24, 2013 |
2013-05-10 | House | Alternate Chief Sponsor Changed to Rep. Jack D. Franks |
2013-04-19 | House | Referred to Rules Committee |
2013-04-19 | House | First Reading |
2013-04-19 | House | Chief House Sponsor Rep. Arthur Turner |
2013-04-11 | House | Arrived in House |
2013-04-11 | Senate | Third Reading - Passed; 052-000-000 |
2013-03-21 | Senate | Placed on Calendar Order of 3rd Reading April 10, 2013 |
2013-03-21 | Senate | Second Reading |
2013-03-13 | Senate | Placed on Calendar Order of 2nd Reading March 14, 2013 |
2013-03-13 | Senate | Do Pass Financial Institutions; 006-000-000 |
2013-03-05 | Senate | Assigned to Financial Institutions |
2013-02-15 | Senate | Referred to Assignments |
2013-02-15 | Senate | First Reading |
2013-02-15 | Senate | Filed with Secretary by Sen. Jacqueline Y. Collins |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
20 | 3805 | 10 | Amended Code | Citation Text |
20 | 3805 | 2 | Amended Code | Citation Text |
20 | 3805 | 8 | Amended Code | Citation Text |