65 ILCS 5/11-74.5-2 — Illinois Code / Chapter 65 / Act 5 / Section 11-74.5-2
Section 11-74.5-2
Status: in_force

(65 ILCS 5/11-74.5-2) (from Ch. 24, par. 11-74.5-2) Sec. 11-74.5-2. Whenever used in this Division: (a) "Appraised value" means the fair market value of a home determined in accordance with generally accepted procedures and standards applicable to the appraisal of real property. (b) "Bonds" means any revenue bonds authorized under this Division and payable as provided hereunder. (c) "Corporate authorities" means the corporate authorities as defined in this Illinois Municipal Code. (d) "Home" means real property and improvements thereon located within the municipality consisting of not more than 4 dwelling units, including but not limited to, condominium units owned by one mortgagor who occupies or intends to occupy one of such units. (e) "Home mortgage loan" means an interest bearing loan to a mortgagor evidenced by a promissory note and secured by a mortgage on a home, purchased or originated in accordance with this Division made for the purpose of acquiring a home having an appraised value or a purchase price, whichever is less, of not less than the minimum home value and less than the maximum home value. (f) "Lender" means any lending institution participating in a residential housing finance plan as the originator of home mortgage loans or as a servicing agent for home mortgage loans. (g) "Lending institution" means any bank, bank holding company, credit union, trust company, savings bank, national banking association, savings and loan association, building and loan association, mortgage banker or other financial institution which customarily provides service or otherwise aids in the financing of home mortgages, or any holding company for any of the foregoing. (h) "Maximum home value" means the amount determined by the corporate authorities. (i) "Minimum home value" means the amount determined by the corporate authorities. (j) "Mortgagor" means a person of low or moderate income and who has received or qualifies to receive a home mortgage loan on a home. (k) "Municipality" means a municipality as defined in this Illinois Municipal Code. (l) "Ordinance" means an ordinance adopted and approved by the corporate authorities of a municipality. (m) "Purchase price" means the actual consideration paid to the seller of a home. (n) "Person" means a natural person or persons or a trust, provided that such trust is for the benefit of a natural person or members of such person's immediate family. (o) "Participation commitment" means any undertaking or agreement by a lending institution to participate in the implementation of a residential housing finance plan. (p) "Persons of low or moderate income" means a person or family (consisting of one or more persons all of whom occupy or will occupy the home) whose aggregate gross income including the gross income of any co-signer or guarantor of the promissory note made in connection with the making of a home mortgage loan does not exceed a maximum amount to be established by the corporate authorities and determined in accordance with appropriate criteria, rules and regulations, approved by the corporate authorities in connection with the implementation of a residential housing finance plan. (q) "Residential housing finance plan" means a program implemented under this Division by a municipality to assist persons of low or moderate income in acquiring safe, decent and sanitary housing which they can afford. (r) "Trustee" means any State or national bank or trust company, having trust powers, located within or outside the State of Illinois, which may be appointed to act in any capacity with respect to a residential housing finance plan and the issuance of bonds to finance such plan whether designated as a trustee, custodian or administrator. (Source: P.A. 90-706, eff. 8-7-98.)