Section 355.404  Recapture Agreement

Each Household receiving assistance or a subsidy under a Single Family Project in connection with the purchase of a Single Family Residence shall enter into a Recapture Agreement with the Sponsor.  The Recapture Agreement shall create a lien on the Single Family Residence and shall provide that, if the Single Family Residence is transferred during the term of the Compliance Period, other than by will, inheritance or a transfer by law to a joint tenant owner, the Household shall repay to the Sponsor a pro-rated portion of any funds provided as a grant or subsidy toward the purchase of the Single Family Residence.  In cases of hardship to a Low-Income Household, such as serious illness or loss of employment, an Agency may shorten the Compliance Period.

(Source:  Amended at 27 Ill. Reg. 14310, effective August 21, 2003)