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)