(310 ILCS 5/7)
(from Ch. 67 1/2, par. 157)
No housing corporation shall:
(1) Acquire any real property or interest therein unless it shall first
have obtained a certificate from the Illinois Housing Development Authority
that such acquisition is necessary or convenient for the public purpose
defined by this Act.
(2) Sell, transfer, or assign any real property except upon the written
consent of the Illinois Housing Development Authority, except as provided
in Section 26 of this Act. Except as otherwise provided in Section 26, no
real property acquired for housing purposes under this Act shall be sold,
transferred or assigned within a period of 10 years after its
except to another housing corporation, a not-for-profit corporation or a
federal, State or local governmental agency.
(3) In the case of corporations formed on a limited-dividend basis, pay
dividends upon its stock, at a higher rate than 6% per
(4) Issue its stock, securities or obligations in an amount greater in
the aggregate than the total actual final cost, as determined by the
Illinois Housing Development Authority, of the lands and improvements
acquired or constructed by it, plus an allowance for working capital
approved by the Illinois Housing Development Authority.
(5) Mortgage any real property without first having obtained the
approval of the Illinois Housing Development Authority.
(6) Issue any securities or evidences of indebtedness without first
having obtained the approval of the Illinois Housing Development Authority.
(7) Use any building erected or acquired by it for any purpose other
than housing accommodation, except for stores, offices or community
facilities appurtenant and incidental to housing accommodations, to the
extent approved by the Illinois Housing Development Authority.
(8) Charge or accept any rental for housing accommodations in any
building constructed, acquired, operated or managed by it in excess of the
rates prescribed by the Illinois Housing Development Authority.
(9) Enter into contracts for the construction of buildings or for the
payment of salaries to officers or employees, or for the purchase of
materials, equipment or supplies, except subject to the inspection and
revision of the Illinois Housing Development Authority, and under such
regulations as the Illinois Housing Development Authority may from time to
No housing corporation or contractor employed thereby shall deny
employment to any person on account of race, creed, color, sex or national
(10) Make any guaranty without the approval of the Illinois Housing
(11) Voluntarily dissolve without first having obtained the consent of
the Illinois Housing Development Authority.
(Source: P.A. 91-357, eff. 7-29-99.)