Section 350.102  Definitions

"Act":  The Illinois Housing Development Act [20 ILCS 3805].

"Allocation":  The award of Tax Credits to a Project pursuant to Section 42.

"Applicable Fraction":  The lower of the unit fraction or the floor space fraction.  The unit fraction is the number of low-income housing units divided by the total number of units in the Project.  The floor space fraction is the square footage of the low-income housing units divided by the project's total square footage.

"Application":  An application to the Authority submitted by a Sponsor, for Tax Credits for a Project, including required supporting documentation.

"Authority":  The Illinois Housing Development Authority.

"Authority Housing Credit Ceiling":  The portion of the State Housing Credit Ceiling available for Allocation by the Authority.

"Compliance Period":  The period during which the Project is obligated to comply with the occupancy restrictions (both income and rent) of Section 42.

"Credit Period":  The period of 10 years beginning with the year in which the Project is placed in service or, at the election of the Sponsor, the succeeding year.

"Governor":  The Governor of the State of Illinois.

"Internal Revenue Code":  The Internal Revenue Code of 1986 (26 U.S.C. Section 1 et seq.) and the U.S. Treasury regulations promulgated under it, all as they may be amended from time to time.

"Low-Income":  A household income that is less than or equal to 60% of the median income for the area in which a Project is located, as determined by the United Stated Department of Housing and Urban Development.

"Part":  This Part 350.

"Project":  The qualified building or buildings (as defined in Section 42) that are the subject of an Application.

"Qualified Allocation Plan":  The Authority's qualified Allocation Plan required under Section 42.

"Reservation":  The Authority's conditional Reservation of Tax Credits for a Project.

"Section 42":  Section 42 of the Internal Revenue Code and the regulations and revenue rulings promulgated under it, all as they may be amended from time to time.

"Sponsor":  An entity applying for or receiving Tax Credits for a Project pursuant to this Part.

"State":  The State of Illinois.

"State Housing Credit Agency":  The Authority.

"State Housing Credit Ceiling":  The amount of Tax Credits available for Allocation in the State for any calendar year, as provided in Section 42.

"Tax Credits":  Federal low income housing tax credits, as authorized by Section 42.

(Source:  Amended at 21 Ill. Reg. 9012, effective June 26, 1997)