(310 ILCS 5/40)
(from Ch. 67 1/2, par. 190)
As used in this Act:
"Department" shall mean the Department of Commerce and Economic Opportunity.
"Illinois Housing Development Authority" shall mean the Illinois
Housing Development Authority created by the Illinois Housing
Development Act of 1967, as amended.
"Community facilities" shall include land, buildings and equipment
for recreation, for social assembly, for education or health or welfare
activities, for the use primarily of tenants of housing accommodations
of a housing corporation.
"Cost" of land shall include all of the following items paid by a
housing corporation in connection with the acquisition thereof when
approved by the Illinois Housing Development Authority; all amounts paid
to the vendor on account of the purchase price, whether in cash,
securities or property; the unpaid balance of any obligation secured by
mortgage remaining upon the premises or created in connection with the
acquisition; all accounts paid for surveys, examination and insurance of
title; attorneys' fees; brokerage; all awards paid in condemnation and
court costs and fees; all documentary and stamp taxes and filing and
recording fees and fees of the Illinois Housing Development Authority
and other expenses of acquisition approved by the Illinois Housing
Development Authority; and shall also include all special assessments
for benefit upon the premises approved by the Illinois Housing
Development Authority whether levied before or after the acquisition.
"Cost" of buildings and improvements, shall include all of the
following items when approved by the Illinois Housing Development
Authority; all amounts, whether in cash, securities or property, paid
for labor and materials for site preparation and construction, for
contractors' and architects' and engineers' fees, for fees or permits of
any municipality, for workers' compensation, liability, fire and other
casualty insurance, for charges of financing and supervision, for
property taxes during construction and for interest upon borrowed and
invested capital during construction, for fees of the Illinois Housing
Development Authority, and other expenses of construction approved by
the Illinois Housing Development Authority.
"Person" shall be deemed to include firm, association, trust or
"Project" shall mean all lands, buildings and improvements acquired,
owned, managed, or operated by a housing corporation designed to provide
housing accommodations and community facilities, stores and offices
appurtenant or incidental thereto, which are planned as a unit, whether
or not acquired or constructed at one time, and which ordinarily are
contiguous or adjacent to one another. The buildings need not be
contiguous or adjacent to one another, and a project may be entirely
composed of either single or multiple dwellings.
(Source: P.A. 94-793, eff. 5-19-06.)