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Illinois

The Illinois Federally Assisted Housing Preservation Act (310 ILL. COMP. STAT. 60/1-60/10.1) requires that owners provide at least 12-months’ notice to the tenants, local government, PHA and the state housing agency, prior to any sale or other proposed conversion. In addition, the law gives tenant associations (representing at least a majority of the affected tenants) and their chosen non-profit or private partners the right to purchase any assisted housing development that is ending its participation (by sale, disposition or any other conversion) in a specified federal subsidy program. Covered programs include project-based rental assistance under Section 8; Sections 221(d)(3), 236 and 202 of the National Housing Act; rent supplement assistance under Section 101 of the HUD Act of 1965; Sections 514 and 515 of the Housing Act of 1949; and Section 42 of I.R.C. The tenants have 60 days from the date of the 12-month notice to notify the owner that they have formed a tenant association. The owner then has 60 days to submit in return a bona fide offer of sale to the association, containing the essential terms of the sale. The association must respond within 90 days with a written notice of intent to purchase. If the parties cannot agree on a price, each party is to hire an independent appraiser. If the appraisers do not agree, the parties can either take their average or jointly hire a third, binding appraiser. Note that the association must agree to close on the sale within 90 days of signing the purchase contract. Procedural protections provide that, upon request, the owner must provide the tenants access to the project’s rent rolls, vacancy rates, operating expenses, capital improvements, project reserves and financial and physical inspection reports.

A separate provision of Illinois law (20 ILL. COMP. STAT. 3805/8.1) governs the prepayment of mortgages for developments financed by the issuance of Illinois Housing Development Authority bonds and not covered by the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA). In order to be permitted to prepay such a mortgage, the owner may enter into an agreement with the Authority to extend the affordability restrictions to the full term of the original mortgage or to create a comparable number of new low-income units. However, if the owner declines to enter into such an agreement, the law prohibits the Authority from accepting a prepayment prior to the owner giving the tenants a nine-month notice, as well as extending to the tenants a right to purchase the housing that is similar to that of the Illinois Federally Assisted Housing Preservation Act as described above. Tenants do not under this law have mandatory access to project information.

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