{"data":{"id":"us-il/765-ilcs-925-5","jurisdiction":"us-il","citation":"765 ILCS 925/5","heading":"","body":"An owner of subsidized housing shall provide to the clerk of the unit of local government and IHDA notice of his intent to exercise his prepayment of mortgage option at least 9 months prior to the date of the intended prepayment of mortgage.\nAt least 9 months prior to the intended date of the prepayment of mortgage, the owner shall post in a prominent location in the affected building and shall deliver, either personally or by certified mail, a notice to all tenants residing in the building. Such notice shall be provided in writing to all prospective tenants during the notice period.\nThe notice to the unit of local government and IHDA and the notice to the tenants shall be provided on forms prescribed by IHDA. These notices shall be considered in effect for 15 months from the date received by the unit of local government and IHDA. If prepayment does not occur within the 15 month period, a new 9 month notice will be required prior to prepayment of mortgage.","path":["CHAPTER 765 PROPERTY","Notice of Prepayment of Federally Subsidized Mortgage Act."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=2221\u0026ChapterID=62\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:46Z","sha256":"03978c6c69d21fdfb46a74ac5f1a2510e758bb341b86b3b4c95f96e47ec80c04","source_id":"us-il","stale":false,"prev":"us-il/765-ilcs-925-4","next":"us-il/765-ilcs-925-6"},"notice":"GroundRules: Original legal text. Not legal advice."}