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(20 ILCS 3805/8)
(from Ch. 67 1/2, par. 308)
The Authority may, pursuant to its rules or regulations, or pursuant to
agreements with persons to whom it makes mortgage or other loans, provide
for methods of limiting profits or cash flow or other distributions
available to limited-profit entities to whom it has made or will make such loans. Such methods may include, without
limitation, a limitation which may vary from period to period based on
changes in the costs of borrowing money and may be changed from time to
time. With respect to mortgage loans to limited profit
entities, the alternative method shall be such as shall, in the sole
judgment of the Authority, result in the lowest rents consistent with
attracting private enterprise to acquire, construct, rehabilitate, operate
and maintain the development. The equity in a development shall consist of the difference between the amount of the mortgage loan and the total cost of the development. The total cost of the development shall include construction or rehabilitation costs including job overhead and a builder's and sponsor's profit and risk fee, architectural, engineering, legal, and accounting costs, organizational expenses, land value, interest and financing charges paid during construction, and the cost of landscaping and off-site improvements, whether or not such costs have been paid in cash or in a form other than cash.
(Source: P.A. 98-260, eff. 8-9-13.)