Illinois Compiled Statutes 55 ILCS 5/3-11021 – Cook County Housing Trust Fund
Current as of: 2024 | Check for updates
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(a) The Cook County Treasurer shall maintain a special fund known as the Cook County Housing Trust Fund for which the Housing Authority of Cook County shall be the sole beneficiary.
(b) The Fund may receive moneys from appropriations from the State for use by the Housing Authority of Cook County, as well as loan repayments, cash distributions from equity investments, and similar cash payments generated by a funded project that may be redeposited into the Fund and used for additional projects.
(c) Moneys in the Fund may be used by the Housing Authority of Cook County for the following purposes:
(1) eligible projects, including projects involving
(b) The Fund may receive moneys from appropriations from the State for use by the Housing Authority of Cook County, as well as loan repayments, cash distributions from equity investments, and similar cash payments generated by a funded project that may be redeposited into the Fund and used for additional projects.
Terms Used In Illinois Compiled Statutes 55 ILCS 5/3-11021
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- County board: means the board of county commissioners in counties not under township organization, and the board of supervisors in counties under township organization, and the board of commissioners of Cook County. See Illinois Compiled Statutes 5 ILCS 70/1.07
- county clerk: shall be construed to mean the county comptroller in any county in which provision for a county comptroller shall have been made by law. See Illinois Compiled Statutes 55 ILCS 5/3-11001
- county treasurer: shall include the county treasurer when acting as such or in any other official capacity incident to his incumbency of the office of county treasurer. See Illinois Compiled Statutes 55 ILCS 5/3-11001
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(c) Moneys in the Fund may be used by the Housing Authority of Cook County for the following purposes:
(1) eligible projects, including projects involving
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multi-family rental housing, single family rental housing, and single family for-sale housing;
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(2) eligible costs, including the cost of: (i) real
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property acquisition; (ii) new construction; (iii) rehabilitation of newly acquired property, including conversion of non-residential structures to residential use; (iv) necessary and related onsite and offsite improvements; (v) reasonable developer fees; (vi) reasonable consulting and legal fees; (vii) initial operating costs for housing units; and (viii) capitalized reserves for replacement and operation; and
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(3) other eligible Housing Authority uses,
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including equity investment in project owners, loans to project owners with a term not to exceed 40 years, and direct acquisition of land to be leased to project owners.
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(d) The Cook County Treasurer, in consultation with the Housing Authority of Cook County, shall make accounting annually to the Cook County Board of Commissioners through the County Clerk of the use of moneys maintained in the Fund.