Skip to main content
Find a Lawyer

Illinois Statutes Chapter 765. Property § 925/3. Definitions

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 3. As used in this Act:

(a) “IHDA” means the Illinois Housing Development Authority.

(b) “FmHA” means the Farmers Home Administration or a local housing authority administering an FmHA program.

(c) “HUD” means the United States Department of Housing and Urban Development, or the Federal Housing Administration or a local housing authority administering a HUD program.

(d) “Owner” means the person, partnership, or corporation that is a party to a contract with HUD or FmHA providing for a mortgage, mortgage assistance, mortgage insurance, or rent subsidy; or any spouse, employee, agent, partner, master lessee, business affiliate or associate, or successor in interest of such person, partnership or corporation, that receives or demands rent for the subsidized housing.

(e) “Prepayment of mortgage” means the prepayment of a mortgage, or loan prior to maturity, that is:

(1) insured or held by HUD under Section 221(d)(3) of the National Housing Act  1 and assisted under Section 101 of the Housing and Urban Development Act of 1965  2 or Section 8 of the United States Housing Act of 1937;  3

(2) insured or held by HUD and bears interest at a rate determined under the proviso of Section 221(d)(3) of the National Housing Act;

(3) insured, assisted or held by HUD under Section 236 of the National Housing Act;  4

(4) insured or held by HUD under Section 514 or 515 of the Housing Act of 1949;  5 or

(5) held by HUD and formerly insured under a program listed in this subsection (e).

(f) “Section 8 contract” means a contract with HUD or FmHA which provides rent subsidies entered into pursuant to Section 8 of the United States Housing Act of 1937 or the Section 8 Existing Housing Program (24 C.F.R. Part 882).

(g) “Subsidized housing” means any housing or unit of housing financed by a loan or mortgage insured or held by HUD under a program listed in subsection (e) of this Section, or subject to a Section 8 contract.

(h) “Unit of local government” means (1) the municipality within which subsidized housing is located, or (2) if subsidized housing is not located within the boundaries of any municipality, the county in which the subsidized housing is located.

1 12 U.S.C.A. § 1715l.
2 12 U.S.C.A. § 1701s.
3 42 U.S.C.A. § 1408 (omitted).
4 12 U.S.C.A. § 1715z-1.
5 12 U.S.C.A. §§ 1733, 1734.
Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Illinois Statutes Chapter 765. Property § 925/3. Definitions - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-765-property/il-st-sect-765-925-3/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard