(765 ILCS 925/5) (from Ch. 67 1/2, par. 905)
Sec. 5.
An owner of subsidized housing shall provide to the clerk
of the unit of local government and IHDA notice of his intent to exercise
his prepayment of mortgage option at least 9 months prior to the date
of the intended prepayment of mortgage.
At least 9 months prior to the intended date of the prepayment of mortgage,
the owner shall post in a prominent location in the affected building and
shall deliver, either personally or by certified mail, a notice to all tenants
residing in the building. Such notice shall be provided in writing to all
prospective tenants during the notice period.
The notice to the unit of local government and IHDA and the notice to the
tenants shall be provided on forms prescribed by IHDA. These notices shall
be considered in effect for 15 months from the date received by the unit
of local government and IHDA. If prepayment does not occur within the 15
month period, a new 9 month notice will be required prior to prepayment of mortgage.
(Source: P.A. 85-1438.)
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