65 ILCS 5/ Illinois Municipal Code.

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

65 ILCS 5/Art. 11 Div. 74.5

(65 ILCS 5/Art. 11 Div. 74.5 heading) DIVISION 74.5.

MUNICIPAL HOUSING FINANCE LAW

65 ILCS 5/11-74.5-1

(65 ILCS 5/11-74.5-1) (from Ch. 24, par. 11-74.5-1)

Sec. 11-74.5-1.

This Division 74.5 may be referred to as the Municipal
Housing
Finance Law.

(Source: P.A. 91-357, eff. 7-29-99.)

65 ILCS 5/11-74.5-2

(65 ILCS 5/11-74.5-2) (from Ch. 24, par. 11-74.5-2)

Sec. 11-74.5-2.

Whenever used in this Division:

(a) "Appraised value" means the fair market value of a home determined
in accordance with generally accepted procedures and standards applicable
to the appraisal of real property.

(b) "Bonds" means any revenue bonds authorized under this Division and
payable as provided hereunder.

(c) "Corporate authorities" means the corporate authorities as defined
in this Illinois Municipal Code.

(d) "Home" means real property and improvements thereon located within
the municipality consisting of not more than 4 dwelling units, including
but not limited to, condominium units owned by one mortgagor who occupies
or intends to occupy one of such units.

(e) "Home mortgage loan" means an interest bearing loan to a mortgagor
evidenced by a promissory note and secured by a mortgage on a home,
purchased or originated in accordance with this Division made for the purpose
of acquiring a home having an appraised value or a purchase price, whichever
is less, of not less than the minimum home value and less than the maximum home
value.

(f) "Lender" means any lending institution participating in a residential
housing finance plan as the originator of home mortgage loans or as a servicing
agent for home mortgage loans.

(g) "Lending institution" means any bank, bank holding company, credit
union, trust company, savings bank, national banking association, savings
and loan association, building and loan association, mortgage banker or
other financial institution which customarily provides service or otherwise
aids in the financing of home mortgages, or any holding company for any
of the foregoing.

(h) "Maximum home value" means the amount determined by the corporate authorities.

(i) "Minimum home value" means the amount determined by the corporate authorities.

(j) "Mortgagor" means a person of low or moderate income and who has received
or qualifies to receive a home mortgage loan on a home.

(k) "Municipality" means a municipality as defined in this Illinois Municipal Code.

(l) "Ordinance" means an ordinance adopted and approved by the corporate
authorities of a municipality.

(m) "Purchase price" means the actual consideration paid to the seller of a home.

(n) "Person" means a natural person or persons or a trust, provided that
such trust is for the benefit of a natural
person or members of such person's immediate family.

(o) "Participation commitment" means any undertaking or agreement by a
lending institution to participate in the implementation of a residential
housing finance plan.

(p) "Persons of low or moderate income" means a person or family (consisting
of one or more persons all of whom occupy or will occupy the home) whose
aggregate gross income including the gross income of any co-signer or guarantor
of the promissory note made in connection with the making of a home mortgage
loan does not exceed a maximum amount to be established by the corporate
authorities and determined in accordance with appropriate criteria, rules
and regulations, approved by the corporate authorities in connection with
the implementation of a residential housing finance plan.

(q) "Residential housing finance plan" means a program implemented under
this Division by a municipality to assist persons of low or moderate income
in acquiring safe, decent and sanitary housing which they can afford.

(r) "Trustee" means any State or national bank or trust company, having
trust powers, located within or outside the State of Illinois, which may
be appointed to act in any capacity with respect to a residential housing
finance plan and the issuance of bonds to finance such plan whether designated
as a trustee, custodian or administrator.

(Source: P.A. 90-706, eff. 8-7-98.)