(60 ILCS 1/35-50.1)
Sec. 35-50.1.
Senior citizens' housing.
A township may construct, purchase,
improve, extend, or equip senior citizens' housing. The township board shall
have the power to do the following:
(1) Own and manage residential rental property for senior citizens.
(2) Donate township land for senior citizens' housing.
(3) Expend township funds for the construction, financing, purchase, improvement, |
| equipping, or management of senior citizens' housing.
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(4) Employ or contract with management firms to aid the township board in managing the
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| senior citizens' housing.
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(5) Make contracts necessary in the exercise of its powers under Sections 35-50.1
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(6) Enter into agreements with other governmental units to finance residential rental
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| property for senior citizens.
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(7) Issue revenue bonds payable solely from the net revenue derived from the operation
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| of the senior citizens' housing.
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(Source: P.A. 87-922; 88-62.)
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