TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 310 MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM
SECTION 310.406 OTHER RESERVE FUNDS
Section 310.406 Other Reserve Funds
The Authority may require the Owner or developer of a Development to deposit with the Authority, on the Initial Closing Date or on the Final Closing Date of a Mortgage Loan, funds for such other reserves as the Authority deems to be necessary to provide adequate security for the Mortgage Loan. The reserves may include, without limitation, tax and insurance reserves, debt service reserves and operating deficit reserves.
(Source: Added at 31 Ill. Reg. 4392, effective February 28, 2007)