IHDA-LIMITED-PROFIT ENTITY Senate SponsorsSen. Jacqueline Y. Collins House Sponsors(Rep. Jack D. Franks) 1/13/2015SenateSession Sine Die 20 ILCS 3805/2from Ch. 67 1/2, par. 30220 ILCS 3805/8from Ch. 67 1/2, par. 30820 ILCS 3805/10from Ch. 67 1/2, par. 310Amends 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. 2/15/2013SenateFiled with Secretary by Sen. Jacqueline Y. Collins 2/15/2013SenateFirst Reading 2/15/2013SenateReferred to Assignments 3/5/2013SenateAssigned to Financial Institutions 3/13/2013SenateDo Pass Financial Institutions; 006-000-000 3/13/2013SenatePlaced on Calendar Order of 2nd Reading March 14, 2013 3/21/2013SenateSecond Reading 3/21/2013SenatePlaced on Calendar Order of 3rd Reading April 10, 2013 4/11/2013SenateThird Reading - Passed; 052-000-000 4/11/2013HouseArrived in House 4/19/2013HouseChief House Sponsor Rep. Arthur Turner 4/19/2013HouseFirst Reading 4/19/2013HouseReferred to Rules Committee 5/10/2013HouseAlternate Chief Sponsor Changed to Rep. Jack D. Franks 5/22/2013HouseFinal Action Deadline Extended-9(b) May 24, 2013 5/22/2013HouseAssigned to Financial Institutions Committee 5/22/2013HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Jack D. Franks 5/22/2013HouseHouse Committee Amendment No. 1 Referred to Rules Committee 5/23/2013HouseHouse Committee Amendment No. 1 Rules Refers to Financial Institutions Committee 5/24/2013HouseFinal Action Deadline Extended-9(b) May 31, 2013 5/31/2013HouseRule 19(a) / Re-referred to Rules Committee 5/31/2013HouseHouse Committee Amendment No. 1 Rule 19(a) / Re-referred to Rules Committee 10/16/2013HouseFinal Action Deadline Extended-9(b) November 30, 2013 10/16/2013HouseAssigned to State Government Administration Committee 10/16/2013HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. Jack D. Franks 10/16/2013HouseHouse Committee Amendment No. 2 Referred to Rules Committee 11/27/2013HouseFinal Action Deadline Extended-9(b) December 20, 2013 12/20/2013HouseRule 19(a) / Re-referred to Rules Committee 1/13/2015SenateSession Sine Die