IL HB5276

Amends the Housing Development and Construction Act by making a technical change to Section 5 regarding the purposes for which grants to housing authorities may be used.

Grants to housing authorities must be deposited in a separate fund and may be used for land acquisition, temporary housing facilities, construction of housing units, and purposes authorized by the Housing Authorities Act, subject to Department of Commerce and Economic Opportunity approval.

Housing authorities may sell or lease real property acquired through grants to housing corporations, neighborhood redevelopment corporations, insurance companies, non-profit corporations, or other individuals and associations for development or redevelopment projects.

Non-profit corporations receiving property sales or leases must present an approved development plan and provide a bond of at least 10% of development costs, though the Department may waive the bond requirement if satisfied of the purchaser's financial ability.

Housing authorities in municipalities with populations exceeding 500,000 must notify and receive approval from the local governing body before acquiring any real property in that municipality.