Illinois Administrative Code

Section 260.506 Termination The Authority or designee shall retain the right to terminate its obligation to purchase Mortgage Loans associated with any particular issue of Bonds under the Programs, subject to applicable State law and to its existing contractual obligations, inclu…

Section 300.101 Authority This Part is authorized by and made pursuant to Sections 7.19 and 7.23 of the Illinois Housing Development Act [20 ILCS 3805/7.19 and 7.23] and shall govern the Illinois Housing Development Authority's homeownership mortgage loan program (the "Program") …

Section 300.102 Purposes and Objectives This Part is established to accomplish the general purpose of the Illinois Housing Development Act and in particular the origination, making and purchasing of residential loans in accordance with the Program to achieve the following objecti…

Section 300.103 Definitions "Act": The Illinois Housing Development Act [20 ILCS 3805]. "Assistant Director": The Assistant Executive Director of the Authority. "Authority": The Illinois Housing Development Authority. "Bonds": The Bonds issued by the Authority pursuant to the Act…

Section 300.104 Borrowing by the Authority To the extent allowed by State or federal law and the Act, the Authority may borrow funds with which to purchase Mortgage Loans, Mortgage-Backed Securities or other securities, or to facilitate the origination of Mortgage Loans under the…

Section 300.105 Compliance with Federal Law Notwithstanding anything in this Part to the contrary, this Part shall be construed in conformity and compliance with applicable federal law, including, without limit, section 143 of the Code to the extent applicable.

Section 300.106 Standards In administering the Program, the Authority and the Staff, in those instances permitting the exercise of discretion, shall consider, in addition to the criteria specifically set forth in this Part, the following factors: a) the purpose of the Program; b)…

Section 300.107 Forms for the Program The Staff may prepare, use, supplement and amend forms, agreements and other documentation as may be necessary to implement the Program, as may be prescribed by the Director, Deputy Director or Assistant Director.

Section 300.108 Fees and Charges of the Authority The Authority may establish charges, premiums and penalties as it may deem necessary to administer the Program after consideration of such factors as, but not limited to, financing requirements of the Program, preferences of bond …

Section 300.109 Amendment This Part may be amended or repealed by the Members from time to time in accordance with the Illinois Administrative Procedure Act and in a manner as they may determine consistent with the Act, the purposes of the Program and other applicable provisions …

Section 300.110 Severability If any clause, sentence, subsection, Section or Subpart of this Part shall be adjudged by any court of competent jurisdiction to be invalid, that judgment shall not affect, impair or invalidate the remainder of this Part, but shall be confined in its …

Section 300.111 Gender and Number All terms expressed in any one gender or number shall be construed to include any other gender or number as the context may require.

Section 300.112 Titles and Captions Titles and captions of Subparts, Sections, and subsections are used for convenience of reference and are not a part of the text.

Section 300.113 Calendar Days Days shall mean calendar days. Due dates falling on a Saturday, Sunday or legal State or federal holiday shall be deemed to fall on the next calendar day that is not Saturday, Sunday, or a legal State or federal holiday. SUBPART B: LENDER APPLICATION…

Section 300.201 Invitations to Participate in the Programs From time to time the Authority may send application materials to potential Lenders inviting them to submit to the Authority Lender Applications to participate in the Program. Lenders wishing to participate in the Program…

Section 300.202 Notice of Acceptance By Notice of Acceptance, the Authority or its designee may commit itself, subject to the conditions set forth in the Lender Application and the Mortgage Purchase Agreement, to purchase Mortgage Loans, as offered by a potential Lender, or to al…

Section 300.203 Commitments for Mortgage Loans Upon receipt of the Notice of Acceptance, the Lender shall issue commitments to Eligible Borrowers to make Mortgage Loans. The Lender may continue to issue firm commitments for the period set forth in the Notice of Acceptance. Any Mo…

Section 300.301 Mortgage Loans Each Mortgage Loan to be purchased under the Program shall comply with the terms of the Lender Application, the Notice of Acceptance and the Mortgage Purchase Agreement, and shall specifically comply with the following requirements, among others: a)…

Section 300.302 Yield on Certain Mortgage Loans In no event shall the yield on Mortgage Loans financed or refinanced from the proceeds of Bonds that are Tax-Exempt and sold to the Authority or its designee exceed the maximum permitted by application of the provisions of section 1…

Section 300.303 Terms and Conditions of the Purchase of Mortgage Loans a) The Authority or its designee shall purchase Mortgage Loans on the terms and conditions and in the manner prescribed in the Mortgage Purchase Agreement. The Mortgage Purchase Agreement shall contain such wa…

Section 300.304 Prepayments The Authority shall apply any Prepayments it receives with respect to Mortgage Loans as follows: a) to the purchase of additional Mortgage Loans in accordance with the requirements of the Program; b) in the case of Prepayments with respect to any Mortg…

Section 300.305 Targeted Area Residences To the extent that Mortgages or Mortgage-Backed Securities are purchased from proceeds of Bonds that are Tax-Exempt, the Authority or its designee shall comply with the requirements of section 143 of the Code in connection with the purchas…

Section 300.401 Purchase of Mortgage-Backed Securities The Authority may purchase Mortgage-Backed Securities from time to time from proceeds of Bonds, as an investment of funds in the Authority's Administrative Fund or other Authority Funds and accounts, as a temporary investment…

Section 300.402 Sale of Mortgage-Backed Securities In order to provide assisted mortgage financing or refinancing or Mortgage Loans for Low and Moderate Income Persons under the Program, the Authority may sell Mortgage-Backed Securities held by the Authority or may direct a trust…

Section 300.403 Yield on Certain Mortgage-Backed Securities In no event shall the yield on Mortgage-Backed Securities purchased from the proceeds of Bonds that are Tax-Exempt exceed the maximum permitted by application of section 143 of the Code.

Section 300.404 Prepayments The Authority shall apply any Prepayments it receives with respect to a Mortgage-Backed Security as follows: a) to the extent the Mortgage-Backed Security was originally purchased from Authority funds for any lawful Authority purposes, including, witho…

Section 300.501 Restrictions on Compensation of Lenders The Authority shall, by resolution of the Members adopted from time to time, establish the maximum compensation that may be realized by any Lender and by any agent of any Lender from Mortgage Loans, including any fees, premi…

Section 300.502 Servicing of Mortgage Loans The Authority shall cause all Mortgage Loans purchased by the Authority or its designee to be serviced by a Servicer pursuant to the Servicing Agreement.

Section 300.503 Equal Opportunity Lending In making Mortgage Loans, the Lender shall not deny a Mortgage Loan to any person or persons or discriminate against the person or persons in fixing the amount, interest rate, duration, or other terms and conditions of the loans on accoun…

Section 300.504 Inspection of Books and Records Upon prior written notice, the Authority may inspect, examine and copy the books and records of each Lender for the purpose of determining compliance with the Act and all contracts and agreements between the Authority and the Lender…

Section 300.505 Termination The Authority or designee shall retain the right to terminate its obligation to purchase Mortgage Loans under the Program, subject to applicable State law and to its existing contractual obligations, including contractual obligations arising under a Le…

Section 302.101 Authority This Part implements Section 3206 [Homeowner Assistance Fund] of the American Rescue Plan Act of 2021, Pub. L. 117-2 enacted in March 2021 and is authorized by Section 7.19 of the Illinois Housing Development Act [20 ILCS 3805/7.19].

Section 302.102 Purpose and Objectives The purpose of the Homeowner Assistance Fund programs is to use moneys to provide assistance to eligible homeowners to mitigate financial hardships associated with the COVID-19 pandemic by preventing homeowner mortgage delinquencies, default…

Section 302.103 Definitions The following definitions apply to terms used in this Part: “American Rescue Plan Act”: The American Rescue Plan Act of 2021, P.L. 117-2 (March 11, 2021). “Annual Income”: The definition established by the U.S. Department of Housing and Urban Developme…

Section 302.104 Compliance with Federal and State Law Notwithstanding anything in this Part to the contrary, this Part shall be construed in conformity and compliance with applicable law, including but not limited to the Uniform Guidance.

Section 302.105 Applications, Forms and Procedures a) The Authority may prepare, use, prescribe, supplement and amend forms, including application forms as may be necessary to implement any HAF program. b) The Authority may accept applications for any HAF program in one or more r…

Section 302.106 Fees and Charges The Authority will not charge an application fee for any HAF Grants.

Section 302.107 Authority Administrative Expenses The Authority is entitled to administrative expenses incurred with respect to the administration of HAF funds. An amount not to exceed 15 percent of the total HAF allocation to the Authority may be used for administrative costs at…

Section 302.108 Amendment This Part may be supplemented, amended or repealed by the Authority from time to time and in a manner consistent with the Illinois Administrative Procedure Act [5 ILCS 100], this Part and other applicable laws. This Part does not constitute or create any…

Section 302.109 Severability If any clause, sentence, paragraph, subsection, Section or Subpart of this Part is adjudged by any court of competent jurisdiction to be invalid, that judgment shall not affect, impair or invalidate the remainder of this Part, but shall be confined in…

Section 302.110 Non-Discrimination a) Unless necessary to comply with applicable federal or State law, the Authority shall not require any type of documentation relating to any household member's immigration status. b) Eligible Homeowners, Eligible Servicers and HSS Providers sha…

Section 302.111 Record Retention Eligible Homeowners, Eligible Servicers and HSS Providers shall maintain copies of any records in their possession in connection with HAF for at least five years from the date of the grant.

Section 302.112 Monitoring The Authority has the right to monitor all records of Eligible Homeowners, Eligible Servicers and HSS Providers relating to an award of funds under any HAF Program. Eligible Homeowners, Eligible Servicers and HSS Providers shall make all records relatin…

Section 302.113 Federal Legislation Notwithstanding anything in this Part to the contrary, this Part shall be construed in conformity and compliance with the American Rescue Plan Act. To the extent that this Part conflicts with federal law, federal law shall control and prevail.

Section 302.114 GATU Unless different provisions are required by law or an exception is granted by GATU: a) HAF payments are considered to be federal financial assistance subject to the Single Audit Act (31 U.S.C. 7501-7507) and the related provisions of the Uniform Guidance, 2 C…

Section 302.115 Accessibility and Transparency a) The Authority shall make publicly accessible by publishing on its website any important information, including, but not limited to, the following: 1) application forms; 2) the program eligibility requirements as set out in Section…

Section 302.116 Required Notifications and Correspondence The Authority shall ensure it communicates clearly with an applicant about the application determination process, including acceptance, status of a pending application, and any reason for denying an application. a) The Aut…