IL SB1484

Creates the Cooperative Housing Fund as a special fund in the State treasury to accept moneys from any lawful source, with all interest earned deposited back into the Fund

Directs the Illinois Housing Development Authority to award grants from the Fund to not-for-profit organizations, units of local government, and community organizations for cooperative housing development

Limits grant recipients to developments serving residents with income at or below the median income of the municipality where the development occurs

Caps total grants issued by the Illinois Housing Development Authority at $5,000,000 per fiscal year for fiscal years beginning July 1, 2023 and thereafter

Authorizes the Illinois Housing Development Authority to adopt rules establishing grant distribution requirements, eligibility criteria, and other provisions necessary to administer the Fund