(50 ILCS 465/5)
In this Act:
"Appraised value" means the fair market value of a home determined in
accordance with generally accepted procedures and standards applicable to the
appraisal of real property.
"Authority" means any county or any municipality in this State.
"Bonds" means any revenue bonds authorized under this Act and payable
as provided under this Act.
"Corporate authorities" means the county board or the corporate authorities
of a municipality as defined in the Illinois Municipal Code.
"Home" means real property and improvements on real property located within
the Authority consisting of not more than 4 dwelling units, including, but not
limited to, condominium units owned by one mortgagor who occupies or intends to
occupy one of the units.
"Home mortgage loan" means an interest-bearing loan to a mortgagor evidenced
by a promissory note and secured by a mortgage on a home purchased or
originated in accordance with this Act made for the purpose of acquiring a home
having a purchase price less than the maximum home value.
"Lender" means any lending institution participating in a residential housing
finance plan as the originator of home mortgage loans.
"Lending institution" means any bank, bank holding company, credit union,
trust company, savings bank, national banking association, savings and loan
association, building and loan association, mortgage banker, or other financial
institution that customarily provides service or otherwise aids in the
financing of home mortgages, or any holding company for any of the foregoing.
"Maximum home value" means the amount determined by the corporate
"Mortgagor" means a person of low or moderate income who has received or
qualifies to receive a home mortgage loan on a home.
"Ordinance" means an ordinance adopted and approved by the corporate
authorities of an Authority.
"Purchase price" means the actual consideration paid to the seller of a home.
"Person" means a natural person or persons or a trust, provided that the
trust is for the benefit of a natural person or members of that person's
"Participation commitment" means any undertaking or agreement by a lending
institution to participate in the implementation of a residential housing
"Persons of low or moderate income" means a person or family (consisting of
one or more persons all of whom occupy or will occupy the home) whose aggregate
gross income including the gross income of any co-signer or guarantor of the
promissory note made in connection with the making of a home mortgage loan does
not exceed a maximum amount to be established by the corporate authorities and
determined in accordance with appropriate criteria, rules, and regulations,
approved by the corporate authorities in connection with the implementation of
a residential housing finance plan.
"Residential housing finance plan" means a program implemented under this
Act by an Authority to assist persons of low or moderate income in acquiring
safe, decent, and sanitary housing that they can afford.
"State" means the State of Illinois.
"Trustee" means any State or national bank or trust company, having trust
powers, located within or outside the State of Illinois, that may be appointed
to act in any capacity with respect to a residential housing finance plan and
the issuance of bonds to finance that plan whether designated as a trustee,
custodian, or administrator.
(Source: P.A. 92-142, eff. 7-24-01.)