Illinois Compiled Statutes 20 ILCS 3805 — Illinois Housing Development Act.

This Act shall be known and may be cited as the Illinois Housing Development Act

This Act shall be known and may be cited as the Illinois Housing Development Act. (Source: Laws 1967, p. 1931.)

As used in this Act: (a) "Authority" means the Illinois Housing Development Authority created in this Act

As used in this Act: (a) "Authority" means the Illinois Housing Development Authority created in this Act. (b) "Development costs" means the costs approved by the Authority as appropriate expenditures which may be incurred prior to commitment and initial closing of assisted mortgage financing or of housing related comm…

It is hereby found and declared that as a result of public actions involving highways, public facilities and urban renewal projects and as a result of the spread of slum conditions and blight to formerly sound neighborhoods and as a result of high costs of heating dwelling units, and as a result of the shortage of and…

There is hereby created a body politic and corporate to be known as the Illinois Housing Development Authority

There is hereby created a body politic and corporate to be known as the Illinois Housing Development Authority. The Authority shall consist of 9 members, including a senior citizen age 60 or older, of whom not more than three shall be from any one county in the State and of whom not more than 5 shall be of any one poli…

(a) No member of the Authority or officer, agent or employee thereof shall, in his or her own name or in the name of a nominee, be an officer, director or hold an ownership interest of more than 7 1/2% in any person, association, trust, corporation, partnership or other entity which is, in its own name or in the name o…

The Governor shall designate the Chairman, from time to time, and the Authority shall annually elect from its membership a vice chairman a treasurer, and a secretary

The Governor shall designate the Chairman, from time to time, and the Authority shall annually elect from its membership a vice chairman a treasurer, and a secretary. The Chairman shall be the chief executive officer of the Authority. The secretary shall keep a record of the proceedings of the Authority. The treasurer…

Five members of the Authority shall constitute a quorum at any meeting of the Authority and the affirmative vote of 5 members shall be necessary for any action taken by the Authority at a meeting, except that the Authority may act by unanimous written consent if provided for in the by-laws of the Authority. No vacancy…

The Authority may exercise the powers set forth in the following Sections preceding Section 8

The Authority may exercise the powers set forth in the following Sections preceding Section 8. (Source: P.A. 96-1000, eff. 7-2-10.)

The Authority may make non-interest bearing advances to nonprofit corporations for constructing or rehabilitating developments designed and planned to make housing available at low and moderate rentals to low and moderate income persons and families if such housing complies with the standards set by the Authority under…

The Authority may make mortgage or other loans to non-profit corporations and limited-profit entities for the acquisition, construction or substantial or moderate rehabilitation of such developments as in the judgement of the Authority have promise of supplying, on a rental, cooperative, condominium or home ownership b…

The Authority may undertake and carry out studies and analyses of housing needs within the State and study ways of meeting such needs

The Authority may undertake and carry out studies and analyses of housing needs within the State and study ways of meeting such needs. (Source: P.A. 76-1175.)

The Authority may collect fees and charges in connection with its loans, commitments and servicing; and may provide technical assistance in the development of housing for low and moderate income persons and may charge and collect reasonable fees and charges in connection with such assistance. (Source: P.A. 83-1251.)

The Authority may encourage research in demonstration projects to develop new and better techniques and methods for increasing the quality and supply of housing for low and moderate income persons, and make grants or loans, with or without interest, in connection therewith. (Source: P.A. 76-1175.)

The Authority may adopt by-laws for the regulation of its affairs and the conduct of its business

The Authority may adopt by-laws for the regulation of its affairs and the conduct of its business. (Source: P.A. 76-1175.)

The Authority may adopt an official seal

The Authority may adopt an official seal. (Source: P.A. 76-1175.)

The Authority may sue and be sued in its own name

The Authority may sue and be sued in its own name. Upon application to a court of proper jurisdiction, injunctive relief shall issue in aid of the Authority's powers enumerated in Section 7.1 through 7.26 and subsections (k) and (m) of Section 2, notwithstanding any other provisions of law. The Authority may sue in its…

The Authority may make and execute contracts and all other instruments necessary or convenient for the exercise of its power and functions

The Authority may make and execute contracts and all other instruments necessary or convenient for the exercise of its power and functions. (Source: P.A. 76-1175.)

The Authority may acquire, hold and dispose of personal property for its corporate purposes

The Authority may acquire, hold and dispose of personal property for its corporate purposes. (Source: P.A. 76-1175.)

The Authority may enter into agreements or other transactions with any federal, or State or local governmental agency

The Authority may enter into agreements or other transactions with any federal, or State or local governmental agency. (Source: P.A. 76-1175.)

The Authority may acquire real property, or any interest therein, by purchase, foreclosure or otherwise; own, manage, operate, hold, clear, improve and rehabilitate such real property; and sell, assign, exchange, transfer, convey, lease, mortgage, or otherwise dispose of or encumber such real property. Any acquisition…

The Authority may invest any funds in mortgage participation certificates representing undivided interests in specified, first-lien conventional residential Illinois mortgages which are underwritten, insured, guaranteed or purchased by the Federal Home Loan Mortgage Corporation. The Authority may also invest any funds…

The Authority may borrow money and issue its negotiable notes and bonds and secure the payment thereof by, among other things, the pledge, or assignment, or grant of a lien on or security interest of mortgages and notes of others, revenues derived from its operations and loan repayments and other funds, if any, receive…

The Authority may employ agents, employees, professional and business advisers as may from time to time be necessary in its judgment and fix their compensation

The Authority may employ agents, employees, professional and business advisers as may from time to time be necessary in its judgment and fix their compensation. The Authority shall file copies of such contracts as required by the "State Comptroller Act", approved September 7, 1972, as amended. (Source: P.A. 83-515.)

Subject to its covenants with its noteholders and bondholders, the Authority may sell at public or private sale, any mortgage or other obligation held by the Authority

Subject to its covenants with its noteholders and bondholders, the Authority may sell at public or private sale, any mortgage or other obligation held by the Authority. (Source: P.A. 83-1251.)

The Authority may procure insurance against any loss in connection with its property in such amounts, and from such insurers, as may be necessary or desirable

The Authority may procure insurance against any loss in connection with its property in such amounts, and from such insurers, as may be necessary or desirable. The Authority may acquire any instruments the purpose of which is to reduce the risk of loss due to fluctuation in the interest rate or market price of those in…