Illinois · statute · 765 ILCS 925 · 8 active provisions
This Act shall be known and may be cited as the Notice of Prepayment of Federally Subsidized Mortgage Act. (Source: P.A. 85-1438.)
It is the purpose of this Act to preserve and retain to the maximum extent practicable, as housing affordable to low and moderate income families or persons, those privately owned dwelling units that were provided for such purposes with federal assistance, to minimize the involuntary displacement of tenants currently r…
As used in this Act: (a) "IHDA" means the Illinois Housing Development Authority. (b) "FmHA" means the Farmers Home Administration or a local housing authority administering an FmHA program. (c) "HUD" means the United States Department of Housing and Urban Development, or the Federal Housing Administration or a local h…
(a) An owner of subsidized housing shall provide to the clerk of the unit of local government and to IHDA notice of the earliest date upon which he may exercise prepayment of mortgage. Such notice shall be delivered at least 12 months prior to the date upon which the owner may prepay the mortgage. The notice shall incl…
An owner of subsidized housing shall provide to the clerk of the unit of local government and IHDA notice of his intent to exercise his prepayment of mortgage option at least 9 months prior to the date of the intended prepayment of mortgage. At least 9 months prior to the intended date of the prepayment of mortgage, th…
Before executing any lease agreement, an owner of a building receiving a Section 8 contract, of which IHDA is not the contract administrator, shall notify all prospective tenants in writing of the date of the expiration of the Section 8 contract. An owner shall notify current tenants of the date of expiration of a Sect…
An owner who fails to provide the notice to a tenant as required under Sections 5 and 6 of this Act shall pay a penalty to the tenant in the amount of $1,000. An owner who fails to provide the notice to a unit of local government as required under Section 5 of this Act shall pay a penalty to the unit of local governmen…
Owners of subsidized housing eligible for prepayment of mortgage after the effective date of this Act but before July 1, 1990 shall give notice as provided in Section 4 within 60 days after the effective date of this Act. (Source: P.A. 85-1438.)