Illinois General Assembly - Illinois Compiled Statutes

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310 ILCS 60/3

(310 ILCS 60/3) (from Ch. 67 1/2, par. 1153)

Sec. 3. Definitions.

As used in this Act:

(a) "IHDA" means the Illinois Housing Development Authority.

(b) (Blank).

(c) (Blank).

(d) "Owner" means the person, partnership, or corporation that
holds title to an assisted housing development.

(e) "Assisted housing" or "assisted housing development" means a rental
housing
development, or a mixed use development that includes rental housing, that receives government assistance under any of the following
programs:

(1) New construction, substantial rehabilitation,

moderate rehabilitation, property disposition and loan management set-aside programs, or any other program providing project-based rental assistance, under Section 8 of the United States Housing Act of 1937, as amended.

(2) The Below-Market-Interest-Rate Program under

Section 221(d)(3) of the National Housing Act.

(3) Section 236 of the National Housing Act.

(4) Section 202 of the National Housing Act.

(5) Programs for rent supplement assistance under

Section 101 of the Housing and Urban Development Act of 1965, as amended.

(6) Programs under Section 514 or 515 of the Housing

Act of 1949.

(7) Section 42 of the Internal Revenue Code.

(f) "Tenant" means a tenant, subtenant, lessee, sublessee or other
person entitled to possession, occupancy or benefits of a rental unit
within the assisted housing.

(g) "Tenant Association" means an association, corporation or other
organization that represents at least a majority of the tenants in the
assisted housing building.

(h) "Prepayment" means the payment in full or refinancing of the
federally insured or federally held mortgage indebtedness prior to its
original maturity date, or the voluntary cancellation of mortgage
insurance, on an assisted housing development described in paragraph
(2), (3), or (4) of subsection (e) that would have the effect of
removing the affordability restrictions applicable to the assisted housing development under the programs described in paragraph (2), (3), or (4) of subsection (e).

(i) "Termination" means:
(1) the expiration or early termination of an

assisted housing development's participation in a federal subsidy program for assisted  housing described in paragraph (1) of subsection (e), or

(2) the expiration or early termination of an

assisted housing development's affordability restrictions described in Section 42(g) of the Internal Revenue Code for assisted housing described in paragraph (7) of subsection (e), when that event results in an increase in tenant rents, a change in the form  of subsidy from project-based to tenant-based, or a change in use of the assisted housing development to a use other than rental housing.

(j) "Affected public entities" means: the mayor of the city in
which the assisted housing development is located or, if the
development is located in an unincorporated area, the chairperson of
the county board; the public
housing authority in whose jurisdiction the assisted housing development is located, if any; and IHDA.

(k) "Affordability restrictions" means limits on rents that owners may charge for occupancy of a rental unit in assisted housing and limits on tenant income for persons or families seeking to qualify as tenants in assisted housing.

(Source: P.A. 93-727, eff. 7-14-04.)