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)