TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.101 AUTHORITY
Section 355.101 Authority
This Part is established to set
forth the standards for the allocation of Affordable Housing Tax Credits by the
Illinois Housing Development Authority under Section 7.28 of the Illinois
Housing Development Act [20 ILCS 3805/7.28] in connection with the acquisition,
construction, rehabilitation and financing of, or the provision of financing
assistance for, affordable housing.
 | TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.102 PURPOSE AND OBJECTIVES
Section 355.102 Purpose and
Objectives
This Part is established to
accomplish the purposes of Section 7.28 of the Illinois Housing Development Act
and Section 214 of the Illinois Income Tax Act [35 ILCS 5/214], and in
particular the awarding of Affordable Housing Tax Credits.
(Source: Amended at 27 Ill.
Reg. 14310, effective August 21, 2003)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.103 DEFINITIONS
Section 355.103 Definitions
As used in this Part, the following words or terms mean:
"Act": The Illinois
Housing Development Act [20 ILCS 3805].
"Affordable Housing
Project": A housing project that is either:
a rental project in which at
least 25% of the Units that have rents (including tenant-paid heat) that do not
exceed, on a monthly basis, 30% of the gross monthly income of a Household
earning the maximum income for a Low-Income Household in the geographical area
in which the Affordable Housing Project is located and that are occupied by
persons and families who qualify as Low-Income Households; or
a Unit for sale to Low-Income
Households and who will pay no more than 30% of their gross household income
for mortgage principal, interest, property taxes, and property insurance upon
the purchase of the Unit.
An Agency may consider a Project
to be a rental project even when a tenant does not pay rent if a rental subsidy
is received by the Project or tenant.
"Affordable Housing
Restrictions": The income and occupancy restrictions for an Affordable
Housing Project or an Employer-Assisted Housing Project required by Section
7.28 and this Part, or those set forth in the Application for the Affordable
Housing Project or the Employer-Assisted Housing Project, whichever are more
stringent.
"Affordable Housing Tax
Credits": Affordable Housing Tax Credits, as authorized by Section 7.28 of
the Act and Section 214 of the Illinois Income Tax Act [35 ILCS 5/214].
"Affordable Housing Tax
Credit Ceiling": The aggregate amount of Affordable Housing Tax Credits
available for Allocation in a State fiscal year.
"Agency": The
Authority, the City of Chicago or any other municipality that may subsequently
be designated by law as an agency for the Allocation of Affordable Housing Tax
Credits.
"Agency Affordable Housing
Tax Credit Ceiling": That portion of the Affordable Housing Tax Credit
Ceiling that is available for Allocation by an Agency. That amount is 24.5% of
the Affordable Housing Tax Credit Ceiling for the City of Chicago, and 75.5% of
the Affordable Housing Tax Credit Ceiling for the Authority.
"Agency Head": The
Executive Director of the Authority or the Housing Commissioner of the City of
Chicago.
"Allocation": An
award by an Agency of Affordable Housing Tax Credits in connection with a
Project.
"Applicant": The
Sponsor (and any other affiliated entities) applying for an Allocation.
"Application": An
application to an Agency for a Reservation and an Allocation submitted by an
Applicant, including the required supporting documentation.
"Authority": The
Illinois Housing Development Authority.
"Certificate": The
certificate issued by an Agency evidencing an Allocation. The Certificate
shall be issued and delivered to the Donor unless otherwise directed by the
Donor pursuant to Section 309 of this Part and shall state the effective date
of the Allocation.
"Compliance Period":
The period during which a Project is obligated to comply with the Affordable
Housing Restrictions, as set forth in the Application. The Compliance Period
for an Affordable Housing Project shall be a minimum of 10 years from the date
of the issuance of the certificate of occupancy from the municipality in which
the Affordable Housing Project is located (or the like, as acceptable to the
Agency in its discretion, for Affordable Housing Projects that are
rehabilitated and when the municipality does not re-issue a certificate of
occupancy). The Compliance Period for a Single Family Project or an
Employer-Assisted Housing Project in which a Sponsor provides construction
subsidies, down payment and closing cost assistance or homeownership counseling
to Low-Income Households or, for Employer-Assisted Housing Projects,
Moderate-Income Households purchasing a Single Family Residence shall be 5
years from the date of the closing of the purchase of the Single Family
Residence. The Compliance Period in connection with the purchase of a Single
Family Residence may be reduced as provided in Section 355.404 of this Part.
"Donation": Money,
securities, real property, or personal property that is provided without
consideration to a Sponsor and that is used for:
costs associated with
purchasing, rehabilitating, constructing, or providing or obtaining financing
for an Affordable Housing Project, including fees for attorneys, architects,
accountants, surveyors and appraisers;
Technical Assistance; or
General Operating Support of the
Sponsor; or
an Employer-Assisted Housing
Project.
"Donor": An
individual or entity, other than the Federal government, the State government,
any local municipality or any agency, board commission, corporation or
authority of the Federal government, the State government or any local
government, except as provided in Section 355.311 of this Part, making a
Donation. For purposes of this definition and related provisions of this Part,
any school district within the State of Illinois will not be deemed to be a
local municipality or agency, board, commission, corporation or authority or
the Federal government, the State government or any local government.
"Employer-Assisted Housing
Project": A project that involves Donations made to a Sponsor that are
used for down payment and closing cost assistance, reduced-interest mortgages,
mortgage guarantee programs, rental subsidies, or individual development account
savings plans that are:
provided by the Sponsor to the
employers' employees to assist them to secure housing near the employer's work
place; and
restricted to housing near such
work place; and
restricted to employees who
qualify as Moderate-Income Households.
"General Operating
Support": Any cost incurred by a Sponsor, directly or indirectly, in
connection with an Affordable Housing Project or an Employer-Assisted Housing
Project. Such costs may include a proportionate amount of the general overhead
expenses of the Sponsor.
"Gross Household
Income": The total annualized income of a Household from whatever source
derived and before taxes or withholdings.
"Household": A single
person, family or unrelated persons living together.
"Initial Closing
Date": The date by which the Agency has determined that the Sponsor and
the Project have met all legal requirements of the Program. As applicable to
Projects, an Agency may consider whether the Sponsor and the Project have
satisfied the requirements of any other funding sources for the Project.
"Low-Income
Household": A Household whose adjusted income is less than or equal to
60% of the median income of the geographical area of the Household's prospective
residence, adjusted for family size, as such adjusted income and median income
for the geographical area are determined from time to time by the United States
Department of Housing and Urban Development for purposes of Section 8 of the
United States Housing Act of 1937 (42 USC 1437).
"Material Participation":
An individual or entity that provides personal services to tenants or
prospective tenants of a Multifamily Housing Project or rental Single Family
Project, or professional services to a Multifamily Housing Project, on a
regular, continuous, and substantial basis for more than 300 hours during each
year during the Compliance Period. The requirement for Material Participation,
as established in Sections 355.206 and 355.310 of this Part, will be satisfied
if the Sponsor is the owner, or holds a controlling interest in the entity that
is the owner, of the Project; or is the managing general partner, or holds a
controlling interest in the entity that is the managing general partner, of a
limited partnership that is the owner of the Project; or is the managing
member, or holds a controlling interest in the entity that is the managing
member, of the limited liability company that is the owner of the Project.
"Members": The
Members of the Authority.
"Moderate-Income
Household": A Household whose adjusted income is less than 120% of the
median income of the geographical area of the Household's Employer-Assisted Housing
Project, adjusted for family size, as such adjusted income and median income
for the geographical area are determined from time to time by the United States
Department of Housing and Urban Development for purposes of Section 8 of the
United States Housing Act of 1937 (42 USC 1437).
"Multifamily Housing
Project": An Affordable Housing Project comprised of one or more
buildings (other than Single Family Residences) containing an aggregate of five
or more rental Units.
"Program": The
Illinois Affordable Housing Tax Credit Program.
"Project": An
Affordable Housing Project, Employer-Assisted Housing Project, or Technical
Assistance.
"Recapture Agreement":
The Recapture Agreement to be recorded against a Single Family Residence in
connection with a Very Low-Income, Low-Income or, for Employer-Assisted Housing
Projects, Moderate-Income Household's purchase of the Single Family Residence.
"Regulatory
Agreement": The Illinois Affordable Housing Tax Credit Regulatory Agreement
to be recorded against rental Affordable Housing Projects and Employer-Assisted
Housing Projects, as applicable.
"Reservation": An
Agency's conditional reservation of Affordable Housing Tax Credits for a
Sponsor, as may be amended from time to time. A Reservation shall be valid for
a period no longer than 12 months from the date of the Reservation Letter
unless extended pursuant to Section 355.205(d) of this Part.
"Reservation Letter":
The letter from an Agency to a Sponsor conditionally reserving Affordable
Housing Tax Credits.
"Section 7.28":
Section 7.28 of the Act.
"Single Family
Project": An Affordable Housing Project consisting of:
the construction of Single
Family Residences; or
the rehabilitation of a 2, 3, or
4 Unit building; upon completion of rehabilitation, the Units are sold or
rented; or
the rehabilitation of Single
Family Residences, which are then sold or rented; or
the rehabilitation of buildings
containing more than 4 Units; upon completion of rehabilitation, the Units are
sold as condominiums; or
the financing of Single Family
Residences using junior mortgages with a below market interest rate; or
construction subsidies to lower
the purchase price of Single Family Residences; or
down payment and closing cost
assistance.
"Single Family
Residence": A house, condominium, townhouse or other residence used for
occupancy by a single Household as its primary residence.
"Sponsor": A
not-for-profit organization that is:
organized under the laws of this
State or any other state and:
for an Affordable Housing Project,
has as one of its purposes the development of affordable housing; or
for an Employer-Assisted Housing
Project or Technical Assistance, has as one of its purposes either the
development of affordable housing or home ownership education; or
organized for the purpose of
constructing or rehabilitating affordable housing Units and has been issued a
ruling from the Internal Revenue Service of the United States Department of the
Treasury that the organization is exempt from income taxation under provisions
of the Internal Revenue Code; or
an organization designated as a
community development corporation by the United States Government under Title
VII of the Economic Opportunity Act of 1964; or
a limited liability company that
has a not-for-profit organization as its sole member.
"State": The State of
Illinois.
"Technical
Assistance": Any cost incurred by a Sponsor for:
planning for a Project; or
assistance with an Application;
or
homeownership counseling
services provided to prospective purchasers of a Single Family Residence in
connection with a Single Family Project or an Employer-Assisted Housing Project.
"Unit": A housing unit
contained in an Affordable Housing Project, a Multifamily Housing Project, a
Single Family Project, or a Single Family Residence; housing units intended as
dormitories, hotels, or transitional or temporary housing do not qualify as
Units.
"Very Low-Income
Household": A Household whose adjusted income is less than or equal to
50% of the median income of the geographical area of the Household's prospective
residence, adjusted for family size, as such adjusted income and median income
for the geographical area are determined from time to time by the United States
Department of Housing and Urban Development for purposes of Section 8 of the
United States Housing Act of 1937 (42 USC 1437).
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.104 COMPLIANCE WITH FEDERAL LAW
Section 355.104 Compliance
with Federal Law
Notwithstanding anything in this
Part to the contrary, this Part shall be construed in conformity and compliance
with applicable federal law.
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.105 FORMS AND PROCEDURES FOR THE PROGRAM
Section 355.105 Forms and
Procedures for the Program
An Agency may prepare, use,
supplement, and amend forms, agreements, and other documents and procedures as
may be necessary to implement the Program, all as may be prescribed by the
Agency Head.
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.106 FEES AND CHARGES
Section 355.106 Fees and
Charges
In connection with an
Application, an Agency may collect a fee from the Applicant in an amount not to
exceed $2,500, payable when the Application is submitted. In connection with a
Reservation, an Agency may collect a fee from the Applicant in an amount not to
exceed 5% of the Reservation, payable by the due date specified in the Reservation
Letter. The Agency may assess a modification fee for changes in the Sponsor or
owner, the name of the Sponsor or owner or the characteristics of a Project,
such as unit type, distribution or population to be served in an amount not to
exceed $1,500, payable when the request for a modification is submitted. An
Agency may assess a fee in connection with an extension of time to obtain a
Donation, in accordance with Section 355.205 of this Part, in an amount not to
exceed $1,500, payable when the request for an extension is submitted. An
Agency may assess a fee in connection with a request to increase the amount of
the Affordable Housing Tax Credits in an amount not to exceed $1,500, payable
when the request for an extension is submitted, plus an amount not to exceed 5%
of the Reservation associated with the increase in the amount of Affordable
Housing Tax Credits, payable by the due date specified in the Reservation
Letter. An Agency may assess an annual compliance fee in amounts not to
exceed: $125 for Projects containing one to 10 affordable Units per year; $250
for Projects containing 11 to 19 affordable Units per year; and $20 per
affordable Unit per year for Projects containing 20 or more affordable Units per
year. All compliance fees are payable as determined by the Agency. Applicants
and Sponsors shall pay an Agency in advance for expenses related to any third
party studies, including but not limited to appraisals, in connection with an
Application for Affordable Housing Tax Credits.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.107 AMENDMENT
Section 355.107 Amendment
This Part may be supplemented,
amended, or repealed by the Members from time to time and in such manner as
they may determine consistent with this Part, the Act, including but not
limited to Section 7.28 of the Act, Section 214 of the Illinois Income Tax Act
[35 ILCS 5/214] and other applicable provisions of law. This Part shall not
constitute or create any contractual rights.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.108 SEVERABILITY
Section 355.108 Severability
If any clause, sentence,
paragraph, subsection, Section, or Subpart of this Part is adjudged by any
court of competent jurisdiction to be invalid, that judgment shall not affect,
impair, or invalidate the remainder of this Part, but shall be confined in its
operation to the clause, sentence, paragraph, subsection, Section, or Subpart
as to which that judgment is rendered.
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.109 GENDER AND NUMBER
Section 355.109 Gender and
Number
All terms used in any one gender
or number shall be construed to include any other gender or number as the
context may require.
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.110 TITLES AND CAPTIONS
Section 355.110 Titles and
Captions
Titles and captions of Subparts,
Sections, and subsections are used for convenience and reference and are not a
part of the text.
SUBPART B: AFFORDABLE HOUSING TAX CREDIT ALLOCATIONS
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.201 AUTHORITY TO ALLOCATE AFFORDABLE HOUSING TAX CREDITS
Section 355.201 Authority to
Allocate Affordable Housing Tax Credits
For any State fiscal year, an
Agency may reserve and/or allocate Affordable Housing Tax Credits in an amount
not to exceed the Agency Affordable Housing Tax Credit Ceiling. Any Affordable
Housing Tax Credits in the Agency Affordable Housing Tax Credit Ceiling that
are not reserved or allocated during that State fiscal year shall expire and
shall not be reserved or allocated in any succeeding State fiscal year.
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.202 TRANSFER OF AGENCY AFFORDABLE HOUSING TAX CREDIT CEILING
Section 355.202 Transfer of
Agency Affordable Housing Tax Credit Ceiling
After March 1 of a State fiscal
year, an Agency may transfer all or a portion of its Agency Affordable Housing
Tax Credit Ceiling for that State fiscal year to another Agency.
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.203 APPLICATION PROCESS
Section 355.203 Application
Process
A Sponsor may apply for an
Allocation by submitting an Application on forms prescribed by an Agency that
may require the following information:
a) The
name and location of the proposed Project;
b) The name, address and telephone number of the Sponsor and the
proposed owners of the Project, and, if known and applicable, the attorney,
accountant, architect, general contractor and consultant for the Project;
c) A copy of the Sponsor's current Articles of Incorporation,
certified by the Secretary of State or equivalent official of the state of
incorporation;
d) A history of the Sponsor's experience in developing affordable
housing;
e) A complete description of the proposed Project, including but
not limited to the site, the number and type of Units or Single Family
Residences and, if applicable, a rent schedule for the Project, and identifying
any proposed tenant or homeownership populations with special housing needs;
f) The amount of the proposed financing for the Project,
including letters of interest or commitments from prospective lenders;
g) The type of, amount of and nature of the Donation or proposed
or anticipated Donation, including the legal and financial interests of the
Sponsor, seller, buyer and developer entities in the Donation transaction and a
description of the flow of funds into the Project, including any financing
provided by the Sponsor, if applicable;
h) For a Multifamily Housing Project or a rental Single Family
Project, the percentage of Units to be reserved for Low-Income Households and
Very Low-Income Households;
i) The estimated total cost of the proposed Project, including, as
applicable, the cost of land acquisition, the cost of construction, the amount
of projected reserves, architects' fees, attorneys' fees, accountant's fees,
surveyor's fees, title insurance and all other costs associated with the
Project;
j) A schedule for the proposed Project showing the anticipated
Initial Closing Date and the anticipated date of completion;
k) The amount of General Operating Support requested, if any, and
the purposes for which it will be used;
l) The amount of Technical Assistance requested, if any, and the
purposes for which it will be used;
m) The
amount of Affordable Housing Tax Credits requested;
n) A certification from the Sponsor to the Agency that all
information contained in the Application and all accompanying information is
true, accurate, and complete, to the best of the Sponsor's knowledge;
o) If a
Donation has occurred, a notarized affidavit from the Donor acknowledging the
Donation to the Sponsor or such other documentation evidencing the Donor's
knowledge of the making of a Donation and eligibility for receipt of a
Certificate, as determined acceptable by an Agency in its discretion; and
p) Any additional documentation that the Agency may require in
order to confirm the information in the Application, including but not limited
to a legal description of the Project.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.204 AGENCY REVIEW
Section 355.204 Agency
Review
The Agency shall review each
complete Application and approve or reject it. The Agency's review of an
Application shall include, but not be limited to, the following criteria (where
applicable):
a) Section 7.28 Requirements. The ability of the Project to meet
the requirements of Section 7.28 and this Part throughout the Compliance
Period;
b) Financial Feasibility. The financial feasibility of the
Project, taking into consideration the existing housing for Very-Low Income
Households, Low-Income Households and, for Employer-Assisted Housing Projects,
Moderate-Income Households in the geographical area in which the Project will
be located, the cost of the Project, the projected income and operating expense
of the Project, and all sources of financing for the Project, including owner's
equity;
c) Sponsor's Ability. The ability of the Sponsor to successfully
construct the Affordable Housing Project and place it in service, taking into
consideration the construction or other schedule submitted with the Application,
the Sponsor's experience in the development, construction and/or rehabilitation
of housing, and the size and scope of the Affordable Housing Project; or the
ability of the Sponsor to provide the Technical Assistance; or the ability of
the Sponsor to implement the Employer-Assisted Housing Project;
d) Site Control. Evidence of site control, satisfactory to the
Agency, for the Affordable Housing Project, which shall include, but not be
limited to, a purchase contract, an option to purchase, or a letter of intent
from a prospective Donor of real property or from a governmental agency;
e) Donations. The amount of the Donation and the nature of the
Donation transaction; or the amount of the proposed or anticipated Donation and
the Sponsor's plan for obtaining the proposed or anticipated Donation;
f) Location. The need for housing for Very Low-Income,
Low-Income and, for Employer-Assisted Housing Projects, Moderate-Income
Households in the geographical area in which the Project will be located, based
on census data, social surveys, published data, or on-site inspections and the
location of other Projects for which the Agency has allocated or reserved
Affordable Housing Tax Credits;
g) Housing Stock. The likelihood that the Project will increase
the quality and quantity of housing stock and redevelop blighted areas or
prevent the occurrence of slum conditions;
h) Preservation. The likelihood that the Project will preserve
housing projects in danger of being lost as affordable housing stock;
i) Involuntary Displacement. For Multifamily Housing Projects
or rental Single Family Projects involving rehabilitation, the Sponsor must
minimize involuntary displacement of current tenants who are Low-Income and
Very Low-Income Households, taking into consideration their safety during
rehabilitation and the scope and nature of the proposed rehabilitation;
j) Special Needs Populations. The availability and
accessibility of the Project for special needs populations, including, but not
limited to, homeless or displaced individuals, persons with physical, mental or
developmental disabilities, persons with alcohol or substance abuse problems,
and persons with AIDS and related diseases;
k) Compliance Period. Whether the Compliance Period of the
Project exceeds the minimum requirements of Section 7.28;
l) Lower Income Households. The ability of the Project to serve
Households with incomes less than the maximum income for Very Low-Income,
Low-Income or, for Employer-Assisted Housing Projects, Moderate-Income Households
for the geographical area in which the Project will be located.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.205 APPROVAL OR REJECTION BY AGENCY
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 Project, including, but not limited to:
1) Certification from the Sponsor to the Agency that the Sponsor
and the Project is or 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;
2) Certification from the Sponsor to the Agency that there will
be no material change in the Sponsor, the Sponsor's ownership structure, the
ownership structure of the Affordable Housing Project, or the structure of the
Project without the prior written approval of the Agency; and
3) 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. However, Affordable Housing Projects
and Employer-Assisted Housing Projects may submit a written request for an
extension of an additional 12 months as approved by the Agency in the Agency's
discretion; provided, however, that the Sponsor shall pay the fee for the extension
as set forth in Section 355.106 of this Part. If the extension is not granted,
the Sponsor may re-apply for the Affordable Housing Tax Credits or the
Affordable Housing Tax Credits may be reserved or allocated to other Projects. For
Technical Assistance, the Sponsor shall have 12 months from the date of the
Reservation Letter to obtain a Donation.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.206 SPONSOR PARTICIPATION
Section 355.206 Sponsor
Participation
For a Multifamily Housing
Project or a rental Single Family Project, the Sponsor must have a Material
Participation in the development and operation of the Multifamily Housing
Project or rental Single Family Project throughout the Compliance Period.
(Source: Amended at 31 Ill.
Reg. 5797, effective March 30, 2007)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.207 REGULATORY AGREEMENT FOR RENTAL PROJECTS
Section 355.207 Regulatory
Agreement for Rental Projects
The Sponsor and the owner of
each Affordable Housing Project that involves the rental of housing Units shall
enter into a Regulatory Agreement with the allocating Agency before the Agency makes
an Allocation in connection with that Affordable Housing Project. Under the
Regulatory Agreement, the owner of the Affordable Housing Project shall be
required to adhere to the Affordable Housing Restrictions for a period equal to
the Compliance Period, and agree not to transfer the ownership, or materially
change the ownership structure of the owner of the Affordable Housing Project,
without the prior written approval of the Agency. The Regulatory Agreement
shall be recorded in the Office of the Recorder of Deeds in the county where
the Affordable Housing Project is located as a restrictive covenant on the
Affordable Housing Project. The Regulatory Agreement shall cease to apply in
the event of a foreclosure, transfer of title by deed in lieu of foreclosure or
similar event, unless the allocating Agency determines that such foreclosure,
transfer of title by deed-in-lieu of foreclosure or similar event has occurred pursuant
to an arrangement between the owner of the Affordable Housing Project and any
lenders or any other party, a purpose of which is to terminate the occupancy
restrictions set forth in the Regulatory Agreement.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.208 PROJECT DOCUMENTATION AND CERTIFICATION
Section 355.208 Project
Documentation and Certification
On or before the Initial Closing
Date of a Project, the Sponsor shall provide to the Agency the following
documentation:
a) a certification of the amount of the Donation, a notarized
affidavit from each Donor acknowledging the Donation to the Sponsor or such
other documentation evidencing the Donor's knowledge of the making of a
Donation and eligibility for receipt of a Certificate as determined acceptable
by an Agency in its discretion, and documentation as the Agency shall require
under Sections 355.304, 355.305, 355.306 and 355.307 of this Part to
substantiate the facts set forth in the certification;
b) the name and address of the Sponsor;
c) the total number of Units or Single Family Residences, as
applicable, in the Project;
d) the number of Units or Single Family Residences, as applicable,
in the Project to be occupied by Very Low-Income, Low-Income and, for
Employer-Assisted Housing Projects, Moderate-Income Households;
e) the type of Households to be served (such as elderly or
special needs);
f) for Multifamily Housing Projects, the number of bedrooms in
each Unit; and
g) the amount of Affordable Housing Tax Credits allocated for
General Operating Support and Technical Assistance, and the uses of such
General Operating Support and Technical Assistance.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.209 AFFORDABLE HOUSING TAX CREDIT ALLOCATION
Section 355.209 Affordable
Housing Tax Credit Allocation
a) An
Agency shall make Allocations:
1) for Affordable Housing Projects, after the Agency has received
documentation, in a format acceptable to the Agency, that establishes to the satisfaction
of the Agency that the Sponsor and the Affordable Housing Project are in
compliance with all of the requirements of Section 7.28 of the Act and this
Part; the date of the Allocation shall be the date of the Initial Closing.
2) for Technical Assistance and Employer-Assisted Housing
Projects, after the Agency has received documentation, in a format acceptable
to the Agency, that establishes to the satisfaction of the Agency that the
Sponsor is in compliance with all of the requirements of Section 7.28 and this
Part and has the ability to provide the Technical Assistance or to implement
the Employer-Assisted Housing Project, as applicable; the date of the
Allocation shall be the date of the satisfaction of these requirements.
b) The effective date of the Allocation shall be the date set
forth in the Reservation Letter to the Sponsor, or the date of the Allocation
at the election of the Sponsor. No Allocation shall be made with an effective
date earlier than the effective date of Section 7.28. The Agency shall submit
forms as the Illinois Department of Revenue may require to notify the
Department of the Allocation for the Affordable Housing Project.
(Source: Amended at 31 Ill.
Reg. 5797, effective March 30, 2007)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.210 RECAPTURE OF AFFORDABLE HOUSING TAX CREDITS
Section 355.210 Recapture of
Affordable Housing Tax Credits
Except in the case of fraud
committed by a Donor, there shall be no recapture of Affordable Housing Tax
Credits after Allocation.
(Source: Amended at 27 Ill.
Reg. 14310, effective August 21, 2003)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.211 RESCISSION OF RESERVATION OF AFFORDABLE HOUSING TAX CREDITS
Section 355.211 Rescission of Reservation of Affordable
Housing Tax Credits
An Agency may rescind a Reservation of Affordable Housing
Tax Credits if a Sponsor that has received a Reservation is unable to obtain a
Donation within the time periods set forth in Section 355.205(d) of this Part or
if the Sponsor has not complied with the terms and conditions of the
Reservation Letter. In such a case, an Agency may reserve to other Projects
any Affordable Housing Tax Credits that have been rescinded; provided however,
that the Affordable Housing Tax Credits must be reserved during the State
fiscal year in which the Affordable Housing Tax Credits were originally
reserved.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
SUBPART C: DONATIONS
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.301 ACCEPTABLE TYPES OF DONATIONS
Section 355.301 Acceptable
Types of Donations
Donations may only be made in
the form of cash, securities, real property or personal property. Provision of
services of any kind shall not constitute a Donation. Upon receipt of a
Donation, a Sponsor shall notify the allocating Agency and provide to the
Agency documentation evidencing both the Donation and its value, which must be
determinable as of the date of the Donation. Documentation evidencing the
Donation shall include a notarized affidavit from each Donor acknowledging the
Donation to the Sponsor or such other documentation evidencing the Donor's
knowledge of the making of a Donation and eligibility for receipt of a
Certificate, as determined acceptable by an Agency in its discretion.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.302 AGGREGATION OF DONATIONS
Section 355.302 Aggregation
of Donations
Subject to Section 355.303, a Sponsor
may aggregate a number of Donations into a single Donation in connection with
an Allocation. For Employer-Assisted Housing Projects, a Sponsor may aggregate
a number of Donations from multiple employers into a single source of funds for
use in assisting eligible employees secure housing near their work place. Each
Donor shall receive a Certificate evidencing the Donor's share of the aggregate
Allocation.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.303 MINIMUM DONATION AMOUNT
Section 355.303 Minimum
Donation Amount
Except in the case of the
transfer of a portion of a Certificate as set forth in Section 355.309 of this
Part, the minimum amount of a Donation shall be $10,000. Individual Donations
in an aggregated Donation, including Donations for which the Affordable Housing
Tax Credits are transferred as permitted under Section 355.309 of this Part, may
be less than $10,000; however, the aggregated Donation must be at least
$10,000.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.304 CASH
Section 355.304 Cash
The amount of a cash Donation
shall be evidenced by a copy of the check or cashier's check from the Donor,
evidence of a wire-transfer of funds by the Donor, or such other evidence of
the provision of cash by the Donor that may be satisfactory to the allocating
Agency.
(Source: Amended at 27 Ill.
Reg. 14310, effective August 21, 2003)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.305 SECURITIES
Section 355.305 Securities
Donations of stocks, bonds or
other securities shall be documented by the certificate transferring ownership
of the security to the Sponsor or a certificate evidencing the transfer of the
beneficial interest in the security to the Sponsor; the amount of the Donation
shall be the market value of the security at the close of the market on the day
of the transfer.
(Source: Amended at 27 Ill. Reg.
14310, effective August 21, 2003)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.306 REAL PROPERTY
Section 355.306 Real
Property
Donations of real property be: the
fee simple interest in such real property; the beneficial interest of a land
trust if a land trust holds title to such real property; a ground lease with a
minimum term of 50 years leasing the real property to the Sponsor; or a sale of
the fee simple interest on real property at a discount ("Discounted
Sale"). Donations of a fee simple interest in real property shall be evidenced
by a copy of the recorded deed conveying the fee simple title of the real
property to the Sponsor and a title search or equivalent documentation showing
that the Donor held fee simple title to the real property as of the date of the
transfer. A Donation of a ground lease shall be evidenced by a copy of the
ground lease under which the real property is leased. A Donation of real
property held in a land trust shall be evidenced by the document transferring
the beneficial interest in the land trust to the Sponsor and a copy of the land
trust agreement, certified by the land trustee, showing that the Sponsor is the
sole beneficiary of the land trust. The value of the real property or the
leasehold interest in a ground lease shall be determined on or within 6 months prior
to the date of the Donation by a current independent appraisal done by a
State-licensed appraiser, as approved by the Agency, based on the market value
of the real property as it is currently zoned and in its then current condition
and use and subject to any existing economic encumbrances (unless an economic
encumbrance is expiring, has expired, or would otherwise terminate upon
transfer of the property). The appraisal may be ordered by the Agency or the
Sponsor and shall be completed at the Sponsor's expense. The appraiser must be
an Agency-approved appraiser. An Agency may, in its discretion, have another
appraisal done by a State-licensed appraiser, as approved by the Agency, and at
the expense of the Sponsor with payment required in advance; in such a case,
the value shall be the lesser of the two appraisals. In a Discounted Sale, the
Agency must be provided with a copy of the contract of sale and the settlement
statement, and the Agency may order an appraisal of the real property at the
expense of the Sponsor. The amount of Donation shall be the difference between
the appraised value of the real property and the sale price. No appraisal shall
be provided to the Applicant or Sponsor, unless the Applicant or Sponsor has
reimbursed the Agency for the expense of the appraisal.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.307 PERSONAL PROPERTY
Section 355.307 Personal
Property
A Donation of personal property,
such as construction or other materials and equipment sold in the ordinary
course of business, shall be valued at the lesser of its fair market value or
its cost to the Donor, and may include costs incurred in making the transfer,
such as delivery costs, but excluding sales tax. For personal property such as
art, antique furniture, coin collections or jewelry, the value may be
established by an appraisal done by a qualified appraiser approved by the
Agency. In the case of personal property, an Agency may, in its discretion,
have another appraisal done by a qualified appraiser approved by the Agency; in
such a case, the value of the property shall be the lesser of the two
appraisals.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.308 LIMITATION ON DONATIONS
Section 355.308 Limitation
on Donations
Funds used by a prospective
Donor to acquire an ownership interest in an Affordable Housing Project shall
not qualify as a Donation. Donations may not take place prior to 3 years
before the Initial Closing Date unless otherwise approved by the allocating
Agency in the Agency's discretion.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.309 TRANSFER OF AFFORDABLE HOUSING TAX CREDITS
Section 355.309 Transfer of
Affordable Housing Tax Credits
A Donor that has received a
Certificate may transfer all or a portion of the Affordable Housing Tax Credits
represented by this Certificate to the purchaser of land that has been
designated solely for Affordable Housing Projects in accordance with the Act
and this Part or to another Donor who has also made a Donation in accordance
with the Act and this Part. Any taxpayer claiming credit pursuant to this
Section must do so in accordance with Section 214 of the Illinois Income Tax
Act [35 ILCS 5/214]. An individual or entity receiving a transfer of
Affordable Housing Tax Credits in an amount less than $100,000 must make a
Donation, in accordance with the Act and this Part, of at least 10% of the
amount of the transferred Affordable Housing Tax Credits. An individual or
entity receiving a transfer of Affordable Housing Tax Credits in an amount
equal to or greater than $100,000 must make a minimum Donation, in accordance
with the Act and this Part, of $10,000. The Certificate shall indicate the
name of the original Donor and the name of the entity to which the Certificate
is transferred. Absent a notarized letter of direction from the original
Donor, an Agency shall not deliver a Certificate nor all or a portion of the
Affordable Housing Tax Credits represented by the Certificate to an individual
or entity other than the original Donor.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.310 MATERIAL PARTICIPATION OF SPONSOR
Section 355.310 Material
Participation of Sponsor
No transfer of cash, securities,
real property or personal property to a Sponsor shall be a Donation unless the
Sponsor is committed to Material Participation in the Multifamily Housing
Project or rental Single Family Project for the full term of the Compliance
Period.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.311 DONATIONS FROM STATE AND LOCAL GOVERNMENTS
Section
355.311 Donations from State and Local Governments
Sponsors
may accept Donations from the State government, local municipalities and
agencies, boards, commissions, corporations or authorities of State governments
and municipalities in the form of the following:
a) money,
provided that the money does not come directly or indirectly from any Federal
source or any State program providing funding either related to affordable
housing or services provided in connection with affordable housing; and further
provided that the money does not have to be repaid with funds from the
operation of the Project;
b) the
value of waived permit fees or other customary charges, such as water and sewer
permit fees, hook up charges or impact fees, when the waiver is made in a
manner that achieves a reduction in the cost of construction of an Affordable
Housing Project or an Employer-Assisted Housing Project;
c) real property, as described in
Section 355.306 of this Part; and
d) loans
made at a below-market interest rate. The value of the Donation shall be the
present value, as of the date of the Donation, of the difference of the market
rate interest that would be paid over the term of the loan and the actual
interest to be paid over the term of the loan.
(Source: Amended at 34 Ill. Reg. 15822,
effective September 28, 2010)
SUBPART D: PROJECTS
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.401 SINGLE FAMILY PROJECT REQUIREMENTS
Section 355.401 Single
Family Project Requirements
An Agency may make Allocations
for Single Family Projects. In each Single Family Project, other than Employer
Assisted Housing Projects, all of the units or Single Family Residences shall
be sold or rented to Low-Income Households.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.402 DOWN PAYMENT AND CLOSING COST ASSISTANCE (REPEALED)
Section 355.402 Down Payment
and Closing Cost Assistance (Repealed)
(Source: Repealed at 27 Ill.
Reg. 14310, effective August 21, 2003)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.403 EMPLOYER-ASSISTED HOUSING PROJECTS
Section 355.403
Employer-Assisted Housing Projects
An Agency may make Allocations
for Employer-Assisted Housing Projects. $2,000,000 of the Affordable Housing
Tax Credit Ceiling for a State fiscal year shall be reserved for
Employer-Assisted Housing Projects. Of this ceiling, 24.5% shall be available
for allocation by the City of Chicago and 75.5% shall be available for allocation
by the Authority. If those funds are not reserved for Employer-Assisted Housing
Projects by March 31 of that State fiscal year, the funds shall be available
for Reservation and Allocation for Affordable Housing Projects, Technical
Assistance or General Operating Support.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.404 RECAPTURE AGREEMENT
Section 355.404 Recapture
Agreement
Each Household receiving
assistance or a subsidy under a Single Family Project or Employer-Assisted
Housing Project in connection with the purchase of a Single Family Residence
shall execute a Recapture Agreement for the benefit of the Sponsor. The
Recapture Agreement shall be recorded in the Office of the Recorder of Deeds in
the county in which the Single Family Residence is located as a restrictive
covenant on the Single Family Residence. The Recapture Agreement shall provide
that, if the Single Family Residence is transferred during the term of the
Compliance Period, other than by will, inheritance or a transfer by law to a
joint tenant owner, the Household shall repay to the Sponsor a pro-rated
portion of any funds provided as a grant or subsidy toward the purchase of the
Single Family Residence. In cases of hardship to a Very Low-Income, Low-Income
or, for Employer-Assisted Housing Projects, Moderate-Income Household, such as
serious illness or loss of employment, an Agency may reduce the Compliance
Period.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.405 MULTIFAMILY HOUSING PROJECTS
Section 355.405 Multifamily
Housing Projects
An Agency may make Allocations
for Multifamily Housing Projects that involve the construction or
rehabilitation of multifamily rental housing buildings.
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.406 SET-ASIDE FOR TECHNICAL ASSISTANCE AND GENERAL OPERATING SUPPORT
Section 355.406 Set-Aside
for Technical Assistance and General Operating Support
$1,000,000 of the Affordable
Housing Tax Credit Ceiling for a State fiscal year shall be reserved for
Technical Assistance and General Operating Support. Of this ceiling, 24.5%
shall be available for allocation by the City of Chicago and 75.5% shall be
available for allocation by the Authority. If these funds are not reserved for
Technical Assistance or General Operating Support by March 31 of that State
fiscal year, the funds shall be available for Reservation and Allocation for
any type of Affordable Housing Projects or Employer-Assisted Housing Projects.
(Source: Amended at 31 Ill.
Reg. 5797, effective March 30, 2007)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.407 LIMITATIONS ON AMOUNT OF TECHNICAL ASSISTANCE AND GENERAL OPERATING SUPPORT
Section 355.407 Limitations
on Amount of Technical Assistance and General Operating Support
No Affordable Housing Project
shall receive Affordable Housing Tax Credits for Technical Assistance and
General Operating Support for the Sponsor of the Affordable Housing Project in
an amount greater than 10% of the Allocation for the Affordable Housing Project.
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.408 TECHNICAL ASSISTANCE HOME OWNERSHIP COUNSELING
Section 355.408 Technical
Assistance – Home Ownership Counseling
An Agency may allocate
Affordable Housing Tax Credits for Technical Assistance for Donations to
entities that provide home ownership counseling services. The Allocations may
be in connection with the purchase of a Single Family Residence or an Employer-Assisted
Housing Project; however, all Allocations for Technical Assistance in
connection with a particular Affordable Housing Project shall be pursuant to
Section 355.407 of this Part. All such home ownership counseling services shall
be provided to Households that qualify as Low-Income Households or, in the case
of Employer-Assisted Housing Projects, Moderate-Income Households as of the
date of the provision of the services.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
SUBPART E: COMPLIANCE MONITORING
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.501 COMPLIANCE MONITORING
Section 355.501 Compliance
Monitoring
The allocating Agency will
annually monitor the compliance of each Project.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.502 MONITORING FEES
Section 355.502 Monitoring
Fees
An Agency may assess an annual
fee for compliance monitoring of Projects. If an Agency decides to charge such
a fee, the amount of such fee shall be established on July 1 of the year in
which such decision is made. An Agency may redetermine the amount of its
compliance monitoring fee as of each July 1. The Agency shall determine the
amount of the fee, or the amount of the redetermined fee, based on the cost to
the Agency of compliance monitoring of Projects for the previous State fiscal
year.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.503 BOOKS AND RECORDS
Section 355.503 Books and
Records
The books and records of each Sponsor
and each Project shall be subject to inspection, examination and copying by the
allocating Agency and its authorized representatives or agents at such times as
the allocating Agency reasonably requires for the purpose of determining
whether the Sponsor and the Project are in compliance with Section 7.28 and
this Part.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.504 FURNISHING INFORMATION
Section 355.504 Furnishing
Information
Each Sponsor shall furnish such
information and operating reports as the allocating Agency shall require in
connection with the monitoring of the Sponsor and the Sponsor's Project for
compliance with Section 7.28 and this Part.
(Source: Amended at 34 Ill. Reg.
15822, effective September 28, 2010)
SUBPART F: REPORTS
| TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY
PART 355
ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM
SECTION 355.601 AGENCY REPORTS
Section 355.601 Agency Reports
Each Agency shall submit
quarterly reports to the Authority setting forth the Agency's activities under
the Program for that quarter. The report shall include the following
information:
a) the amount of Affordable Housing Tax Credits reserved or
allocated since the date of the last report;
b) the name and address of each Sponsor;
c) For each Affordable Housing Project:
1) the amount of Affordable Housing Tax Credits reserved or
allocated;
2) the total number of Units or Single Family Residences in the
Affordable Housing Project;
3) the number of Units or Single Family Residences to be occupied
by Low-Income and Very Low-Income Households;
4) the type of Households to be served (such as elderly or
special needs); and
5) for Multifamily Housing Projects, the number of bedrooms in
each Unit;
d) For each Affordable Housing Project, the amount of Affordable
Housing Tax Credits reserved or allocated for General Operating Support and
Technical Assistance, and the Sponsor's use of that General Operating Support
and Technical Assistance;
e) In connection with Technical Assistance for home ownership
counseling services, the amount of Affordable Housing Tax Credits reserved or
allocated and the number of Low-Income, Very Low-Income and, for
Employer-Assisted Housing Projects, Moderate-Income Households receiving
counseling; and
f) In connection with an Employer-Assisted Housing Project, the
amount of Affordable Housing Tax Credits reserved or allocated and the number
of Very Low-Income, Low-Income and Moderate-Income Households that received
assistance.
(Source: Amended at 34 Ill.
Reg. 15822, effective September 28, 2010)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
