IL HB2344

Amends the Deposit of State Moneys Act to allow the State Treasurer to accept proposals from eligible institutions offering reduced interest rates if they document use of deposited funds for community development projects.

Gives preference to eligible institutions located in "high unemployment communities," defined as Illinois municipalities with unemployment rates higher than the state's average unemployment rate.

Allows the State Treasurer to accept reduced-rate proposals if institutions agree to spend an amount equal to the interest reduction on Cahokia Mounds preservation or senior centers.

Permits the State Treasurer to accept proposals where interest earnings are held in a separate account to secure up to 10% of home loans for Illinois citizens who would not otherwise qualify, including loans for mortgage payment assistance due to documented financial hardship.

Specifies that agreements between the State Treasurer and institutions cannot require gifts of money, goods, or services to third parties, but institutions may contract with third parties to carry out agreement terms.