(315 ILCS 5/18.1) (from Ch. 67 1/2, par. 80a)
Sec. 18.1.
A Commission created for a municipality having a population
in excess of 500,000 as determined by the last preceding Federal or
State census, with the approval of the Department and the governing body
of the municipality in which the project
is located, may sell and convey any part of the real property within the
area of a slum and blighted area redevelopment project as defined in
Subsection (k) of Section 3 hereof to a Housing Authority created under
an Act entitled "An Act in relation to housing authorities," approved
March 19, 1934, as amended, having jurisdiction within the area of the
redevelopment project or projects. Any real property sold and conveyed
to a Housing Authority pursuant to the provisions of this Section shall
be for the sole purpose of resale pursuant to the terms and provisions
of Section 5 of an Act entitled "An Act to facilitate the development
and construction of housing, to provide governmental assistance
therefor, and to repeal an Act herein named," approved July 2, 1947, to
a nonprofit corporation, or nonprofit corporations, organized for the
purpose of constructing, managing and operating housing projects and the
improvement of housing conditions, including the sale or rental of
housing units to persons in need thereof. No sale shall be consummated
pursuant to this Section unless the nonprofit corporation to which the
Housing Authority is to resell, obligates itself to use the land for the
purposes designated in the approved plan referred to in Section 19.1
hereof and to commence and complete the building of the improvements
within the periods of time which the Commission fixes as reasonable and
unless the Commission is satisfied that the nonprofit corporation will
have sufficient moneys to complete the redevelopment in accordance with
the approved plan.
Any real property sold and conveyed to a Housing Authority pursuant
to the provisions of this Section shall be sold at its use value (which
may be less than its acquisition cost), which represents the value at
which the Commission determines such land should be made available in
order that it may be developed or redeveloped for the purposes specified
in the approved plan.
(Source: P.A. 81-1509.)
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