IL HB5322

Removes requirement that limited-profit entities receiving Illinois Housing Development Authority loans have articles of incorporation granting the Authority Chairman power to appoint a majority of board directors if loans are in jeopardy or entity violates Authority regulations.

Eliminates the 6% annual distribution limitation on profits, dividends, and cash flow for limited-profit entities that receive Authority loans for developments.

Redefines equity in a development as the difference between the mortgage loan amount and total development cost, including construction, architectural, legal, and financing costs.

Changes tenant selection plan approval timing from prior to loan commitment to prior to disbursement of any funds for acquisition, rehabilitation, or construction of a development.

Effective immediately upon becoming law.