Illinois Administrative Code
Title 47 - HOUSING AND COMMUNITY DEVELOPMENT
Part 366 - AFFORDABLE HOUSING BOND PROGRAM - SINGLE FAMILY
Subpart D - HOMEBUILDER APPLICATION PROCESS
Section 366.404 - Real Estate Purchase Contracts
Universal Citation: 47 IL Admin Code ยง 366.404
Current through Register Vol. 48, No. 12, March 22, 2024
Upon receipt of the Notice of Reservation of Funds, the HomeBuilder shall construct Qualified Dwellings for sale to Eligible Borrowers. The HomeBuilder shall enter into standard residential purchase contracts with prospective Eligible Borrowers and refer such Eligible Borrowers to Lenders participating in the Series Program to obtain Loans in connection with the purchase of Qualified Dwellings. All Qualified Dwellings shall be constructed and sold to Eligible Borrowers by the date indicated in the HomeBuilder Participation Agreement.
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