(35 ILCS 200/10-240)
Definition of Section 515 low-income housing projects.
"Section 515 low-income housing projects" mean rental apartment facilities
(i) developed and managed under a United States Department of Agriculture
Rural Rental Housing Program designed to provide affordable housing to low
to moderate income families and seniors in rural communities with
populations under 20,000, (ii) that receive a subsidy in the form of a 1%
loan interest rate and a 50-year amortization of the mortgage, (iii) that
would not have been built without a Section 515 interest credit subsidy, and
(iv) where the owners of the projects are limited to an annual profit of an
8% return on a 5% equity investment, which may result in a modest cash flow
to owners of the projects unless actual expenses, including property taxes,
exceed budget projections, in which case no profit may be realized.
(Source: P.A. 91-651, eff. 1-1-00; 92-16, eff. 6-28-01.)