Section 310.406  Other Reserve Funds

The Authority may require the Owner or developer of a Development to deposit with the Authority, on the Initial Closing Date or on the Final Closing Date of a Mortgage Loan, funds for such other reserves as the Authority deems to be necessary to provide adequate security for the Mortgage Loan.  The reserves may include, without limitation, tax and insurance reserves, debt service reserves and operating deficit reserves.

(Source:  Added at 31 Ill. Reg. 4392, effective February 28, 2007)