(310 ILCS 10/8.4a)
Sec. 8.4a.
Additional powers.
In addition to powers conferred by this Act
and other laws
concerning housing
authorities, generally, an
Authority for a municipality having a population in excess of 1,000,000 may do
any of the following:
(a) Issue revenue bonds for the purpose of financing the
construction, equipping, or rehabilitation or refinancing of
multifamily rental
housing and for the provision of capital improvements in connection with and
determined necessary to the multifamily rental housing located within the
municipality having a population in excess of 1,000,000.
(b) Make or undertake commitments to make loans to finance the
construction, equipping, or rehabilitation or refinancing of
multifamily rental
housing located within the municipality having a population in excess of
1,000,000.
(c) Purchase or undertake, directly or indirectly through lending
institutions, commitments to purchase, construction loans, and mortgage loans
originated in accordance with a financing agreement with the Authority to
finance the construction, equipping, or rehabilitation or
refinancing
of multifamily rental housing located within the municipality having a
population in excess of 1,000,000, or make loans to lending institutions under
terms and conditions which, in addition to other provisions determined by the
Authority, shall require the lending institutions to use the net proceeds of
the loans for the making, directly or indirectly, of construction loans or
mortgage loans to finance the construction, equipping,
rehabilitation or refinancing of multifamily rental housing located within the
municipality having a population in excess of 1,000,000.
(Source: P.A. 92-481, eff. 8-23-01.)
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