(20 ILCS 3805/7.1) (from Ch. 67 1/2, par. 307.1)
Sec. 7.1.
The Authority may make non-interest bearing advances to nonprofit
corporations for constructing or rehabilitating developments designed and
planned to make housing available at low and moderate rentals to low and
moderate income persons and families if such housing complies with the
standards set by the Authority under this Act. No advances may be made
unless the Authority may reasonably anticipate that assisted mortgage
financing may be obtained for the permanent financing of the development.
The proceeds of the advance may be used only to defray the development
costs of such development.
(Source: P.A. 77-1654.)
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