Illinois Compiled Statutes 310 ILCS 60/3 – Definitions
Current as of: 2024 | Check for updates
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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,
(a) “IHDA” means the Illinois Housing Development Authority.
Terms Used In Illinois Compiled Statutes 310 ILCS 60/3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- County board: means the board of county commissioners in counties not under township organization, and the board of supervisors in counties under township organization, and the board of commissioners of Cook County. See Illinois Compiled Statutes 5 ILCS 70/1.07
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(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,
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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.
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(2) The Below-Market-Interest-Rate Program under
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Section 221(d)(3) of the National Housing Act.
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(3) Section 236 of the National Housing Act.
(4) Section 202 of the National Housing Act.
(5) Programs for rent supplement assistance under
(4) Section 202 of the National Housing Act.
(5) Programs for rent supplement assistance under
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Section 101 of the Housing and Urban Development Act of 1965, as amended.
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(6) Programs under Section 514 or 515 of the Housing
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Act of 1949.
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(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
(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
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assisted housing development’s participation in a federal subsidy program for assisted housing described in paragraph (1) of subsection (e), or
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(2) the expiration or early termination of an
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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.
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(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.
(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.