TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 360 AFFORDABLE HOUSING PROGRAM
SECTION 360.606 PREPAYMENT OF LOAN
Section 360.606 Prepayment of Loan
The Authority may prohibit the prepayment of a Loan for a Development if the Authority determines that such prepayment will result in:
a) the rents charged at the Development exceeding the limits set forth in Section 360.904(b) of this Part at the time of the prepayment;
b) the Development being converted to condominiums or cooperatives; or
c) a conflict with the Authority's goal of providing affordable housing.
The Authority may allow the prepayment of a Loan for a Development if the Authority determines that the prepayment is in the best interest of the community in which the Development is located.
(Source: Amended at 25 Ill. Reg. 12621, effective September 20, 2001)