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(315 ILCS 30/17) (from Ch. 67 1/2, par. 91.117)
Sec. 17. A Department, with the approval of the Department of
Commerce and Economic Opportunity and the
governing body of the municipality in which
the project is located, may sell and convey any part of the real
property within the area of a slum and blighted area redevelopment
project as defined in Subsection (j) of Section 3 hereof to a Housing
Authority created under an Act entitled "An Act in relation to housing
authorities," approved March 19, 1934, as amended, having jurisdiction
within the area of the redevelopment project or projects. Any real
property sold and conveyed to a Housing Authority pursuant to the
provisions of this Section shall be for the sole purpose of resale
pursuant to the terms and provisions of Section 5 of an Act entitled "An
Act to facilitate the development and construction of housing, to
provide governmental assistance therefor, and to repeal an Act herein
named," approved July 2, 1947, to a nonprofit corporation, or nonprofit
corporations, organized for the purpose of constructing, managing and
operating housing projects and the improvement of housing conditions,
including the sale or rental of housing units to persons in need
thereof. No sale shall be consummated pursuant to this Section unless
the nonprofit corporation to which the Housing Authority is to resell,
obligates itself to use the land for the purposes designated in the
approved plan referred to in Section 19 hereof and to commence and
complete the building of the improvements within the periods of time
which the Department fixes as reasonable and unless the Department is
satisfied that the nonprofit corporation will have sufficient moneys to
complete the redevelopment in accordance with the approved plan.
Any real property sold and conveyed to a Housing Authority pursuant
to the provisions of this Section shall be sold at its use value (which
may be less than its acquisition cost), which represents the value at
which the Department determines such land should be made available in
order that it may be developed or redeveloped for the purposes specified
in the approved plan.
(Source: P.A. 94-793, eff. 5-19-06.)
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