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Code · Illinois · Chapter 20 — EXECUTIVE BRANCH · Act 3820

Sec. 70. Community development loans.

117 words·~1 min read·/il/chapter-20/act-3820/70

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Sec. 70. Community development loans.
(a)CDFIs that receive loans from the Authority under Section 65 of this Act shall make and use community development loans pursuant to guidelines established by the Authority and in a manner consistent with the federal Community Development Banking and Financial Institutions Act of 1994 (Public Law 103-325). The guidelines shall include criteria for the approval of a portfolio of loans submitted by CDFIs.
(b)In connection with community development loans under this Section, the recipient of a loan must provide certification to the Authority that the recipient does not have any outstanding debts in the form of delinquent real estate taxes or utility bills that are more than one year outstanding.
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