Illinois General Assembly - Illinois Compiled Statutes

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

765 ILCS 925/4

(765 ILCS 925/4) (from Ch. 67 1/2, par. 904)

Sec. 4.

(a) An owner of subsidized housing shall provide to the clerk
of the unit of local government and to IHDA notice of the earliest date upon
which he may exercise prepayment of mortgage.  Such notice shall be delivered
at least 12 months prior to the date upon which the owner may prepay the mortgage.
The notice shall include the following information:

(1) the name and address of the owner or managing

agent of the building;

(2) the earliest date of allowed prepayment;

(3) the number of subsidized housing units in the

building subject to prepayment, and the number of subsidized housing units occupied by persons age 62 or older, or by persons with disabilities, and households with children;

(4) the rental payment paid by each household

occupying a subsidized housing unit, not including any federal subsidy received by the owner for such subsidized housing unit; and

(5) the rent schedule for the subsidized housing

units as approved by HUD or FmHA.

Such notice shall be available
to the public upon request.

(b) Twelve months prior to the date upon which an owner may exercise prepayment
of mortgage, the owner shall:

(1) post a copy of such notice in a prominent

location in the affected building and leave the notice posted during the entire notice period, and

(2) deliver, personally or by certified mail, copies

of the notice to all tenants residing in the building.

The owner shall provide a copy of the notice to all prospective tenants.
Such notices shall be on forms prescribed by IHDA.

(Source: P.A. 99-143, eff. 7-27-15.)