Illinois Senate Bill 2172 (Prior Session Legislation)

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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]

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.

IHDA-LIMITED-PROFIT ENTITY

Sen. Jacqueline Collins [D]

Rep. Jack Franks [D]

2013-04-11 - Senate - Third Reading in Senate (Y: 52 N: 0 NV: 7 Abs: 0) [PASS]

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

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

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2172&GAID=12&DocTypeID=SB&SessionID=85&GA=98
Text	https://www.ilga.gov/legislation/98/SB/09800SB2172.htm
Text	https://www.ilga.gov/legislation/98/SB/09800SB2172eng.htm
Text	https://www.ilga.gov/legislation/98/SB/09800SB2172ham001.htm
Text	https://www.ilga.gov/legislation/98/SB/09800SB2172ham002.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/98/senate/09800SB2172_04112013_017000T.pdf