Illinois Administrative Code
Title 47 - HOUSING AND COMMUNITY DEVELOPMENT
Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM
Subpart D - MORTGAGE LOAN
Section 310.406 - Other Reserve Funds
Universal Citation: 47 IL Admin Code ยง 310.406
Current through Register Vol. 48, No. 12, March 22, 2024
The Authority may require the Owner or developer of a Development to deposit with the Authority, on the Initial Closing Date or on the Final Closing Date of a Mortgage Loan, funds for such other reserves as the Authority deems to be necessary to provide adequate security for the Mortgage Loan. The reserves may include, without limitation, tax and insurance reserves, debt service reserves and operating deficit reserves.
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