TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 300 HOMEOWNERSHIP MORTGAGE LOAN PROGRAM
SECTION 300.401 PURCHASE OF MORTGAGE-BACKED SECURITIES
Section 300.401 Purchase of Mortgage-Backed Securities
The Authority may purchase Mortgage-Backed Securities from time to time from proceeds of Bonds, as an investment of funds in the Authority's Administrative Fund or other Authority Funds and accounts, as a temporary investment of funds held by a trustee under any resolution or indenture of the Authority pursuant to which Bonds have been issued, or from other funds of the Authority legally available for the purpose, in all cases to the extent permitted by applicable State and federal law and, if applicable, the terms of any applicable resolution or indenture of the Authority, for the purpose of providing assisted mortgage financing or refinancing for Low and Moderate Income Persons under the Program. Mortgage Loans pooled in connection with the issuance and purchase by the Authority of any Mortgage-Backed Security shall meet the criteria for Mortgage Loans in Sections 300.301 and 300.303. The Authority may provide assistance with closing costs or a down payment to the Eligible Borrower under any such Mortgage Loan as provided in Section 300.303(c).