Ill. Admin. Code tit. 47 § 365.602

Current through Register Vol. 48, No. 45, November 8, 2024

Section 365.602 - Maturity of Loans

The maximum maturity of a Loan to be made by the Authority for permanent financing of multi-family rental housing under this Program shall not exceed 40 years and may be shorter at the sole discretion of the Authority. In determining the term of a Loan, the Authority shall take into account its:

a) ability to pay when due the principal (including any sinking fund installments) and interest on any Bonds or Notes;

b) ability to purchase or redeem any Bonds and to comply with the requirements of the Resolution and Series Resolution authorizing any Bonds;

c) ability to comply with the terms and provisions of any Notes;

d) the feasibility of the proposed Development;

e) the financial integrity of the Program;

f) the requirements of applicable State and Federal law; and

g) any other relevant factors.

Ill. Admin. Code tit. 47, § 365.602