47 Ill. Adm. Code 375.APPENDIX A
A Notice of Intent to Terminate Subsidy
Section 375.APPENDIX A Notice of Intent to Terminate
Subsidy
Where a provision of the Preservation Act requires that
notice be given to the tenants of an assisted housing development and to
affected public entities, the format of the notice shall be as follows:
NOTICE OF INTENT
TO TERMINATE SUBSIDY
Name of Property:
Address of Each Building Included
in Property:
Owner:
Property Description:
Number of Occupied Units:
Anticipated Date of Sale
or Other Action:
Affordability Restrictions:
Owner/Contact Information:
THIS IS NOT AN EVICTION NOTICE.
It is a notice to
advise all tenants in the property identified above that one of the following
actions with respect to the above property will take place on the date
referenced above:
(i) the sale or other
disposition of the property;
(ii) the
prepayment or refinancing of a federally insured or federally held mortgage
secured by the property;
(iii) the
termination of the property's participation in a federal subsidy program for
assisted housing.
One or all of these actions may have the effect of
terminating the affordability restrictions noted above.
This notice is to advise you that the Federally Assisted
Housing Preservation Act [310 ILCS 60] gives you certain rights. Tenants living
on the property may form a tenants association and negotiate with the owner to
purchase the property, subject to certain restrictions. Tenants may also enter
into an agreement with a not-for-profit corporation or other entity to
represent them in negotiations with the owner. If the negotiations are
successful, the tenants association can buy the property. A more detailed
discussion of the provisions of the law is attached to this notice as Exhibit
A.
If you have any questions with regard to this notice, please
contact the following individual at the number listed:
_______________________________________________
_______________________________________________
_______________________________________________
Dated:
__________________________________