Sec. 20. Eligibility for homeownership programs.
108 words·~1 min read·
/il/chapter-310/act-130/20A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 20. Eligibility for homeownership programs. The Illinois Housing Development Authority's homeownership programs, including loan products, grants, and other types of assistance, shall be made available to home buyers and owners seeking to purchase or maintain housing where a leasehold interest in real property is held by a community land trust or other 501(c)(3) organization for the purposes of promoting long-term affordability, preservation of affordable housing, or community revitalization efforts.
Any other type of seller, including for-profit or private sellers of homes, through leasehold agreements, such as installment contracts, contract for deeds, or any other type of purchase or ownership structure, shall not be eligible under this Section.