TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 310 MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM
SECTION 310.801 STATUTORY AUTHORIZATION
Section 310.801 Statutory Authorization
Pursuant to Section 8 of the Act, the Authority is required to establish the Owner's Equity on each Mortgage Loan provided to a Limited-Profit Entity at the time of final Mortgage disbursement. The Act provides that the maximum rate of return on Owner's Equity shall be 6% unless the Authority, pursuant to this Part, establishes criteria by which a higher rate is established. It is the purpose of this Subpart to set the criteria by which a rate of return higher than 6% will be established.
(Source: Amended at 31 Ill. Reg. 4392, effective February 28, 2007)