(310 ILCS 105/20)
Sec. 20. Grants for affordable housing developments.
(a) The Authority may award grants under the program directly for
the development of affordable rental housing for long-term
operating support to enable the rent on such units to be affordable.
Developers of such new housing shall apply directly to the
Authority for this type of grant under the program.
(b) The Authority shall prescribe by rule the application requirements
and the qualifications necessary for a developer and a development
to qualify for a grant under the program. In any event, however, to
qualify for a grant, the development must satisfy the criteria set
forth in Section 25, unless waived by the Authority
based on special circumstances and in furtherance of the purpose
of the program to increase the supply of affordable rental housing.
In awarding grants under this Section and in addition to any other requirements and qualifications specified in this Act and by rule, the Authority shall also consider the improvement of the geographic diversity of the developments under this Section among the decision criteria.
(c) The Authority must use at least 10% of the funds generated for the
Program in any
given year for grants under this Section.
In any given year, the Authority is not required to spend the 10% of its
funds that accrues
in that year but may add all or part of that 10% to the 10% allocation for
subsequent years
for the purpose of funding grants under this Section.
(Source: P.A. 94-118, eff. 7-5-05.) |