(a) There is hereby created the Illinois Affordable Housing Trust Fund, hereafter referred to in this Act as the “Trust Fund” to be held as a separate fund within the State Treasury and to be administered by the Program Administrator. The purpose of the Trust Fund is to finance projects of the Illinois Affordable Housing Program as authorized and approved by the Program Administrator. The Funding Agent shall establish, within the Trust Fund, a General Account, a Bond Account, a Commitment Account and a Development Credits Account. The Funding Agent shall authorize distribution of Trust Fund moneys to the Program Administrator or a payee designated by the Program Administrator for purposes authorized by this Act. After receipt of the Trust Fund moneys by the Program Administrator or designated payee, the Program Administrator shall ensure that all those moneys are expended for a public purpose and only as authorized by this Act.
     (b) Except as otherwise provided in Section 8(c) of this Act, there shall be deposited in the Trust Fund such amounts as may become available under the provisions of this Act, including, but not limited to:
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Terms Used In Illinois Compiled Statutes 310 ILCS 65/5

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
  • 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

         (1) all receipts, including dividends, principal and
    
interest repayments attributable to any loans or agreements funded from the Trust Fund;
        (2) all proceeds of assets of whatever nature
    
received by the Program Administrator, and attributable to default with respect to loans or agreements funded from the Trust Fund;
        (3) any appropriations, grants or gifts of funds or
    
property, or financial or other aid from any federal or State agency or body, local government or any other public organization or private individual made to the Trust Fund;
        (4) any income received as a result of the investment
    
of moneys in the Trust Fund;
        (5) all fees or charges collected by the Program
    
Administrator or Funding Agent pursuant to this Act;
        (6) amounts as provided in Section 31-35 of the Real
    
Estate Transfer Tax Law;
        (7) other funds as appropriated by the General
    
Assembly; and
        (8) any income, less costs and fees associated with
    
the Program Escrow, received by the Program Administrator that is derived from Trust Fund Moneys held in the Program Escrow prior to expenditure of such Trust Fund Moneys.
    (c) Additional Trust Fund Purpose: Receipt and use of federal funding for programs responding to the COVID-19 public health emergency. Notwithstanding any other provision of this Act or any other law limiting or directing the use of the Trust Fund, the Trust Fund may receive, directly or indirectly, federal funds from the Homeowner Assistance Fund authorized under Section 3206 of the federal American Rescue Plan Act of 2021 (Public Law 117-2). Any such funds shall be deposited into a Homeowner Assistance Account which shall be established within the Trust Fund by the Funding Agent so that such funds can be accounted for separately from other funds in the Trust Fund. Such funds may be used only in the manner and for the purposes authorized in Section 3206 of the American Rescue Plan Act of 2021 and in related federal guidance. Also, the Trust Fund may receive, directly or indirectly, federal funds from the Emergency Rental Assistance Program authorized under Section 3201 of the federal American Rescue Plan Act of 2021 and Section 501 of Subtitle A of Title V of Division N of the Consolidated Appropriations Act, 2021 (Public Law 116?260). Any such funds shall be deposited into an Emergency Rental Assistance Account which shall be established within the Trust Fund by the Funding Agent so that such funds can be accounted for separately from other funds in the Trust Fund. Such funds may be used only in the manner and for the purposes authorized in Section 3201 of the American Rescue Plan Act of 2021 and in related federal guidance. Expenditures under this subsection (c) are subject to annual appropriation to the Funding Agent. Unless used in this subsection (c), the defined terms set forth in Section 3 shall not apply to funds received pursuant to the American Rescue Plan Act of 2021. Notwithstanding any other provision of this Act or any other law limiting or directing the use of the Trust Fund, funds received under the American Rescue Plan Act of 2021 are not subject to the terms and provisions of this Act except as specifically set forth in this subsection (c).
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