(60 ILCS 1/35-50.1)
Sec. 35-50.1. Senior citizens' housing. A township may construct, purchase, improve, extend, or equip senior citizens' housing. The township board shall have the power to do the following:
(1) Own and manage residential rental property for
senior citizens.
(2) Donate township land for senior citizens' housing.
(3) Expend township funds for the construction,
financing, purchase, improvement, equipping, or management of senior citizens' housing.
(4) Employ or contract with management firms to aid
the township board in managing the senior citizens' housing.
(5) Make contracts necessary in the exercise of its
powers under Sections 35-50.1 through 35-50.6.
(6) Enter into agreements with other governmental
units to finance residential rental property for senior citizens.
(7) Issue revenue bonds payable solely from the net
revenue derived from the operation of the senior citizens' housing.
(Source: P.A. 87-922; 88-62.)
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Last modified: February 18, 2015