IL HB2830

Amends the Illinois Housing Development Act to modify the definition of "limited-profit entity" by removing the mandatory requirement that the Authority's Chairman can appoint a majority of board directors when a loan is in jeopardy of not being repaid.

Replaces the fixed 6% annual distribution limitation on profits for limited-profit entities with flexible alternative methods that may vary based on borrowing costs and market conditions, as determined by the Authority.

Modifies Section 10 to require Authority approval of tenant selection plans prior to disbursing any funds for development acquisition, rehabilitation, or construction, rather than only prior to making a loan commitment.

Clarifies that equity in a development consists of the difference between the mortgage loan amount and total development costs, including construction, professional fees, land value, and financing charges paid during construction.

Adds definitions for "Rate protection contract" and "Affordable Housing Program Trust Fund Bonds or Notes" to support the Illinois Affordable Housing Act.