Sec. 50-40. Group Home Loan Revolving Fund.

319 words·~1 min read·/il/chapter-20/act-301/50-40

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(a)There is hereby established the Group Home Loan Revolving Fund, referred to in this Section as the "fund", to be held as a separate fund within the State Treasury. Monies in this fund shall be appropriated to the Department on a continuing annual basis. With these funds, the Department shall, directly or through subcontract, make loans to assist in underwriting the costs of housing in which there may reside individuals who are recovering from substance use disorders, and who are seeking an alcohol-free or drug-free environment in which to live. Consistent with federal law and regulation, the Department may establish guidelines for approving the use and management of monies loaned from the fund, the operation of group homes receiving loans under this Section and the repayment of monies loaned.

(b)There shall be deposited into the fund such amounts including, but not limited to:

(1)All receipts, including principal and interest payments and royalties, from any

applicable loan agreement made from the fund.

(2)All proceeds of assets of whatever nature received by the Department as a result of

default or delinquency with respect to loan agreements made from the fund, including proceeds from the sale, disposal, lease or rental of real or personal property that the Department may receive as a result thereof.

(3)Any direct appropriations made by the General Assembly, or any gifts or grants made

by any person to the fund.

(4)Any income received from interest on investments of monies in the fund.

(c)The Treasurer may invest monies in the fund in securities constituting obligations of the United States government, or in obligations the principal of and interest on which are guaranteed by the United States government, or in certificates of deposit of any State or national bank which are fully secured by obligations guaranteed as to principal and interest by the United States government.