TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 375 NOTICE PROCEDURES UNDER THE FEDERALLY ASSISTED HOUSING PRESERVATION ACT
SECTION 375.APPENDIX A NOTICE OF INTENT TO TERMINATE SUBSIDY
Section 375.APPENDIX A Notice of Intent to Terminate Subsidy
Where a provision of the Preservation Act requires that notice be given to the tenants of an assisted housing development and to affected public entities, the format of the notice shall be as follows:
NOTICE OF INTENT TO TERMINATE SUBSIDY
Name of Property:
Address of Each Building Included in Property:
Number of Occupied Units:
Anticipated Date of Sale or Other Action:
THIS IS NOT AN EVICTION NOTICE. It is a notice to advise all tenants in the property identified above that one of the following actions with respect to the above property will take place on the date referenced above:
(i) the sale or other disposition of the property;
(ii) the prepayment or refinancing of a federally insured or federally held mortgage secured by the property;
(iii) the termination of the property's participation in a federal subsidy program for assisted housing.
One or all of these actions may have the effect of terminating the affordability restrictions noted above.
This notice is to advise you that the Federally Assisted Housing Preservation Act [310 ILCS 60] gives you certain rights. Tenants living on the property may form a tenants association and negotiate with the owner to purchase the property, subject to certain restrictions. Tenants may also enter into an agreement with a not-for-profit corporation or other entity to represent them in negotiations with the owner. If the negotiations are successful, the tenants association can buy the property. A more detailed discussion of the provisions of the law is attached to this notice as Exhibit A.
If you have any questions with regard to this notice, please contact the following individual at the number listed: