(65 ILCS 95/13) (from Ch. 24, par. 1613)
Sec. 13.
Economic crisis or housing market recession.
A program
created under this Act provides a guarantee only against specifically local
adverse housing market conditions within the territory of the program as
they may differ from municipal, regional, or national housing conditions.
A program shall not provide relief from adverse municipal-wide, regional, or
national housing market conditions as they may affect local housing conditions.
A program shall not guarantee against a decline in the value of housing due
to economic forces such as a national, regional, or municipal recession or
depression. In the event of a regional decline in the value of housing in
the municipal, regional, or national housing markets, the governing
commission may temporarily suspend coverage under the program in order to
protect the fiscal integrity of the guarantee fund. For the purposes of
this Section, a regional decline in the value of housing is defined as a 5%
annual decline in the median value of existing houses in any 12 month
period for the nation, midwest region, State of Illinois, or municipality in
which the program is located, according to statistics published by the
National Association of Realtors.
(Source: P.A. 85-1044.)
|