Section 950.150  Equity Contribution

a)         An applicant must provide at least 10 percent of the total cost of the project for which the grant will be spent that is:

1)         identified in the budget of the grant agreement;

2)         not funds from other Department funded grant programs;

3)         necessary and irrevocably obligated to the project; and

4)         Cash, cash-equivalent; investments, bonds, irrevocable letters of credit or any combination thereof.  [505 ILCS 19/35(a)]

b)         The applicant must provide proof of the percentage.  The balance of the project's total cost must be available from other sources, including, but not limited to:

1)         commercial and private lenders;

2)         leasing companies;

3)         grants; [505 ILCS 19/35(a)] and

4)         in-kind contributions, not to exceed 20% of the total project cost.

            Prior expenditures, approved by the Director, may be used to meet the Equity Contribution required in this Section.