South Holland — Ch. 8.5 Housing § 8.5-26
Coverage provided by the equity assurance program
Operative Text
Members or their estates which are covered pursuant to section 8.5-27 of this program shall be paid eighty (80) percent of the difference between the appraised valuation as determined by this article and the valuation at sale date determined in section 8.5-27 below if the appraised valuation is higher than the valuation at sale date. Coverage provided by the EAP shall only apply to sales made five (5) years or more after date of issuance of the certificate of participation and coverage shall be provided subject to all the terms, conditions and stipulations provided within this article.
South Holland's Equity Assurance Program (EAP), established under Ch. 8.5 Housing § 8.5-26, provides a financial benefit equal to 80 percent of the gap between a home's appraised value and its actual sale price, but only when the appraised value exceeds the sale price. This coverage is not immediate — it only activates for sales that occur at least five years after the homeowner received a certificate of participation. All benefits are subject to the full terms, conditions, and stipulations set out elsewhere in the article.
Plain English — not legal advice.
While § 8.5-26 primarily governs homeowner benefits rather than landlord obligations, property owners participating in the South Holland Equity Assurance Program should be aware that coverage calculations hinge on the appraised valuation methodology defined in the article. Operators who hold certificates of participation generally track the five-year eligibility window carefully, since sales occurring before that threshold are not covered by the EAP. Maintaining accurate records of the certificate issuance date and any appraisal documentation is a common practice among compliant participants.
General guidance for property managers — not legal advice for your specific situation. Consult an attorney for advice on your case.
Under Ch. 8.5 Housing § 8.5-26, homeowners or their estates who are program members may be entitled to receive 80 percent of any shortfall between their home's appraised value and its sale price, provided the sale occurs at least five years after the certificate of participation was issued. If a covered member believes a payment was improperly calculated or denied, the full terms and conditions within the article outline the framework for how coverage is determined. Tenant-rights organizations or housing counselors familiar with South Holland's EAP can help members understand how the program's rules apply to their situation.
General guidance for tenants — not legal advice for your specific situation. Consult a tenant-rights organization or attorney for advice on your case.
Generated November 10, 2026 — auto-generated, not yet human-reviewed. See /transparency for methodology.
Effective Timeline
References In
Rules and statutes that cite this regulation