TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 310 MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM
SECTION 310.309 STANDARDS FOR APPROVAL OF CONVEYANCE AND AMENDMENT OF DOCUMENTS
Section 310.309 Standards for Approval of Conveyance and Amendment of Documents
In determining whether to approve and/or impose restrictions on the conveyance, assignment, leasing, mortgaging, pledging or other transfer of all or any part of the Development, or any partnership interest, stock ownership interest or member interest in the Owner of a Development, or the beneficial interest in, and power of direction over, the Trust, or any partnership interest, stock ownership interest or member interest in the beneficiary of a Trust, and in determining whether to approve amendments to the documents of organization of an Owner under Section 310.303 of this Part, the Authority shall grant approval, with any necessary restrictions, if the Authority determines that the proposed action will not have an adverse impact upon the financial stability or the economic viability of the Development or the tax-exempt status of the Bonds, if any.
(Source: Amended at 31 Ill. Reg. 4392, effective February 28, 2007)