reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart A - GENERAL RULES › Section 350.102 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart A - GENERAL RULES › Section 350.103 - Compliance with Federal Law

Current through Register Vol. 48, No. 28, July 12, 2024
Notwithstanding anything herein to the contrary, this Part
				  shall be construed in conformity and compliance with the Internal Revenue Code.
				  To the extent that this Part conflicts with the Internal Revenue Code, the
				  Internal Revenue Code shall control and prevail.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart A - GENERAL RULES › Section 350.104 - Severability

Current through Register Vol. 48, No. 28, July 12, 2024
If any clause, sentence, paragraph, subsection, Section, or
				  Subpart of this Part is adjudged by any court of competent jurisdiction to be
				  invalid, such judgment shall not affect, impair, or invalidate the remainder
				  thereof, but shall be confined in its operation to the clause, sentence,
				  paragraph, subsection, Section, or Subpart thereof as to which such judgment is
				  rendered.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart B - LOW-INCOME HOUSING TAX CREDIT ALLOCATIONS › Section 350.201 - Authority to Issue Tax Credits

Current through Register Vol. 48, No. 28, July 12, 2024
For any calendar year, the Authority may allocate Tax Credits
				  in an amount not to exceed the Authority Housing Credit
				  Ceiling.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart B - LOW-INCOME HOUSING TAX CREDIT ALLOCATIONS › Section 350.202 - Allocation Pursuant to Qualified Allocation Plan

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority shall allocate Tax Credits only pursuant to and
				  in compliance with the Qualified Allocation Plan.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart B - LOW-INCOME HOUSING TAX CREDIT ALLOCATIONS › Section 350.203 - Application Process

Current through Register Vol. 48, No. 28, July 12, 2024
A Sponsor may apply for an Allocation by submitting an
				  Application on forms prescribed by the Authority setting forth the following
				  information:
a) The name and location
				of the proposed Project;
b) The
				name, address and telephone number of the Sponsor, owner, attorney, architect,
				contractor and consultant;
c) A
				history of the Sponsor's experience in developing housing, and low-income
				housing in particular;
d) A
				complete description of the proposed Project, including but not limited to the
				number and type of units and a projected rent schedule, and identifying any
				proposed tenant populations with special housing needs;
e) The amount and status of the proposed
				financing for the Project, including a certification from the Sponsor
				certifying the amount of all federal, State and local subsidies which apply, or
				which the Sponsor expects to apply, with respect to the Project.
f) Percentage of Low-Income units, and the
				amount of floor space of such units, to be included in the Project;
g) The estimated total cost of the proposed
				Project, including the cost of land acquisition, the cost of construction,
				architects' fees, attorneys' fees, title insurance and all other costs
				associated with the Project;
h)
				Dates of the Project's expected construction start and placement into
				service;
i) The amount of Tax
				Credits requested;
j) A
				certification from the Sponsor certifying to the Authority that all information
				contained in the Application and all accompanying information is true and
				accurate to the best of the Sponsor's knowledge; and
k) Any additional documentation of the
				information provided in the Application which the staff of the Authority may
				require in order to confirm the information in the Application, e.g., financing
				commitment, legal description of the Project, etc.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart B - LOW-INCOME HOUSING TAX CREDIT ALLOCATIONS › Section 350.204 - Notice of Application

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority shall send notice of each Application received
				  to the chief executive officer (or the equivalent) of the local jurisdiction
				  within which the Project is to be located. The official shall have 30 days from
				  the date of notification in which to comment on the Project.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart B - LOW-INCOME HOUSING TAX CREDIT ALLOCATIONS › Section 350.205 - Authority Review

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority shall review each complete Application and
				  approve or reject it. The Authority's review of an Application shall include,
				  but not be limited to, the following criteria:
a) Section 42 Requirements. The ability of
				the Project to meet the requirements of Section 42 and other applicable
				sections of the Internal Revenue Code throughout the Compliance
				Period;
b) Financial Feasibility.
				The financial feasibility of the Project, taking into the consideration the
				existing low-income housing in the area in which the Project will be located,
				the area's low-income housing needs, as determined by the Authority, the cost
				of the Project, the projected income 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 Project and place it in service, taking
				into consideration the Sponsor's schedule submitted with the Application, the
				Sponsor's experience in the development and rehabilitation of housing, and the
				size and scope of the Project;
d)
				Evidence of site control for the Project, satisfactory to the
				Authority;
e) Location. The
				geographical location of the Project in relation to other Projects for which
				the Authority has allocated Tax Credits for the calendar year. The Authority
				will not approve Projects located in a constitutional home rule unit (as
				defined in the Internal Revenue Code) that has its own Tax Credit program
				unless:
1) the Sponsor has applied for housing
				assistance from the Authority or another State agency; or
2) the constitutional home rule unit has
				already reserved all of its Tax Credits; or
3) the constitutional home rule unit has
				requested the Authority to consider an application for a capital project
				located within the boundaries of the constitutional home rule unit;
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart B - LOW-INCOME HOUSING TAX CREDIT ALLOCATIONS › Section 350.206 - Allocation Amount - Project Feasibility

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority shall not allocate Tax Credits to a Project in
				  an amount greater than the amount the Authority determines is necessary for the
				  financial feasibility of the Project and its viability as a qualified
				  Low-Income housing project throughout the Credit Period. In making this
				  determination, the Authority shall consider the sources and uses of funds and
				  the total amount of financing for the Project:
a) The date of the conditional Reservation of
				the Tax Credits for the Project; and
b) The date the Project is placed in
				service.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart B - LOW-INCOME HOUSING TAX CREDIT ALLOCATIONS › Section 350.207 - Approval or Rejection

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Upon completion of its review of an Application, the Authority shall notify the
				Sponsor in writing of its approval or rejection of the Application, considering
				the availability of Tax Credits; the need for Low-Income housing throughout the
				State, as determined by the Authority, based on census data, social surveys,
				published data, or on-site inspections; the geographic distribution of Tax
				Credits throughout the State; the information contained in the Application;
				comments received pursuant to Section
				350.204;
				and any other criteria set forth in the Qualified Allocation Plan.
b) Upon the approval of an Application, the
				Authority shall issue a Reservation Letter conditionally reserving Tax Credits
				for the Project.
c) The conditional
				Reservation Letter shall set forth the terms and conditions upon which the Tax
				Credits will be allocated to the Project, including, but not limited to:
1) Full compliance by both the Sponsor and
				the proposed Project with Section 42 and other applicable sections of the
				Internal Revenue Code;
2)
				Certification from the Sponsor certifying to the Authority that the Sponsor and
				the Project are in full compliance with Section 42 and other applicable
				sections of the Internal Revenue Code and will continue to be in such
				compliance for such time as required by the Internal Revenue Code;
3) Certification from the Sponsor that there
				will be no change in the Sponsor, the Sponsor's organizational structure or the
				structure of the Project without the prior written approval of the
				Authority.
4) Execution of an
				Extended Use Agreement pursuant to Section 305.208 of this Part.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart B - LOW-INCOME HOUSING TAX CREDIT ALLOCATIONS › Section 350.208 - Extended Use Agreement

Current through Register Vol. 48, No. 28, July 12, 2024
The Sponsor and the Authority shall enter into an Extended
				  Use Agreement before the Authority allocates Tax Credits to the Project.
				  Pursuant to such Agreement, the Sponsor and its successors and assigns shall be
				  required to meet the Applicable Fraction of Low-Income occupancy requirements
				  of Section 42 for a period of at least fifteen (15) years beyond the Compliance
				  Period. The Agreement shall contain any language necessary to comply with the
				  requirements of Section 42(h)(6) and shall be recorded in the office of the
				  Recorder of Deeds in the county where the Project is located as a restrictive
				  covenant on the real estate on which the Project is located.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart B - LOW-INCOME HOUSING TAX CREDIT ALLOCATIONS › Section 350.209 - Project Certification

Current through Register Vol. 48, No. 28, July 12, 2024
As of the date the Project is placed in service, the Sponsor
				  shall certify to the Authority as to all amounts of federal, State and local
				  subsidies which apply, or which the Sponsor expects to apply, with respect to
				  the Project. The Sponsor shall further certify as to the Sponsor's and the
				  Project's compliance with Section 42 and other applicable sections of the
				  Internal Revenue Code and shall provide to the Authority any documentation
				  submitted to the Internal Revenue Service which establishes compliance with the
				  requirements of Section 42 and other applicable sections of the Internal
				  Revenue Code.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart B - LOW-INCOME HOUSING TAX CREDIT ALLOCATIONS › Section 350.210 - Tax Credit Allocation

Current through Register Vol. 48, No. 28, July 12, 2024
After acceptance of Sponsor's Application and receipt by the
				  Authority of all requested documentation, in a format acceptable to the
				  Authority, which establishes to the satisfaction of the Authority that the
				  Sponsor and the Project are in compliance with all the requirements of Section
				  42 and other applicable sections of the Internal Revenue Code, the Authority
				  shall allocate Tax Credits to the Project and send Form 8609 to the Internal
				  Revenue Service notifying it of the Allocation of Tax Credits for the
				  Project.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart B - LOW-INCOME HOUSING TAX CREDIT ALLOCATIONS › Section 350.211 - Reservation of Tax Credits for Year Other Than Current Calendar Year

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority may approve a Sponsor's Application for a
				  calendar year subsequent to the year of the Application, thereby reserving the
				  Tax Credits from the Authority Housing Credit Ceiling for the subsequent year,
				  if the Project meets the requirements of this Part. Such approval shall be
				  contingent upon the availability of the Authority Housing Credit Ceiling for
				  the subsequent year.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart B - LOW-INCOME HOUSING TAX CREDIT ALLOCATIONS › Section 350.212 - Revocation of Reservations

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority reserves the right to revoke Reservations if a
				  Sponsor fails to place the Project in service in the calendar year for which
				  the Tax Credits have been reserved, or fails to meet the requirements for a
				  carryover Allocation, as set forth in Section 42, or if the Project would
				  otherwise not comply with Section 42 and other applicable sections of the
				  Internal Revenue Code or with this Part.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart B - LOW-INCOME HOUSING TAX CREDIT ALLOCATIONS › Section 350.213 - Compliance Monitoring

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority shall monitor the Project for compliance with
				  Section 42. If the Authority discovers that a Project which has received an
				  Allocation is not in compliance with Section 42, the Authority shall notify the
				  Internal Revenue Service of that noncompliance. This compliance monitoring will
				  be effective for all Projects regardless of the date of Allocation. The
				  Authority may charge the Sponsor an administrative fee not to exceed the
				  greater of $100 per year or $7.50 per unit per year for administrative costs
				  incurred by the Authority in monitoring compliance. This fee will be in
				  addition to the fees set forth in Section
				  350.214 of this
				  Part.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart B - LOW-INCOME HOUSING TAX CREDIT ALLOCATIONS › Section 350.214 - Fees

Current through Register Vol. 48, No. 28, July 12, 2024
The Sponsor shall pay the following non-refundable fees in
				  connection with its Application:
a) An
				Application fee in the amount of $500 for Projects having 25 or fewer units and
				$1,000 for Projects having more than 25 units. If the Sponsor is applying as a
				non-profit Project, as provided in Section 42, the Application fee shall be
				$500 regardless of the number of units in the Project.
b) A Reservation fee of $500 or 6.5 % of the
				amount of the Reservation for the Project, whichever is greater, upon the
				issuance of a letter from the Authority to the Sponsor conditionally reserving
				Tax Credits in a specific amount for the Project. In the case of Projects
				financed with tax-exempt bonds, the fee shall be 6.5% of the amount of the Tax
				Credits for which the Authority determines, pursuant to Sections
				350.203 and
				350.205 of this
				Part, the Project is eligible.
c)
				If the Sponsor requests an increase in the amount of Tax Credits for a Project,
				an increase fee of $1,000.
d) A
				modification fee equal to:
1) $250 for
				requests for changes in the name or ownership structure of the Sponsor, or for
				extensions of time for meeting conditions set forth in the Reservation
				Letter;
2) $500 for requests for
				modifications in the characteristics of the Project; and
3) $1,000 for issuance of an amended Form
				8609 to the Internal Revenue Service due to errors in the submission of the
				documentation required by Section
				350.210 of
				this Part and the Qualified Allocation Plan.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart B - LOW-INCOME HOUSING TAX CREDIT ALLOCATIONS › Section 350.215 - Carryover Allocations

Current through Register Vol. 48, No. 28, July 12, 2024
If a Sponsor is unable to place its Project in service in the
				  year in which it receives a Reservation, it may apply to the Authority for a
				  carryover Allocation reserving the Tax Credits for the Project for two
				  additional years, subject to the requirements of Section 42. If the Authority
				  determines that the Project has met the carryover Allocation requirements of
				  Section 42, the Authority shall issue a carryover Allocation Letter carrying
				  over the Reservation for two additional years.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart A - GENERAL RULES › Section 355.101 - Authority

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart A - GENERAL RULES › Section 355.102 - Purpose and Objectives

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart A - GENERAL RULES › Section 355.104 - Compliance with Federal Law

Current through Register Vol. 48, No. 28, July 12, 2024
Notwithstanding anything in this Part to the contrary, this
				  Part shall be construed in conformity and compliance with applicable federal
				  law.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart A - GENERAL RULES › Section 355.105 - Forms and Procedures for the Program

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart A - GENERAL RULES › Section 355.106 - Fees and Charges

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart A - GENERAL RULES › Section 355.107 - Amendment

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart A - GENERAL RULES › Section 355.108 - Severability

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart A - GENERAL RULES › Section 355.109 - Gender and Number

Current through Register Vol. 48, No. 28, July 12, 2024
All terms used in any one gender or number shall be construed
				  to include any other gender or number as the context may
				  require.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart A - GENERAL RULES › Section 355.110 - Titles and Captions

Current through Register Vol. 48, No. 28, July 12, 2024
Titles and captions of Subparts, Sections, and subsections
				  are used for convenience and reference and are not a part of the
				  text.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart B - AFFORDABLE HOUSING TAX CREDIT ALLOCATIONS › Section 355.201 - Authority to Allocate Affordable Housing Tax Credits

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart B - AFFORDABLE HOUSING TAX CREDIT ALLOCATIONS › Section 355.202 - Transfer of Agency Affordable Housing Tax Credit Ceiling

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart B - AFFORDABLE HOUSING TAX CREDIT ALLOCATIONS › Section 355.205 - Approval or Rejection by Agency

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart B - AFFORDABLE HOUSING TAX CREDIT ALLOCATIONS › Section 355.206 - Sponsor Participation

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart B - AFFORDABLE HOUSING TAX CREDIT ALLOCATIONS › Section 355.207 - Regulatory Agreement for Rental Projects

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart B - AFFORDABLE HOUSING TAX CREDIT ALLOCATIONS › Section 355.208 - Project Documentation and Certification

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart B - AFFORDABLE HOUSING TAX CREDIT ALLOCATIONS › Section 355.209 - Affordable Housing Tax Credit Allocation

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart B - AFFORDABLE HOUSING TAX CREDIT ALLOCATIONS › Section 355.210 - Recapture of Affordable Housing Tax Credits

Current through Register Vol. 48, No. 28, July 12, 2024
Except in the case of fraud committed by a Donor, there shall
				  be no recapture of Affordable Housing Tax Credits after
				  Allocation.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart B - AFFORDABLE HOUSING TAX CREDIT ALLOCATIONS › Section 355.211 - Rescission of Reservation of Affordable Housing Tax Credits

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart C - DONATIONS › Section 355.301 - Acceptable Types of Donations

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart C - DONATIONS › Section 355.302 - Aggregation of Donations

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart C - DONATIONS › Section 355.303 - Minimum Donation Amount

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart C - DONATIONS › Section 355.304 - Cash

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart C - DONATIONS › Section 355.305 - Securities

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart C - DONATIONS › Section 355.306 - Real Property

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart C - DONATIONS › Section 355.307 - Personal Property

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart C - DONATIONS › Section 355.308 - Limitation on Donations

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart C - DONATIONS › Section 355.309 - Transfer of Affordable Housing Tax Credits

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart C - DONATIONS › Section 355.310 - Material Participation of Sponsor

Current through Register Vol. 48, No. 28, July 12, 2024
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.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 355 - ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM › Subpart C - DONATIONS › Section 355.311 - Donations from State and Local Governments

Current through Register Vol. 48, No. 28, July 12, 2024
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.