Illinois General Assembly - Illinois Compiled Statutes

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315 ILCS 30/16

(315 ILCS 30/16) (from Ch. 67 1/2, par. 91.116)

Sec. 16.

The Department, with the approval of the Department of
Commerce and Economic Opportunity and the
governing body of the municipality in
which the redevelopment project is located, may sell and convey not to
exceed 15% of all the real property which is to be used for residential
purposes in the area or areas of a redevelopment project or projects 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,
to provide housing projects pursuant to said last mentioned Act;
provided the Department of Commerce and Economic Opportunity determines that it
is not practicable or feasible to otherwise relocate eligible persons
residing in the area of the redevelopment project or projects in decent,
safe and uncongested dwelling accommodations within their financial
reach, unless such a housing project is undertaken by the Housing
Authority, and provided further that first preference for occupancy in
any such housing project developed by the Housing Authority on such real
property shall be granted to eligible persons from the area included in
the redevelopment project or projects that cannot otherwise be
relocated in decent, safe and uncongested dwelling accommodations within
their financial reach.

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 Department determines such land should be made available in
order that it may be redeveloped for the purposes specified in this
Section.

(Source: P.A. 94-793, eff. 5-19-06.)