Sec. 4. (a) An owner of subsidized housing shall provide to the clerk of the unit of local government and to IHDA notice of the earliest date upon which he may exercise.

258 words·~1 min read·/il/chapter-765/act-925/4

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Sec. 4.

(a)An owner of subsidized housing shall provide to the clerk of the unit of local government and to IHDA notice of the earliest date upon which he may exercise prepayment of mortgage. Such notice shall be delivered at least 12 months prior to the date upon which the owner may prepay the mortgage. The notice shall include the following information:

(1)the name and address of the owner or managing agent of the building;

(2)the earliest date of allowed prepayment;

(3)the number of subsidized housing units in the building subject to prepayment, and

the number of subsidized housing units occupied by persons age 62 or older, or by persons with disabilities, and households with children;

(4)the rental payment paid by each household occupying a subsidized housing unit, not

including any federal subsidy received by the owner for such subsidized housing unit; and

(5)the rent schedule for the subsidized housing units as approved by HUD or FmHA.

Such notice shall be available to the public upon request.

(b)Twelve months prior to the date upon which an owner may exercise prepayment of mortgage, the owner shall:

(1)post a copy of such notice in a prominent location in the affected building and

leave the notice posted during the entire notice period, and

(2)deliver, personally or by certified mail, copies of the notice to all tenants

residing in the building.

The owner shall provide a copy of the notice to all prospective tenants. Such notices shall be on forms prescribed by IHDA.