reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 120 - STATE ADMINISTRATION OF THE FEDERAL COMMUNITY SERVICES BLOCK GRANT PROGRAM › Section 120.120 - Eligibility Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
Client eligibility for the Illinois Community Services Block
				Grant Program is limited to the 3 listed categories.
a) Clients served must be "low-income" which
			 is at or below 125% of the poverty line as determined annually and published in
			 the Federal Register by the U.S. Department of Health and Human Services (HHS).
			 CAAs may set more restrictive eligibility provisions (i.e., majority, at least
			 51% of clients served must be at or below 100% of HHS' poverty level with the
			 remainder of the clients served at 125% of the poverty line). Client income may
			 be determined by actual annual income or a projection of income based on the
			 prior 90 days (whichever is most beneficial to the client).
At client intake: disregard CSBG scholarship funds, training
				stipends and other student financial aid when determining family income.
Ongoing/long-term programs: clients eligible at intake and
				enrolled in a CAA Family and Community Development program may remain eligible
				for up to five years or until they reach 185% of the poverty line as long as
				they are progressing in the program and there is at least quarterly client
				contact. Clients eligible at intake and enrolled in other multi-year programs
				may remain eligible for up to two years or until they reach 185% of the poverty
				line as long as they are progressing in the program. The CAA must assess and
				document the income each year for the participants in the multi-year programs;
				however, original eligibility prevails until the thresholds and conditions
				described in this subsection are reached.
b) Extreme emergency assistance may be
			 provided to individuals and families who are victims of natural or manmade
			 disasters without regard to income eligibility. This category is included to
			 allow CAAs to quickly respond to sudden events that cause swift and temporary
			 poverty. This category includes victims of fire, floods, tornadoes and other
			 disasters. Special written authorization from DCCA must be obtained if clients
			 in this category will exceed 10% of the total CSBG clients served in a grant
			 period.
c) Each CAA is given
			 discretion to calculate income for selected clients net of extreme expenses in
			 areas such as medical, housing, child care and transportation and to waive
			 income restrictions for clients who have experienced a substantial loss of
			 income through an employment or family related crisis. These discretional
			 provisions fall under the same limitation that is in place for victims of
			 natural or manmade disasters. Special written authorization from DCCA must be
			 obtained if clients in this category and the preceding category (Section
			 120.120(a)(2)
			 ) will exceed 10% of the total CSBG clients served in a grant period.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 120 - STATE ADMINISTRATION OF THE FEDERAL COMMUNITY SERVICES BLOCK GRANT PROGRAM › Section 120.130 - Limitations On Use of CSBG Funds

Current through Register Vol. 48, No. 28, July 12, 2024
CSBG funds shall not be used by the State or its Grantees for
				the purchase or improvement of land or the purchase, construction, or permanent
				improvement (other than low-cost residential weatherization or other
				energy-related home repairs) of any building or other facility. The U.S.
				Department of Health and Human Services may waive this limitation upon the
				State's request for such a waiver if the request describes extraordinary
				circumstances to justify the purchase of land or the construction of facilities
				(or the making of permanent improvements) and that permitting the waiver will
				contribute to the State's ability to carry out the purposes of this
				Act.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 120 - STATE ADMINISTRATION OF THE FEDERAL COMMUNITY SERVICES BLOCK GRANT PROGRAM › Section 120.140 - Incorporation by Reference

Current through Register Vol. 48, No. 28, July 12, 2024
Any incorporation by reference in this Part of the rules and
				regulations of any agency of the United States or of standards of a nationally
				recognized organization or association includes no new amendments or editions
				after the date specified.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 160 - EMERGENCY SHELTER GRANTS PROGRAM › Section 160.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of the Emergency Shelter Grants Program is to
				provide assistance for homeless and near-homeless individuals through local
				not-for-profit organizations, thus affording emergency relief from human
				deprivation.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 160 - EMERGENCY SHELTER GRANTS PROGRAM › Section 160.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
For the purposes of this Part, definitions provided in the U.S.
				Department of Housing and Urban Development (HUD) Emergency Shelter Grants
				Program rules ( 24 CFR 575.3(1987) ) are applicable.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 160 - EMERGENCY SHELTER GRANTS PROGRAM › Section 160.30 - Program Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Eligible Grantees. Any unit of general local government may apply for funding
			 on behalf of any private, not-for-profit organization providing services to the
			 homeless, or a not-for-profit organization may apply directly for
			 funds.
b) Eligible activities.
			 Emergency shelter grant amounts may be used for one or more of the following
			 activities relating to emergency shelter for the homeless:
1) Renovation, rehabilitation, or conversion
			 of buildings (as defined in 24 CFR 575.3(1987) ) for use as emergency shelters
			 for the homeless. Reimbursement under these activities shall not exceed the
			 cost to erect a comparable new building.
2) Provision of essential services, including
			 (but not limited to) services concerned with employment, health, substance
			 abuse, education, or food. Grant amounts provided to a unit of general local
			 government or not-for-profit organization may be used to provide an essential
			 service only if:
A) The service is a new
			 service or a quantifiable increase in the level of a service above that which
			 the unit of general local government provided during the twelve (12) calendar
			 months immediately before it received the grant amounts; and
B) Not more than thirty (30) percent of the
			 grant amounts is used for these services.
3) Payment of maintenance, operation
			 (including insurance, utilities, furnishings and food).
4) Homelessness prevention activities, such
			 as short-term subsidies to defray rent and utility arrearage for families that
			 have received eviction or utility termination notices, security deposits or
			 first month's rent, or other innovative programs and activities designed to
			 prevent homelessness. Not more than thirty (30) percent of the grant amounts is
			 used for these services.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 160 - EMERGENCY SHELTER GRANTS PROGRAM › Section 160.40 - Shelter Categories

Current through Register Vol. 48, No. 28, July 12, 2024
Applicants may propose to provide shelter assistance within one
				of the following shelter categories:
a) Emergency Shelters (limited) which provide
			 bed space and food, one night at a time, and do not provide supportive
			 services.
b) Emergency Shelters
			 (programmatic) which provide bed space and food for one night or more and some
			 supportive services.
c)
			 Transitional Shelters which provide temporary residence, food and some
			 supportive services, not to exceed 120 consecutive days. The shelter
			 accommodates three or more persons who are not related to the applicants or
			 owner by blood or marriage.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 160 - EMERGENCY SHELTER GRANTS PROGRAM › Section 160.50 - Notice of Fund Availability

Current through Register Vol. 48, No. 28, July 12, 2024
The Department of Commerce and Community Affairs (Department)
				shall release on an annual basis request for proposals (RFPs) for the purpose
				of soliciting formal applications from eligible local governments and
				not-for-profit organizations. Applicants shall submit completed packages in
				accordance with a schedule annually established by the Department. An original
				and two copies should be submitted to the Housing Assistance
				Division.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 160 - EMERGENCY SHELTER GRANTS PROGRAM › Section 160.70 - Selection for Funding

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 Department shall screen applications to determine that all requirements of the
			 application package have been addressed. Completed applications will be
			 reviewed and evaluated by Department staff to determine which applicants:
1) demonstrate the greatest need for funds in
			 their
A) estimate of the number of homeless in
			 the area and the number of homeless to be served by grant funds,
B) description of the unmet needs of the
			 homeless in the area, and
C)
			 description of the relationship of the proposed activities to the identified
			 needs;
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 160 - EMERGENCY SHELTER GRANTS PROGRAM › Section 160.90 - Incorporation by Reference

Current through Register Vol. 48, No. 28, July 12, 2024
Any incorporation by reference in this Part of the rules and
				regulations of any agency of the United States or of standards of a nationally
				recognized organization or association includes no new amendments or editions
				made after the date specified.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 220 - SINGLE FAMILY MORTGAGE PURCHASE PROGRAM (REPEALED) › Subpart C - PURCHASE OF MORTGAGE LOANS (REPEALED) › Section 220.303 - Terms and Conditions of the Purchase of Mortgage Loans (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 250 - SINGLE FAMILY MORTGAGE PURCHASE PROGRAM II (REPEALED) › Subpart C - PURCHASE OF MORTGAGE LOANS (REPEALED) › Section 250.303 - Terms and Conditions of the Purchase of Mortgage Loans (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart A - GENERAL RULES › Section 260.101 - Authority

Current through Register Vol. 48, No. 28, July 12, 2024
These Rules are authorized by and made pursuant to Sections
				  7.19 and 7.23 of the Illinois Housing Development Act [20 ILCS 3805/7.19 and
				  7.23] and shall govern the Illinois Housing Development Authority's single
				  family mortgage purchase program (the "Program") funded by its Homeowner
				  Mortgage Revenue Bonds.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart A - GENERAL RULES › Section 260.102 - Purposes and Objectives

Current through Register Vol. 48, No. 28, July 12, 2024
These Rules are established to accomplish the general
				  purposes of the Illinois Housing Development Act and in particular the
				  purchasing and making of loans in accordance with the Program to achieve the
				  following objectives: the provision of funds to finance, at interest rates
				  below those otherwise available, residential mortgage loans for low and
				  moderate income persons and families; the provision of housing to alleviate the
				  shortage of adequate housing in the State of Illinois for such persons and
				  families that are residents of the State of Illinois; and the effective
				  participation by mortgage lenders in the Program, while restricting their
				  financial return to what is necessary to induce such
				  participation.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart A - GENERAL RULES › Section 260.104 - Borrowing by the Authority

Current through Register Vol. 48, No. 28, July 12, 2024
To the extent allowed by State or federal law and the Act,
				  the Authority may borrow funds with which to purchase Mortgage Loans or
				  securities, or to facilitate the origination of Mortgage Loans under the
				  Programs.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart A - GENERAL RULES › Section 260.105 - Compliance with Federal Law

Current through Register Vol. 48, No. 28, July 12, 2024
Notwithstanding anything in this Part to the contrary, this
				  Part shall be construed in conformity and compliance with applicable federal
				  law, including, without limit, Section 143 of the Code.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart A - GENERAL RULES › Section 260.106 - Standards

Current through Register Vol. 48, No. 28, July 12, 2024
In administering the Program, the Authority and the Staff, in
				  those instances permitting the exercise of discretion, shall consider, in
				  addition to the criteria specifically set forth in this Part, the following
				  factors:
a) the purpose of the
				Program;
b) the financial condition
				and previous lending experience of potential and participating Lenders and
				Servicers;
c) the Authority's
				ability to purchase or redeem the Bonds and to comply with the requirements of
				the Resolution and applicable Series Resolutions;
d) the financial integrity of the
				Program;
e) the desirability of
				achieving a reasonable geographic distribution of Net Proceeds throughout the
				State; and
f) the standards of the
				prudent lender or investor.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart A - GENERAL RULES › Section 260.107 - Forms for the Program

Current through Register Vol. 48, No. 28, July 12, 2024
The Staff may prepare, use, supplement and amend forms,
				  agreements and other documentation as may be necessary to implement the
				  Programs, as may be prescribed by the Director, Deputy Director, Assistant
				  Director or Managing Director.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart A - GENERAL RULES › Section 260.108 - Fees and Charges of the Authority

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority may establish charges, premiums and penalties
				  as it may deem necessary to administer the Programs after consideration of such
				  factors as, but not limited to, financing requirements of the Programs,
				  preferences of bond rating agencies, earnings and arbitrage limitations
				  established by federal or State law and other financial factors relevant to the
				  Programs.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart A - GENERAL RULES › Section 260.110 - Amendment

Current through Register Vol. 48, No. 28, July 12, 2024
This Part may be amended or repealed by the Members from time
				  to time in accordance with the Illinois Administrative Procedure Act and in a
				  manner as they may determine consistent with the Act, the purposes of the
				  Programs and other applicable provisions of law. This Part shall not constitute
				  or create any contractual rights.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart A - GENERAL RULES › Section 260.111 - Severability

Current through Register Vol. 48, No. 28, July 12, 2024
If any clause, sentence, subsection, Section or Subpart of
				  this Part shall be adjudged by any court of competent jurisdiction to be
				  invalid, such judgment shall not affect, impair or invalidate the remainder
				  thereof, but shall be confined in its operation to the clause, sentence,
				  subsection, Section, and Subpart thereof as to which such judgment is
				  rendered.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart A - GENERAL RULES › Section 260.112 - Gender and Number

Current through Register Vol. 48, No. 28, July 12, 2024
All terms used in any one gender or number shall be construed
				  to include any other gender or number as the context may
				  require.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart A - GENERAL RULES › Section 260.113 - Titles and Captions

Current through Register Vol. 48, No. 28, July 12, 2024
Titles and captions of Subparts, Sections, and subsections
				  are used for convenience and reference and are not a part of the
				  text.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart A - GENERAL RULES › Section 260.114 - Calendar Days

Current through Register Vol. 48, No. 28, July 12, 2024
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 Saturday, Sunday, or a legal State or federal
				  holiday.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart B - LENDER APPLICATION PROCESS › Section 260.201 - Invitations to Participate in the Programs

Current through Register Vol. 48, No. 28, July 12, 2024
From time to time the Authority may send application
				  materials to potential Lenders inviting them to submit to the Authority Lender
				  Applications to participate in the Authority's Programs. Lenders wishing to
				  participate in such Programs shall execute and return to the Authority the
				  following documents: the Lender Application, the Mortgage Purchase Agreement
				  (if not already executed), and the Servicing Agreement (if applicable and if
				  not already executed). The Lender Application shall contain, but not be limited
				  to, the following:
a) The
				unconditional agreement of the prospective Lender, effective upon acceptance of
				the Lender Application by the Authority, to sell to the Authority or its
				designee Mortgage Loans that comply with the terms of the Lender Application,
				the Mortgage Purchase Agreement, the Notice of Acceptance and the requirements
				of the Programs;
b) Provision for
				the prospective Lender to furnish financial and other information as the
				Authority may reasonably require;
c) A pro forma copy of any letter of credit
				or pledge of deposits or assets the Authority may require as security for the
				Lender's performance of its obligations under the Series Program.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart B - LENDER APPLICATION PROCESS › Section 260.204 - Notice of Acceptance

Current through Register Vol. 48, No. 28, July 12, 2024
By Notice of Acceptance, the Authority or its designee may
				  commit itself, subject to the conditions set forth in the Lender Application
				  and the Mortgage Purchase Agreement, to purchase Mortgage Loans, as offered by
				  a potential Lender, or to allow the Lender's participation in the Authority's
				  Programs. Immediately after the Authority has issued its Notice of Acceptance
				  to the Lender, the Authority shall execute a Mortgage Purchase Agreement (if
				  not previously executed) with the Lender. Upon receipt of the Notice of
				  Acceptance, the Lender shall be obligated to originate Mortgage Loans in
				  accordance with the terms of the Lender Application, the Notice of Acceptance
				  and the Mortgage Purchase Agreement.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart B - LENDER APPLICATION PROCESS › Section 260.205 - Commitments for Mortgage Loans

Current through Register Vol. 48, No. 28, July 12, 2024
Upon receipt of the Notice of Acceptance, the Lender shall
				  issue commitments to Eligible Borrowers to make Mortgage Loans. The Lender may
				  continue to issue firm commitments for the period set forth in the Notice of
				  Acceptance. Any Mortgage Loans to be purchased by the Authority or its designee
				  shall be purchased by the Authority or its designee by the date indicated in
				  the Notice of Acceptance.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart D - PURCHASE OF MORTGAGE LOANS › Section 260.401 - Mortgage Loans

Current through Register Vol. 48, No. 28, July 12, 2024
Each Mortgage Loan to be purchased under the Programs shall
				  comply with the terms of the Lender Application, the Notice of Acceptance and
				  the Mortgage Purchase Agreement, and shall specifically comply with the
				  following requirements, among others:
a) The original principal amount of each
				Mortgage Loan shall fall below the maximum price limits as set by the Authority
				from time to time. Each Mortgage Loan that has a loan-to-Property Value ratio
				in excess of 80% at the time of origination shall:
1) be insured by a private mortgage insurer
				licensed to do business in the State and qualified to insure single family
				mortgages purchased by the FHLMC, FNMA or successor federal agencies to the
				extent, if any, required, so that the uninsured portion of the Mortgage Loan
				shall not exceed 67% of the Property Value; or
2) be subject to insurance or guaranty by the
				FHA or the VA or any other agency or instrumentality of the United States of
				America having similar powers to insure or guarantee mortgage loans.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart D - PURCHASE OF MORTGAGE LOANS › Section 260.402 - Yield on Mortgage Loans

Current through Register Vol. 48, No. 28, July 12, 2024
In no event shall the yield on Mortgage Loans sold to the
				  Authority or its designee exceed the maximum permitted by application of the
				  provisions of section 143 of the Code.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart D - PURCHASE OF MORTGAGE LOANS › Section 260.404 - Prepayment

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority shall apply any Prepayment it receives as
				  follows:
a) to the purchase of
				additional Mortgage Loans in accordance with the requirements of the
				Program;
b) to the purchase or
				redemption of Bonds, subject in each case to the requirements of the Series
				Resolutions relating to the issuance of its Bonds; or
c) for other corporate purposes of the
				Authority, to the extent permitted by the Resolution.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart D - PURCHASE OF MORTGAGE LOANS › Section 260.405 - Targeted Area Residences

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority or its designee shall comply with the
				  requirements of section 143 of the Code in connection with the purchase of
				  Mortgage Loans on targeted area residences.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart D - PURCHASE OF MORTGAGE LOANS › Section 260.406 - Supplemental Mortgage Coverage

Current through Register Vol. 48, No. 28, July 12, 2024
If required by the applicable Series Resolution, the
				  Authority shall obtain Supplemental Mortgage Coverage for a Series Program in
				  an amount not less than that percentage of the original aggregate principal
				  amount of the Mortgage Loans authorized by such Series Resolution. Such
				  Supplemental Mortgage Coverage shall insure the Authority against losses
				  arising from an event of default under any Mortgage Loan covered by the policy
				  in an amount equal to the unpaid principal balance of, and accrued interest on,
				  the Mortgage Loan and customary fees and expenses paid by the Authority to
				  preserve and protect the mortgaged premises and to foreclose or otherwise
				  dispose of such premises, such as real estate taxes, hazard and private
				  insurance premiums and foreclosure expenses, less the amount received by the
				  Authority under any other insurance policy on the Mortgage Loan or from
				  disposition of such premises or substantially similar
				  benefits.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart E - ADMINISTRATIVE RULES › Section 260.501 - Restrictions on Return Realized by Lenders

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority shall establish the maximum income that may be
				  realized by any Lender and by any agent of any Lender from Mortgage Loans,
				  including any fees, premiums, bonuses and points charged by the Lender or the
				  Lender's agent in connection with the making of Mortgage Loans. The maximum
				  income shall be set at such amounts as the Authority finds reasonably necessary
				  to induce participation in the Programs by Lenders in order to accomplish the
				  purposes of the Act, or to ensure compliance with arbitrage and income
				  limitations of section 143 of the Code.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart E - ADMINISTRATIVE RULES › Section 260.502 - Servicing of Mortgage Loans

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority shall cause all Mortgage Loans purchased by the
				  Authority to be serviced by a Servicer pursuant to the Servicing Agreement. The
				  Servicer may be the Authority, the Lender from which the Mortgage Loans are
				  purchased, or any other party approved by the Authority.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart E - ADMINISTRATIVE RULES › Section 260.504 - Equal Opportunity Lending

Current through Register Vol. 48, No. 28, July 12, 2024
In making Mortgage Loans, the Lender shall not deny such
				  Mortgage Loans to any person or persons or discriminate against such person or
				  persons in fixing the amount, interest rate, duration, or other terms and
				  conditions of such loans on account of race, color, religion, age, sex, marital
				  status, family status, handicap, ancestry, national origin or unfavorable
				  military discharge; and shall otherwise be subject to all State and federal
				  requirements with respect to non-discrimination in lending including, without
				  limitation, Title VI of the U.S. Civil Rights Act of 1964 ( 42 U.S.C. Section
				  2000 et seq.), Title VIII of the U.S. Civil Rights Act of 1968 ( 42 U.S.C.
				  Section 3604 et seq.), as amended by the Housing and Community Development Act
				  of 1974 ( 42 U.S.C. Section 5301 et seq.), the Equal Credit Opportunity Act (
				  15 U.S.C. Sections 1691 - 1691F ), the Fair Credit Reporting Act ( 15 U.S.C.
				  Sections 1681 - 1681t ), the Fair Housing Act ( 42 U.S.C. 3601-20 ), the
				  Illinois Human Rights Act [775 ILCS 5 ] and Section 13 of the
				  Act.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart E - ADMINISTRATIVE RULES › Section 260.505 - Inspection of Books and Records

Current through Register Vol. 48, No. 28, July 12, 2024
Upon prior written notice, the Authority may inspect,
				  examine, and copy the books and records of each Lender for the purpose of
				  determining compliance with the Act and all contracts and agreements between
				  the Authority and such Lender relating to the Program.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 260 - HOMEOWNER MORTGAGE REVENUE BOND PROGRAM › Subpart E - ADMINISTRATIVE RULES › Section 260.506 - Termination

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority or designee shall retain the right to terminate
				  its obligation to purchase Mortgage Loans associated with any particular issue
				  of Bonds under the Programs, subject to applicable State law and to its
				  existing contractual obligations, including contractual obligations arising
				  under a Lender Application, a Notice of Reservation of Funds, a Notice of
				  Acceptance, a Mortgage Purchase Agreement and a Servicing
				  Agreement.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart A - GENERAL RULES › Section 300.101 - Authority

Current through Register Vol. 48, No. 28, July 12, 2024
This Part is authorized by and made pursuant to Sections 7.19
				  and 7.23 of the Illinois Housing Development Act [20 ILCS 3805/7.19 and 7.23]
				  and shall govern the Illinois Housing Development Authority's homeownership
				  mortgage loan program (the "Program") funded by its Bonds and from other
				  sources of funds available to the Authority.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart A - GENERAL RULES › Section 300.102 - Purposes and Objectives

Current through Register Vol. 48, No. 28, July 12, 2024
This Part is established to accomplish the general purpose of
				  the Illinois Housing Development Act and in particular the origination, making
				  and purchasing of residential mortgage loans in accordance with the Program to
				  achieve the following objectives: the provision of funds to finance, at
				  affordable interest rates and/or other terms more favorable than those
				  otherwise available, residential mortgage loans for Low and Moderate Income
				  Persons and families; the provision of housing to alleviate the shortage of
				  adequate housing in the State of Illinois for persons and families that are
				  residents of the State of Illinois; and the effective participation by mortgage
				  lenders in the Program.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart A - GENERAL RULES › Section 300.104 - Borrowing by the Authority

Current through Register Vol. 48, No. 28, July 12, 2024
To the extent allowed by State or federal law and the Act,
				  the Authority may borrow funds with which to purchase Mortgage Loans,
				  Mortgage-Backed Securities or other securities, or to facilitate the
				  origination of Mortgage Loans under the Programs.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart A - GENERAL RULES › Section 300.105 - Compliance with Federal Law

Current through Register Vol. 48, No. 28, July 12, 2024
Notwithstanding anything in this Part to the contrary, this
				  Part shall be construed in conformity and compliance with applicable federal
				  law, including, without limit, section 143 of the Code to the extent
				  applicable.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart A - GENERAL RULES › Section 300.106 - Standards

Current through Register Vol. 48, No. 28, July 12, 2024
In administering the Program, the Authority and the Staff, in
				  those instances permitting the exercise of discretion, shall consider, in
				  addition to the criteria specifically set forth in this Part,
the following factors:
a) the purpose of the Program;
b) the financial condition and previous
				lending experience of potential and participating Lenders and
				Servicers;
c) to the extent the
				Program is financed through the issuance of Bonds, the Authority's ability to
				purchase or redeem the Bonds or to retire Bonds at their maturity and to comply
				with the requirements of any applicable resolution or indenture of the
				Authority and applicable State and federal law;
d) the financial integrity of the
				Program;
e) the desirability of
				achieving a reasonable geographic distribution of Program Funds throughout the
				State; and
f) the standards of the
				prudent lender or investor.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart A - GENERAL RULES › Section 300.107 - Forms for the Program

Current through Register Vol. 48, No. 28, July 12, 2024
The Staff may prepare, use, supplement and amend forms,
				  agreements and other documentation as may be necessary to implement the
				  Program, as may be prescribed by the Director, Deputy Director or Assistant
				  Director.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart A - GENERAL RULES › Section 300.108 - Fees and Charges of the Authority

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority may establish charges, premiums and penalties
				  as it may deem necessary to administer the Program after consideration of such
				  factors as, but not limited to, financing requirements of the Program,
				  preferences of bond rating agencies, earnings and arbitrage limitations
				  established by federal or State law, to the extent applicable, and other
				  financial factors relevant to the Program.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart A - GENERAL RULES › Section 300.109 - Amendment

Current through Register Vol. 48, No. 28, July 12, 2024
This Part may be amended or repealed by the Members from time
				  to time in accordance with the Illinois Administrative Procedure Act and in a
				  manner as they may determine consistent with the Act, the purposes of the
				  Program and other applicable provisions of State and federal law. This Part
				  shall not constitute or create any contractual rights.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart A - GENERAL RULES › Section 300.110 - Severability

Current through Register Vol. 48, No. 28, July 12, 2024
If any clause, sentence, subsection, Section or Subpart of
				  this Part shall be adjudged by any court of competent jurisdiction to be
				  invalid, that judgment shall not affect, impair or invalidate the remainder of
				  this Part, but shall be confined in its operation to the clause, sentence,
				  subsection, Section, and Subpart of this Part to which the judgment is
				  rendered.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart A - GENERAL RULES › Section 300.111 - Gender and Number

Current through Register Vol. 48, No. 28, July 12, 2024
All terms expressed in any one gender or number shall be
				  construed to include any other gender or number as the context may
				  require.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart A - GENERAL RULES › Section 300.112 - Titles and Captions

Current through Register Vol. 48, No. 28, July 12, 2024
Titles and captions of Subparts, Sections, and subsections
				  are used for convenience of reference and are not a part of the
				  text.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart A - GENERAL RULES › Section 300.113 - Calendar Days

Current through Register Vol. 48, No. 28, July 12, 2024
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 Saturday, Sunday, or a legal State or federal
				  holiday.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart B - LENDER APPLICATION PROCESS › Section 300.201 - Invitations to Participate in the Programs

Current through Register Vol. 48, No. 28, July 12, 2024
From time to time the Authority may send application
				  materials to potential Lenders inviting them to submit to the Authority Lender
				  Applications to participate in the Program. Lenders wishing to participate in
				  the Program shall execute and return to the Authority: the Lender Application
				  and the Mortgage Purchase Agreement (if not already executed). The Lender
				  Application shall contain, but not be limited to, the following:
a) The unconditional agreement of the
				prospective Lender, effective upon acceptance of the Lender Application by the
				Authority, to sell to the Authority or its designee Mortgage Loans that comply
				with the terms of the Lender Application, the Mortgage Purchase Agreement, the
				Notice of Acceptance and the requirements of the Program;
b) Provision for the prospective Lender to
				furnish financial and other information as the Authority may reasonably
				require; and
c) A pro forma copy of
				any 1etter of credit or pledge of deposits or assets the Authority may require
				as security for the Lender's performance of its obligations under the
				Program.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart B - LENDER APPLICATION PROCESS › Section 300.202 - Notice of Acceptance

Current through Register Vol. 48, No. 28, July 12, 2024
By Notice of Acceptance, the Authority or its designee may
				  commit itself, subject to the conditions set forth in the Lender Application
				  and the Mortgage Purchase Agreement, to purchase Mortgage Loans, as offered by
				  a potential Lender, or to allow the Lender's participation in the Authority's
				  Program. Immediately after the Authority has issued its Notice of Acceptance to
				  the Lender, the Authority shall execute a Mortgage Purchase Agreement (if not
				  previously executed) with the Lender. Upon receipt of the Notice of Acceptance,
				  the Lender shall be obligated to originate Mortgage Loans in accordance with
				  the terms of the Lender Application, the Notice of Acceptance and the Mortgage
				  Purchase Agreement.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart B - LENDER APPLICATION PROCESS › Section 300.203 - Commitments for Mortgage Loans

Current through Register Vol. 48, No. 28, July 12, 2024
Upon receipt of the Notice of Acceptance, the Lender shall
				  issue commitments to Eligible Borrowers to make Mortgage Loans. The Lender may
				  continue to issue firm commitments for the period set forth in the Notice of
				  Acceptance. Any Mortgage Loans to be purchased by the Authority or its designee
				  shall be purchased by the Authority or its designee by the date indicated in
				  the Notice of Acceptance.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart C - PURCHASE OF MORTGAGE LOANS › Section 300.301 - Mortgage Loans

Current through Register Vol. 48, No. 28, July 12, 2024
Each Mortgage Loan to be purchased under the Program shall
				  comply with the terms of the Lender Application, the Notice of Acceptance and
				  the Mortgage Purchase Agreement, and shall specifically comply with the
				  following requirements, among others:
a) The original principal amount of each
				Mortgage Loan shall not exceed the maximum loan amount set by the Authority
				from time to time. The loan-to-Property Value ratio for each Mortgage Loan
				shall not exceed the maximum loan-to-Property Value ratio set by the Authority
				from time to time.
b) Each Mortgage
				Loan shall be Insured, unless, and only to the extent that, FNMA, FHLMC or
				GNMA, as issuer and/or guarantor of Mortgage-Backed Securities, do not require
				that particular Mortgage Loans be insured to be included in pools of Mortgage
				Loans underlying Mortgage-Backed Securities issued and/or guaranteed by FNMA,
				FHLMC or GNMA.
c) Each Mortgage
				Loan to be purchased by the Authority or its designee shall be secured by a
				Mortgage on a Qualified Dwelling and shall also meet the applicable terms and
				conditions set forth in this Part, the Lender Application, the Notice of
				Acceptance and the Mortgage Purchase Agreement. Lenders shall sell to the
				Authority or its designee, and the Authority or its designee shall purchase,
				only Mortgage Loans made to Eligible Borrowers.
d) Each Mortgage securing a Mortgage Loan to
				be purchased by the Authority or its designee shall:
1) be executed on a form approved by the
				Authority or its designee;
2) be a
				valid first Mortgage lien on a Qualified Dwelling;
3) have a term not exceeding 40
				years;
4) be consistent with
				Illinois law; and
5) conform with
				the requirements prescribed by the Authority and any applicable
				insurer.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart C - PURCHASE OF MORTGAGE LOANS › Section 300.302 - Yield on Certain Mortgage Loans

Current through Register Vol. 48, No. 28, July 12, 2024
In no event shall the yield on Mortgage Loans financed or
				  refinanced from the proceeds of Bonds that are Tax-Exempt and sold to the
				  Authority or its designee exceed the maximum permitted by application of the
				  provisions of section 143 of the Code.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart C - PURCHASE OF MORTGAGE LOANS › Section 300.304 - Prepayments

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority shall apply any Prepayments it receives with
				  respect to Mortgage Loans as follows:
a) to the purchase of additional Mortgage
				Loans in accordance with the requirements of the Program;
b) in the case of Prepayments with respect to
				any Mortgage Loan financed in whole or in part from the proceeds of Bonds, to
				the extent the Prepayments are allocable to proceeds of Bonds, to the purchase
				or redemption of Bonds, subject in each case to the requirements of the
				applicable resolution or indenture of the Authority pursuant to which the funds
				were provided to purchase the Mortgage Loan with respect to which the
				Prepayment was received; or
c) for
				other corporate purposes of the Authority, to the extent permitted by the
				applicable resolution or indenture of the Authority pursuant to which the funds
				were provided to purchase the Mortgage Loan with respect to which the
				Prepayment was received.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart C - PURCHASE OF MORTGAGE LOANS › Section 300.305 - Targeted Area Residences

Current through Register Vol. 48, No. 28, July 12, 2024
To the extent that Mortgages or Mortgage-Backed Securities
				  are purchased from proceeds of Bonds that are Tax-Exempt, the Authority or its
				  designee shall comply with the requirements of section 143 of the Code in
				  connection with the purchase of Mortgage Loans on targeted area residences or
				  the financing of such Mortgage Loans through the purchase of Mortgage-Backed
				  Securities.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart D - PURCHASE AND SALE OF MORTGAGE-BACKED SECURITIES › Section 300.401 - Purchase of Mortgage-Backed Securities

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority may purchase Mortgage-Backed Securities from
				  time to time from proceeds of Bonds, as an investment of funds in the
				  Authority's Administrative Fund or other Authority Funds and accounts, as a
				  temporary investment of funds held by a trustee under any resolution or
				  indenture of the Authority pursuant to which Bonds have been issued, or from
				  other funds of the Authority legally available for the purpose, in all cases to
				  the extent permitted by applicable State and federal law and, if applicable,
				  the terms of any applicable resolution or indenture of the Authority, for the
				  purpose of providing assisted mortgage financing or refinancing for Low and
				  Moderate Income Persons under the Program. Mortgage Loans pooled in connection
				  with the issuance and purchase by the Authority of any Mortgage-Backed Security
				  shall meet the criteria for Mortgage Loans in Sections
				  300.301 and
				  300.303.
				  The Authority may provide assistance with closing costs or a down payment to
				  the Eligible Borrower under any such Mortgage Loan as provided in Section
				  300.303(c).
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart D - PURCHASE AND SALE OF MORTGAGE-BACKED SECURITIES › Section 300.402 - Sale of Mortgage-Backed Securities

Current through Register Vol. 48, No. 28, July 12, 2024
In order to provide assisted mortgage financing or
				  refinancing or Mortgage Loans for Low and Moderate Income Persons under the
				  Program, the Authority may sell Mortgage-Backed Securities held by the
				  Authority or may direct a trustee under a resolution or indenture of the
				  Authority pursuant to which Bonds have been issued that is holding
				  Mortgage-Backed Securities as a temporary investment of funds held by the
				  trustee under the resolution or ordinance, subject to applicable limitations
				  under State or federal law or the applicable resolution or indenture of the
				  Authority. Proceeds of sale of Mortgage-Backed Securities originally purchased
				  from Authority funds shall be used for lawful Authority purposes, including,
				  without limitation, providing further assisted mortgage financing or
				  refinancing of Mortgage Loans for Low and Moderate Income Persons under the
				  Program and originally purchased as a temporary investment of funds held by a
				  trustee under a resolution or indenture of the Authority pursuant to which
				  Bonds have been issued shall be applied as provided in the resolution or
				  indenture. In connection with the sale, the Authority may enter into
				  documentation necessary to effect the sale.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM › Subpart D - PURCHASE AND SALE OF MORTGAGE-BACKED SECURITIES › Section 300.403 - Yield on Certain Mortgage-Backed Securities

Current through Register Vol. 48, No. 28, July 12, 2024
In no event shall the yield on Mortgage-Backed Securities
				  purchased from the proceeds of Bonds that are Tax-Exempt exceed the maximum
				  permitted by application of section 143 of the Code.