Illinois General Assembly - Illinois Compiled Statutes

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310 ILCS 60/4

(310 ILCS 60/4) (from Ch. 67 1/2, par. 1154)

Sec. 4.

Notice of intent to sell.

(a) An owner may not sell or otherwise dispose of
assisted housing, complete prepayment, or complete a termination
 unless, not less than 12 months before the prepayment, termination, sale, or
disposal, the owner submits to all tenants of the assisted
						
housing and to all affected public entities a notice of intent to
complete prepayment, complete termination, sell, or otherwise dispose
of the property.

(a-5) Every notice required under subsection (a) must include the address
of
the
assisted housing, characteristics of the property including the number of
units, and the
names and addresses of the owners. The notice must also include the date on
which
the
owner intends to sell, lease, complete prepayment, complete termination, or otherwise dispose of the property,  as well as a detailed list of affordability restrictions applicable to the property.
IHDA shall adopt rules concerning the content, format, delivery, and
publication of such
notices.

(b) Within 60 days after the date of the owner's notice pursuant to
subsection (a), the tenants may notify the owner that they have formed a
Tenant Association meeting the requirements of this Act and shall designate
the name of its representative or representatives in the notice.
The Tenant Association may enter into an agreement with a not-for-profit
corporation or private purchaser in which the not-for-profit
corporation or private purchaser agrees to represent the residents and
maintain the development in a manner that preserves the housing development's
existing affordability restrictions or that would qualify the housing development as affordable housing as defined in the Illinois Affordable Housing Act. The agreement must set forth the minimum length of time that the affordability restrictions will be in effect.  The Tenant Association and individual tenants in the assisted housing shall each have the right to bring an action for specific performance or other injunctive relief for enforcement of the agreement, and the agreement must contain provisions to this effect along with such other remedies for breach as the Tenant Association and the not-for-profit corporation or private purchaser may agree. Once such an agreement is entered into, the
 not-for-profit corporation or private purchaser shall assume all rights and
responsibilities attributed to the Tenant Association under this Act.

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