Illinois Compiled Statutes 50 ILCS 465 Local Government Housing Finance Act. Section 5

    (50 ILCS 465/5)

    Sec. 5. Definitions. In this Act:

    "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.

    "Authority" means any county or any municipality in this State.

    "Bonds" means any revenue bonds authorized under this Act and payable as provided under this Act.

    "Corporate authorities" means the county board or the corporate authorities of a municipality as defined in the Illinois Municipal Code.

    "Home" means real property and improvements on real property located within the Authority 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 the units.

    "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 Act made for the purpose of acquiring a home having a purchase price less than the maximum home value.

    "Lender" means any lending institution participating in a residential housing finance plan as the originator of home mortgage loans.

    "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 that customarily provides service or otherwise aids in the financing of home mortgages, or any holding company for any of the foregoing.

    "Maximum home value" means the amount determined by the corporate authorities.

    "Mortgagor" means a person of low or moderate income who has received or qualifies to receive a home mortgage loan on a home.

    "Ordinance" means an ordinance adopted and approved by the corporate authorities of an Authority.

    "Purchase price" means the actual consideration paid to the seller of a home.

    "Person" means a natural person or persons or a trust, provided that the trust is for the benefit of a natural person or members of that person's immediate family.

    "Participation commitment" means any undertaking or agreement by a lending institution to participate in the implementation of a residential housing finance plan.

    "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.

    "Residential housing finance plan" means a program implemented under this Act by an Authority to assist persons of low or moderate income in acquiring safe, decent, and sanitary housing that they can afford.

    "State" means the State of Illinois.

    "Trustee" means any State or national bank or trust company, having trust powers, located within or outside the State of Illinois, that may be appointed to act in any capacity with respect to a residential housing finance plan and the issuance of bonds to finance that plan whether designated as a trustee, custodian, or administrator.

(Source: P.A. 92-142, eff. 7-24-01.)

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Last modified: February 18, 2015