TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 310 MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM
SECTION 310.308 PURCHASE OF AUTHORITY BONDS AND NOTES
Section 310.308 Purchase of Authority Bonds and Notes
No Owner, including any "related person," as defined in Section 103(b)(6)(C) of the Internal Revenue Code of 1954 as amended from time to time, shall pursuant to any arrangement, formal or informal, direct or indirect, agree to purchase the Bonds, Notes, or other obligations of the Authority in an amount related to the aggregate principal amount of the Mortgage Loan to be made to the Owner or such related person.