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Illinois Statutes Chapter 30. Finance § 345/7.5. Bond issuer; annual report

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 7.5. Bond issuer; annual report. The issuer of bonds utilizing bond volume cap from the Local Government Pool and the State Agency Pool shall file, if the issuer utilized the bond volume cap for any housing purpose, an annual report with the Governor and the General Assembly. The annual report from each issuer must include, but is not limited to, the following information:

(1) For multifamily rental units:

(A) the total number of developments;

(B) the total number of units, by income levels served;

(C) the total number of units targeted to each particular underserved population addressed in the Annual Comprehensive Housing Plan; and

(D) any outreach efforts undertaken to serve the targeted units.

(2) For single family homeownership units:

(A) the total number of loans and households who achieved homeownership with issuer bond proceeds;

(B) the amounts of individual loans generated by the bond proceeds;

(C) the actual and effective interest rates offered to borrowers;

(D) the total number of assisted homeowners identified as an underserved population addressed in the Annual Comprehensive Housing Plan, when available;

(E) the number of first-time homebuyers; and

(F) the number of assisted homeowners who received any homeownership counseling.

(3) For all housing units:

(A) the percentage of bond proceeds used in conjunction with the projects and loans;

(B) the total cost of issuance for the bonds issued;

(C) the amount of bond proceeds, if any, used to refund prior bonds; and

(D) the total amount of unused proceeds, if any, at the time of the report.

The Governor and the General Assembly shall utilize information readily available through existing reporting requirements to report on the State Agency Pool.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 30. Finance § 345/7.5. Bond issuer; annual report - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-30-finance/il-st-sect-30-345-7-5/

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