Section 355.205  Approval or Rejection by Agency

a)         Upon an Agency's completion of its review of an Application, the Agency shall notify the Sponsor in writing of its approval or rejection of the Application.

b)         Upon the approval of an Application, the Agency shall issue a Reservation Letter conditionally reserving Affordable Housing Tax Credits.  The amount of the Affordable Housing Tax Credits reserved shall be 50% of the amount of the approved amount of the Donation or the actual Donation, whichever is less.

c)         The Reservation Letter shall set forth the terms and conditions upon which the Affordable Housing Tax Credits will be allocated to the Affordable Housing Project, including, but not limited to:

1)         Full compliance by both the Sponsor and, if applicable, the proposed Affordable Housing Project, Technical Assistance or Employer-Assisted Housing Project, with the requirements of Section 7.28 and this Part;

2)         Certification from the Sponsor certifying to the Agency that the Sponsor and the Affordable Housing Project will be in full compliance with the requirements of Section 7.28 and this Part and will continue to be in compliance during the Compliance Period;

3)         Certification from the Sponsor that there will be no material change in the Sponsor, the Sponsor's ownership structure or the structure of the Affordable Housing Project without the prior written approval of the Agency; and

4)         If applicable, execution of either a Regulatory Agreement, as required by Section 355.207 of this Part, or one or more Recapture Agreements, as required by Section 355.404 of this Part.

d)         The Sponsor shall have 12 months from the date of the Reservation Letter to obtain a Donation.  Affordable Housing Projects and Employer-Assisted Housing Projects may submit a written request for an extension of the Donation Period for an additional 12 months as approved by the Agency.  For Technical Assistance, the Sponsor shall have 12 months from the Date of the Reservation Letter to obtain a Donation.

(Source:  Amended at 31 Ill. Reg. 5797, effective March 30, 2007)