(310 ILCS 5/31) (from Ch. 67 1/2, par. 181)
Sec. 31.
Whenever it shall appear that the interest of the lienholders,
mortgagees, creditors, or holders of the stock or other securities or
obligations of a housing corporation cannot otherwise be adequately
safeguarded, the Illinois Housing Development Authority shall have power,
upon written application of a housing corporation or of a lienholder,
mortgagee, creditor, or of the holders of at least 10 per cent of stock or
other securities or obligations of the corporation, to make an order
authorizing the corporation to increase rentals beyond the maximum
previously prescribed, as follows:
(a) If the application is made before the occupancy of any housing
accommodations in the project, such order shall be made after public
hearing, 10 days' notice of the time, place and purpose of which shall be
published in a newspaper of general circulation in the city, town or
village in which the premises are situated. If it shall appear at such
hearing that owing to causes beyond the control of the corporation or
contingencies which could not reasonably have been anticipated the maximum
rentals previously prescribed, together with the other income of the
corporations, are insufficient to meet the charges specified in section 30
of this Act, and it shall further appear that such insufficiency cannot
be met by reasonable economies in the management and operation of the
project, the Illinois Housing Development Authority may so certify by order
and authorize an increase of rentals only to the extent necessary to meet
such charges.
(b) If the application is made after the occupancy of any of the housing
accommodations in the project, such order shall be made only after public
hearing. Ten days' written notice of the time, place and purpose of such
hearing shall be served upon the tenants in the manner prescribed by the
Illinois Housing Development Authority and shall have annexed thereto a
copy of the application for increase in rents, setting forth a schedule of
the proposed increased rentals. Ten days' notice of the time, place and
purpose of the hearing shall also be published in a newspaper of general
circulation in the city, town or village in which the premises are
situated. If, upon such hearing, it shall appear that by virtue of changes
in economic conditions affecting the project or by virtue of additional
special assessments or causes beyond the control of the corporation, or
contingencies which could not reasonably have been anticipated, the maximum
rents previously prescribed, together with the other income of the
corporation, are insufficient to meet the charges specified in section 30
of this Act and it shall further appear that such insufficiency cannot be
met by reasonable economies in the management and operation of the project,
the Illinois Housing Development Authority shall so certify and may by
order authorize an increase in rents only to the extent necessary to meet
such charges.
At the conclusion of each hearing the Illinois Housing Development
Authority shall make and render findings concerning the matter inquired
into, and enter its order based thereon. Every order granting or refusing
an increase in rents shall be at once filed with the secretary of the
Illinois Housing Development Authority, and served upon every person or
corporation to be affected thereby, either by personal delivery of a
certified copy thereof or by mailing in the United States mail a certified
copy thereof in a sealed package with postage prepaid, to the person to be
affected thereby, or in the case of a corporation, to an officer or agent
thereof upon whom a summons may be served in a civil action.
(Source: P.A. 77-1698.)
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