Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart D - MORTGAGE LOAN › Section 310.401 - Maximum Mortgage Loan Amount

Current through Register Vol. 48, No. 28, July 12, 2024
a) Establishing Amount. The maximum Mortgage
				Loan amount available to an Owner that is a Limited-Profit Entity is 90% of the
				Cost of Development, as determined and approved by the Authority in its sole
				discretion. The maximum Mortgage Loan amount available to an Owner that is a
				Nonprofit Corporation is 100% of the Cost of Development, as determined by the
				Authority in its sole discretion.
b) Mortgage Loan Increase. After the
				Authority has made a Mortgage Loan for a Development, nothing contained in this
				Section shall prohibit the Authority from increasing the amount of the Mortgage
				Loan in excess of the limitations specified in Section
				310.401 of
				this Part if the Authority, in its sole discretion, determines that the
				increase is necessary to maintain the financial stability or economic viability
				of the Development. In deciding whether to approve a Mortgage Loan increase,
				the Authority shall consider the physical condition of the Development, the
				value of the Development as security for the Mortgage Loan, the Authority's
				ability to provide the Mortgage Loan increase, the ability of the Owner to
				repay the Mortgage Loan out of gross Development income, the financial status
				of the Development, and any other relevant factors.
c) Refinancing Mortgage Loans in Foreclosure
				or Default. Nothing contained in this Section shall prohibit the Authority from
				settling defaults under any existing Mortgage Loan or restructuring a defaulted
				Mortgage Loan pursuant to settlement terms that the Authority deems
				appropriate, including making a new Mortgage Loan to pay all or a portion of
				the amounts due and owing under the defaulted Mortgage Loan and any costs, fees
				and expenses of the Authority in connection with the defaulted Mortgage Loan
				and the restructuring of the Mortgage Loan. Any new Mortgage Loan that is made
				in settlement and/or restructuring of a defaulted Mortgage Loan may be in an
				amount that exceeds the amount due and owing under the defaulted Mortgage Loan,
				and shall include only such amounts as the Authority deems necessary and
				appropriate for the financial rehabilitation of the Development and to mitigate
				any loss to the Authority, including, without limitation, the following: the
				costs of redeeming any Bonds issued to finance the defaulted Mortgage Loan,
				including any premium payable in connection with the redemption; the costs of
				issuance of any Bonds issued to finance a new Mortgage Loan; the costs of
				audits of the Development or the debt service payments on the defaulted
				Mortgage Loan; the costs of appraisals of the Development and assessments of
				the physical condition of the Development, including, without limitation,
				environmental studies required by the Authority or any third party in
				connection with the settlement; the costs of repair, maintenance or improvement
				of the Development; legal and accounting fees and expenses (including the fees
				and expenses of counsel to the Authority) to the Authority relating to the
				exercise of remedies by the Authority under the defaulted Mortgage Loan; the
				Authority's work-out fees, or other charges made by the Authority against the
				Development; defaulted debt service payments, delinquency payments and other
				amounts due and owing under the defaulted Mortgage Loan; title insurance
				premiums and recording fees; and the Authority's administrative expenses
				relating to the defaulted Mortgage Loan.