![]() |
TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY PART 250 SINGLE FAMILY MORTGAGE PURCHASE PROGRAM II SECTION 250.403 PURCHASE OF AUTHORITY BONDS
Section 250.403 Purchase of Authority Bonds
No Lender or Eligible Borrower, including any "related person," as defined in Section 103(b)(6)(C) of the Internal Revenue Code of 1954, 26 U.S.C. Section 103(b)(6)(C), as amended from time to time, pursuant to any arrangement, formal or informal, direct or indirect, shall agree to purchase the Bonds or other obligations of the Authority in an amount related to the aggregate principal amount of the Mortgage Loans to be sold by or made to such Lender, Eligible Borrower, or related person. |