65 ILCS 5/11-74.5-2
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (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.)