Sec. 3. As used in this Act:.

362 words·~2 min read·/il/chapter-765/act-925/3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 3. As used in this Act:

(a)"IHDA" means the Illinois Housing Development Authority.

(b)"FmHA" means the Farmers Home Administration or a local housing authority administering an FmHA program.

(c)"HUD" means the United States Department of Housing and Urban Development, or the Federal Housing Administration or a local housing authority administering a HUD program.

(d)"Owner" means the person, partnership, or corporation that is a party to a contract with HUD or FmHA providing for a mortgage, mortgage assistance, mortgage insurance, or rent subsidy; or any spouse, employee, agent, partner, master lessee, business affiliate or associate, or successor in interest of such person, partnership or corporation, that receives or demands rent for the subsidized housing.

(e)"Prepayment of mortgage" means the prepayment of a mortgage, or loan prior to maturity, that is:

(1)insured or held by HUD under Section 221(d)(3) of the National Housing Act and assisted under Section 101 of the Housing and Urban Development Act of 1965 or Section 8 of the United States Housing Act of 1937;

(2)insured or held by HUD and bears interest at a rate determined under the proviso of Section 221(d)(3) of the National Housing Act;

(3)insured, assisted or held by HUD under Section 236 of the National Housing Act;

(4)insured or held by HUD under Section 514 or 515 of the Housing Act of 1949; or

(5)held by HUD and formerly insured under a program listed in this subsection (e).

(f)"Section 8 contract" means a contract with HUD or FmHA which provides rent subsidies entered into pursuant to Section 8 of the United States Housing Act of 1937 or the Section 8 Existing Housing Program (24 C.F.R. Part 882).

(g)"Subsidized housing" means any housing or unit of housing financed by a loan or mortgage insured or held by HUD under a program listed in subsection

(e)of this Section, or subject to a Section 8 contract.

(h)"Unit of local government" means

(1)the municipality within which subsidized housing is located, or

(2)if subsidized housing is not located within the boundaries of any municipality, the county in which the subsidized housing is located.