Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 340 - LOANS TO LENDING INSTITUTIONS › Subpart A - GENERAL RULES › Section 340.103 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
As used in this Part, the following words or terms
				  mean:
"Act": The Illinois Housing Development Act (Ill. Rev. Stat.
				  1985, ch. 671/2, pars. 301 et seq.), as amended.
"Authority": The Illinois Housing Development
				  Authority.
"Commercial Facilities": The land, buildings, improvements,
				  equipment and all ancillary facilities for use for offices; stores; retirement
				  homes; hotels; financial institutions; service, health care, social education,
				  recreation or research establishments; or any other commercial purpose.
"Community Facilities": The land, buildings, improvements and
				  equipment for land development, for health, welfare, recreational, social,
				  educational and commercial activities, and for public and municipal
				  services.
"Days": Days shall mean calendar days. Due dates falling on a
				  Saturday, Sunday, or legal State or federal holiday shall be deemed to fall on
				  the next calendar day that is not a Saturday, Sunday, or a legal State or
				  federal holiday.
"Development": A specific work or improvement undertaken to
				  provide Dwelling Units, including the construction, acquisition, improvement or
				  rehabilitation of lands and buildings, including Community Facilities or
				  Housing Related Commercial Facilities, under the Act.
"Director": The Director of the Authority.
"Dwelling Unit": A house, apartment or single room occupied
				  or to be occupied as a place of residence.
"Housing Related Commercial Facilities": Commercial
				  facilities which are or will be related to a development. Commercial facilities
				  are related to a development if they are, in the sole judgment of the
				  authority, located in the same geographical area, accessible to the development
				  and are:
Necessary or desirable in order to complement the
				  development, enhance the quality of life and provide services and/or employment
				  for residents of that area in which the development is located; or
Commercial facilities in which rent revenues are used to
				  provide funds for paying costs of construction, acquisition, rehabilitation,
				  operation, maintenance, or of debt service on the development or housing
				  related commercial facilities; or
Necessary or desirable in order to make the development
				  successful, for example, facilities that eliminate or prevent slum or blighted
				  conditions, or to preserve historic structures, provided that the facilities
				  are not inconsistent with the development.
"Lending Institution": Any Bank, Trust Company, Savings Bank,
				  Savings and Loan Association, Credit Union, National Banking Association,
				  Mortgage Banking Association, Federal Savings and Loan Association or Federal
				  Credit Unit maintaining an office in the State, any insurance company or any
				  other entity or organization which makes or acquires loans secured by real
				  property and is authorized to do business in the state and maintains an office
				  in the state.
"Loan Recipient": The individual, corporation, partnership,
				  land trust or other entity to which a Lending Institution proposes to make or
				  makes a loan under the Program and which will use such loan funds for the
				  construction, acquisition, improvement or rehabilitation of a Dwelling Unit or
				  Units, Community Facilities, or Housing Related Commercial Facilities for the
				  benefit of Low or Moderate Income Persons or Families.
"Members": The Members of the Authority.
"Part": This Part 340.
"Persons or Families of Low or Moderate Income": Persons or
				  families whose income does not exceed 160% of the median family income, as
				  established by the United States Department of Housing and Urban Development,
				  for either a metropolitan statistical area, a primary metropolitan statistical
				  area or each county in non-metropolitan statistical areas, as shown on Table A
				  ("Income Limits").
"Program": The Authority's Loans to Lending Institutions
				  Program.
"Staff": The Director and Deputy Director and employees of
				  the Authority.
"State": The State of Illinois.