Section 355.211  Return and Reallocation of Affordable Housing Tax Credits

A Sponsor that has received a Reservation and that is unable to use the Affordable Housing Tax Credits reserved for the Sponsor by such Reservation may return these Affordable Housing Tax Credits to the Agency that issued the Reservation.  If a return of the Affordable Housing Tax Credits occurs during the State fiscal year in which such Affordable Housing Tax Credits were reserved, such Agency may reserve and reallocate any Affordable Housing Tax Credits that have been returned or recaptured.

(Source:  Added at 27 Ill. Reg. 14310, effective August 21, 2003)