(310 ILCS 5/30) (from Ch. 67 1/2, par. 180)
Sec. 30.
For the housing accommodations in each project operated by a
housing corporation, the Illinois Housing Development Authority shall
prescribe and may alter a schedule of maximum rents. A hearing for the
purpose of prescribing or altering such rents may be had upon motion of the
Illinois Housing Development Authority or upon application of any party in
interest. An order prescribing or altering schedules of rents shall be made
only after public hearing, ten days' notice of the time and place of which
shall be published in a newspaper of general circulation in the city, town
or village in which the premises are located. Such rents shall be
calculated to provide, together with all other income of the housing
corporation, an income to the housing corporation sufficient to meet the
following charges:
(a) All fixed charges, and all operating and maintenance charges and
expenses, including taxes, special assessments, insurance premiums, fees
paid to the Illinois Housing Development Authority for the amortization of
indebtedness secured by mortgage upon the project, reserves and corporate
expenses essential to the operation and management of the project, and
depreciation reserves, if any.
(b) A dividend at a rate not exceeding the maximum permitted by this Act
upon the capital stock of the housing corporation allocated by the Illinois
Housing Development Authority to the specific project. The amount of
capital so allocated shall in no case exceed the final cost of the project
plus the working capital authorized by the Illinois Housing Development
Authority, after deducting the obligations of the corporation secured by
liens upon the project and certificates of indebtedness or other
securities, the proceeds of which have been applied to the cost of the
project.
(c) Such amounts as may be approved by the Illinois Housing Development
Authority as a reserve for the retirement of the securities and obligations
of the corporation not secured by mortgage.
(d) Amounts approved by the Illinois Housing Development Authority to be
carried to surplus. Such surplus shall not exceed 25 per centum of the
outstanding capital stock, securities and obligations of the housing
corporation not secured by mortgage, allocated by the Illinois Housing
Development Authority to the project aforesaid.
In cases where tenants of the project own stock, securities or
obligations of the corporation not secured by mortgage, the Illinois
Housing Development Authority may establish regulations for the creation of
a reserve for the purchase, at not more than their face value plus accrued
interest or dividends, of such securities or obligations held by tenants
ceasing to be occupants of the premises, and securities or obligations so
purchased may be resold by the corporation.
(Source: P.A. 76-1176.)
|