(20 ILCS 3805/7.24a)
(from Ch. 67 1/2, par. 307.24a)
(a) The Authority may make, purchase, or participate
in loans, grants, or deferred payment loans to persons and families of
low and moderate income and to not-for-profit and limited-profit entities
for the benefit of low and moderate income persons and families, to
finance the development, improvement or rehabilitation of
residential real property. When financing loans, grants, or deferred
payment loans under this Section, the Authority may give priority to
applications which include energy conservation measures including, but not
limited to, solar energy systems.
(b) A loan or deferred payment loan under this Section may be secured or
unsecured as determined by the Authority. A grant may be secured or
unsecured as determined by the Authority, and shall be made under
additional terms and conditions determined by the Authority.
(c) Loans under this Section may be in such principal amounts, bear
interest at such rates, have such other terms and conditions and be
repaid within such period as the Authority may determine.
(d) Loans under this Section financed by Affordable Housing Program Trust
Fund Bonds or Notes or from Trust Fund Moneys shall be restricted to the
purposes and subject to the limitations on use provided in the Illinois
Affordable Housing Act.
(Source: P.A. 88-93.)