Illinois General Assembly - Illinois Compiled Statutes

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20 ILCS 3805/10

(20 ILCS 3805/10) (from Ch. 67 1/2, par. 310)

Sec. 10.

The Authority shall approve a tenant selection plan submitted by the
applicant for the loan prior to disbursing any funds in connection with the acquisition, rehabilitation, or construction of a development. The Authority shall formulate regulations from time
to time setting forth the criteria for tenant selection plans. These
criteria shall include income limits, which may vary with the size and
circumstances of the family unit of tenants. The income limits shall be
sufficiently flexible to avoid undue economic homogeneity among the tenants
of a development. The Authority may formulate regulations from time to time
for the alteration of occupancies of tenants who exceed established income
limits. The tenant selection plan shall specify how many units in the
development shall be held available for rentals to persons of low or
moderate income, as defined in this Act.

In determining the number of units which shall be so held available for
rental to persons of low or moderate income, the Authority shall require
that the number of dwelling units so held reserved for them in each
development shall not be less than the number required by applicable federal
and State law.

In connection with any mortgage loan for a development, the Authority
may enter into an agreement with the owner of the development as a part of
the loan providing that as long as the loan remains outstanding or such
longer period as is set forth in the agreement, the development shall be
held available for such rentals.  Any such agreement shall, upon being
recorded in the manner provided for recording of deeds or registered in the
manner specified for registration of titles, be binding upon any subsequent
owners of the development as provided by its terms.

(Source: P.A. 98-260, eff. 8-9-13.)