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91_HB4074ham001
LRB9112134STsbam
1 AMENDMENT TO HOUSE BILL 4074
2 AMENDMENT NO. . Amend House Bill 4074 as follows:
3 by replacing everything after the enacting clause with the
4 following:
5 "Section 1. Short title. This Act may be cited as the
6 Live Near Work Act.
7 Section 5. Purposes. The purposes of this Act are:
8 (1) To expand home ownership opportunities to working
9 individuals and families.
10 (2) To encourage employers, counties, and municipalities
11 to invest in employer-assisted housing.
12 (3) To provide matching grants to employers, counties,
13 municipalities, and nonprofit housing organizations engaged
14 in employer-assisted housing.
15 (4) To reduce traffic congestion by reducing employee
16 commute times.
17 Section 10. Definitions. In this Act:
18 "Authority" means the Illinois Housing Development
19 Authority.
20 "County" means any county within the State of Illinois.
21 "Employee" means a salaried or hourly individual who
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1 works for an employer and whose median household income does
2 not exceed 100% of the area median income.
3 "Employer" means a business with operations in the State
4 of Illinois, including private, nonprofit, or governmental.
5 "Employer-assisted housing program" means a program
6 through which employers assist their employees in acquiring
7 homes in close proximity to their jobs.
8 "Fund" means the Live Near Work Fund.
9 "Median income" means the United States Department of
10 Housing and Urban Development area median income.
11 "Municipality" means any city, village, or incorporated
12 town within the State of Illinois.
13 "Nonprofit" or "nonprofit housing organization" means any
14 organization that the Internal Revenue Service of the United
15 States Department of the Treasury has ruled is exempt from
16 income taxation under paragraph (3), (4), or (5) of
17 subsection (c) of Section 501 of the Internal Revenue Code of
18 1986 and has as a stated purpose to produce, maintain,
19 operate, or promote affordable housing.
20 Section 15. Live Near Work Fund. The Authority must use
21 moneys appropriated to it from the Live Near Work Fund, a
22 special fund created in the State treasury, to implement and
23 administer the purposes of this Act.
24 Section 20. Powers.
25 (a) The Authority is authorized to make grants from the
26 Fund to employers, municipalities, counties, and nonprofit
27 housing organizations to develop and implement employer-
28 assisted housing programs for work forces throughout the
29 State.
30 (b) The Authority shall adopt rules establishing
31 standards and procedures for determining eligibility for
32 these grants, regulating the use of funds under these grants,
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1 and periodically reporting the results and impacts of
2 activities funded by these grants.
3 (c) The Authority shall work with stakeholders to
4 develop criteria to attract and evaluate proposals from
5 employers, housing agencies, counties, or municipalities, or
6 any combination of these.
7 (d) The Authority may target programs that benefit
8 employees earning less than 80% of the area median income.
9 (e) The Authority may use its discretion, based on
10 criteria developed under subsection (c) of this Section, to
11 allow employees earning less than 120% of the area median
12 income to be eligible.
13 Section 25. Matching funds. Grants from the Fund may be
14 used to match employer investments toward housing resources
15 for participating employees. The Authority must approve the
16 employer's home buying and home counseling plan in order for
17 that employer to be eligible to receive moneys from the Fund.
18 Employer investments may include, but are not limited to:
19 (a) Down payment assistance. The Authority may match, at
20 up to 100%, money provided by the employer to the employee
21 for the purchase of a home.
22 (b) Contributions to second mortgage pools, which are
23 low interest loan programs accessible to qualified
24 individuals that assist in the purchase of a home. The
25 Authority may set standards for eligible second mortgage
26 pools. The Authority may match, at up to 100%, employer
27 contributions to second mortgage pools.
28 (c) Mortgage guarantee programs. The Authority may
29 match, at up to 100%, employer contributions toward repayment
30 of any loans that default that are secured by an employee and
31 guaranteed by the employer.
32 (d) Savings plans such as Individual Development
33 Accounts. The Authority may match, at up to 100%,
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1 contributions by employers to employee savings plans
2 designated for purchase of a home.
3 (e) Rent subsidy programs for eligible employees. While
4 employees are saving and preparing for home ownership, the
5 employer may choose to subsidize the rental of housing close
6 to work. The Authority may match, at up to 100%, employer
7 contributions toward rental payments.
8 (f) Home buyer education and home ownership counseling.
9 The Authority may match, at up to 100%, employer
10 contributions toward home buyer education and home ownership
11 counseling.
12 Section 30. Funds for administration and nonprofit
13 organizations.
14 (a) Grants authorized under Section 20 may be used to
15 support administration of employer-assisted housing programs
16 and technical assistance. Nonprofit grants shall not be
17 greater than 20% of the total Live Near Work Fund.
18 (b) Nonprofit housing organizations are eligible for
19 funds for, but not limited to, the following: (i) program
20 administration to the employers; and (ii) technical
21 assistance to home ownership counseling education to the
22 employees of participating employers for not more than 2
23 years at a time. To be eligible for funding, the nonprofit
24 housing organization must demonstrate employer interest in
25 participating in an employer-assisted housing program.
26 (c) Municipalities and counties are eligible to receive
27 grants authorized by Section 20 if:
28 (1) the municipality or county is acting as an
29 agent of the State in promoting employer-assisted housing
30 among employers in its jurisdiction and in compliance
31 with eligibility criteria established by the Authority,
32 and
33 (2) the municipality or county has demonstrated
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1 employer interest in participating in an
2 employer-assisted program, or the municipality or county
3 is acting in the capacity of employer and providing
4 employer-assisted housing services to its work force.
5 Section 35. Annual reports. The Authority shall report
6 annually to the General Assembly on the program. The report
7 shall specify the amounts expended under the program and the
8 number of housing units, local governments, and employees
9 served by the program.
10 Section 40. Expiration. This Act is repealed on July 1,
11 2005.
12 Section 95. The State Finance Act is amended by adding
13 Section 5.541 as follows:
14 (30 ILCS 105/5.541 new)
15 Section 5.541. The Live Near Work Fund.".