IL HB1361

Amends the Rental Housing Support Program Act to clarify that the Illinois Housing Development Authority shall distribute Program funds solely from annual receipts appropriated from the Rental Housing Support Program Fund, not from other sources.

Defines "annual receipts" as revenue derived from the Rental Housing Support Program State surcharge collected from July 1 to June 30 of each year.

Requires the Authority to perform annual reconciliations of all Program distributions and permits offsetting future distributions to ensure compliance with geographic distribution requirements.

Establishes that the Authority may establish rules for a reserve fund mechanism to account for periodic fluctuations in annual receipts appropriated to the Fund.

Makes technical corrections to capitalize "Program" throughout the statute for consistency.