TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 300 HOMEOWNERSHIP MORTGAGE LOAN PROGRAM
SECTION 300.402 SALE OF MORTGAGE-BACKED SECURITIES
Section 300.402 Sale of Mortgage-Backed Securities
In order to provide assisted mortgage financing or refinancing or Mortgage Loans for Low and Moderate Income Persons under the Program, the Authority may sell Mortgage-Backed Securities held by the Authority or may direct a trustee under a resolution or indenture of the Authority pursuant to which Bonds have been issued that is holding Mortgage-Backed Securities as a temporary investment of funds held by the trustee under the resolution or ordinance, subject to applicable limitations under State or federal law or the applicable resolution or indenture of the Authority. Proceeds of sale of Mortgage-Backed Securities originally purchased from Authority funds shall be used for lawful Authority purposes, including, without limitation, providing further assisted mortgage financing or refinancing of Mortgage Loans for Low and Moderate Income Persons under the Program and originally purchased as a temporary investment of funds held by a trustee under a resolution or indenture of the Authority pursuant to which Bonds have been issued shall be applied as provided in the resolution or indenture. In connection with the sale, the Authority may enter into documentation necessary to effect the sale.