Section 662.220  Loan Repayment Period

a)         Except as provided in subsections (b) and (c), the loan repayment period cannot exceed the lesser of 30 years beyond the initiation of operation date, 30 years beyond the initiation of the loan repayment period, or the projected useful life of the project to be financed with proceeds of the loan.

b)         For loan applicants that are a disadvantaged community, the loan repayment period cannot exceed the lesser of 40 years beyond the initiation of operation date, 40 years beyond the initiation of the loan repayment period, or the projected useful life of the project to be financed with proceeds of the loan.

c)         The Agency may require a loan repayment period term of less than the maximum. In evaluating the appropriateness of alternative loan terms, the Agency shall consider such factors as the scope of the proposed project, the impacts of alternative loan terms on user fees, and the overall cost of the project.

(Source:  Amended at 48 Ill. Reg. 3780, effective February 27, 2024)