Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart A - GENERAL RULES › Section 365.103 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
As used in this Part, words and phrases defined in the Act
				  shall have the meanings ascribed to them therein. In addition, the following
				  words or terms mean:
"Act": The Illinois Housing Development Act [20 ILCS 3805
				  ].
"Advisory Commission": The Illinois Affordable Housing
				  Advisory Commission, established by and acting pursuant to Section 6(a) of the
				  Affordable Housing Act.
"Affordable Housing": Residential housing that, so long as
				  the same is fully or partially occupied by Low-Income Households or Very
				  Low-Income Households, requires payments of monthly housing costs, including
				  charges to such households for heat, electricity and water, of no more than 30%
				  of the maximum allowable income as stated for such households as set forth in
				  Section
				  365.1204(b)(1) and
				  (2) of this Part.
"Affordable Housing Act": The Illinois Affordable Housing Act
				  [310 ILCS 65 ].
"Applicant": The person or entity applying for a Loan from
				  the Program.
"Application": An application for a Loan.
"Assistant Director": The Assistant Director of the
				  Authority.
"Authority": The Illinois Housing Development
				  Authority.
"Bonds": The bonds issued by the Authority pursuant to the
				  Act from time to time to finance the Program, including bonds issued from time
				  to time to replace or refund Bonds or Notes previously issued.
"BSPRA": The builders'/sponsors' profit and risk allowance,
				  if any, given to an Owner against the Equity requirements for a Loan. BSPRA
				  shall not exceed an amount equal to ten percent (10%) of the total estimated
				  replacement cost of the Development.
"Chairman": The Chairman of the Authority.
"Clearinghouse": The person in the Office of the Governor
				  designated by the Governor of the State to provide notice to appropriate State
				  and local agencies of proposed Developments.
"Commercial Tenant": Any entity leasing commercial facilities
				  in a Development.
"Construction Completion Date": The date that construction or
				  rehabilitation of a Development is substantially completed, as determined in
				  writing by the Authority.
"Cost Certification Cutoff Date": The last day of the month
				  in which the Construction Completion Date falls.
"Cumulation Date": The date from which an Owner's right to
				  make Distributions shall begin cumulating, which date shall be the Initial
				  Closing Date.
"Cumulative Distribution": A Distribution of Surplus Cash
				  and/or Residual Receipts representing all or part of a Distribution unpaid but
				  cumulated by an Owner in a prior fiscal year.
"Current Distribution": A Distribution of Surplus Cash and/or
				  Residual Receipts representing all or part of a Distribution earned by an Owner
				  in a current fiscal year.
"Deputy Director": The Deputy Director of the
				  Authority.
"Development": A multi-family housing project made up of five
				  or more units consisting of the Real Estate, together with all improvements,
				  buildings, equipment, and personal property appurtenant thereto.
"Development Funds": All cash, rent subsidies, gross
				  Development income, bank accounts, certificates of deposit, trust funds,
				  reserves, escrows, accounts receivable, and other such assets of a Development,
				  excluding security deposits which, pursuant to contract, an Owner may be
				  required to return to a Tenant.
"Director": The Director of the Authority.
"Distribution": Any withdrawal or taking of Surplus Cash
				  and/or Residual Receipts, including segregation of amounts of Surplus Cash
				  and/or Residual Receipts for subsequent withdrawal, for payment to or on behalf
				  of an Owner pursuant to the Authority's written authorization of such
				  Distribution or any transfer of Development property to or on behalf of an
				  Owner.
"Eligible Mortgagor": Any Limited-Profit Entity or Nonprofit
				  Corporation, or any Illinois land trust the sole beneficiary of which is a
				  Limited-Profit Entity or Nonprofit Corporation, but only if such Eligible
				  Mortgagor's ownership of the Development (including any partnership interest or
				  stock ownership interest in such Mortgagor), or such beneficiary's interest in
				  such Illinois land trust (including the ownership of any partnership interest
				  or stock ownership interest in such beneficiary), shall not cause any
				  tax-exempt Bonds, if any, used to finance the Development to become taxable for
				  federal income tax purposes and the organizational documents of such Mortgagor
				  or such beneficiary referred to in Section
				  365.502
				  of this Part at all times are in compliance with (or such Mortgagor or
				  beneficiary has executed a written agreement meeting) the requirements of
				  Section
				  365.502
				  of this Part.
"Equity": The amount of funds provided by Owner for a
				  Development, including an allowance for BSPRA, as determined by the Authority
				  in its sole discretion.
"Final Closing Date": The date on which the Authority issues
				  its final closing memorandum.
"Financially Troubled Development": A Development financed by
				  a Loan from the Program which subsequently fails to meet its Mortgage
				  obligations.
"Initial Closing Date": The date on which the Authority
				  issues its initial closing memorandum.
"Limited-Profit Entity": Any individual, joint venture,
				  partnership, limited partnership, trust or corporation organized or existing
				  under the laws of the State or authorized to do business in the State
				  (including, without limitation, a limited liability company) and having
				  articles of incorporation or comparable documents of organization (or a written
				  agreement with the Authority) which, in addition to meeting other requirements
				  of law, meets the requirements of Section 2(k) of the Act.
"Loan": The loan financed through the Program made by the
				  Authority to a Mortgagor to be used in connection with a Development.
"Low-Income Household": A single person, family or unrelated
				  persons living together whose adjusted income is more than 50%, but less than
				  80%, of the median income of the area of residence, adjusted for family size,
				  as such adjusted income and median income for the 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
				  U.S.C. 1437 ).
"Members": The Members of the Authority.
"Mortgage": The mortgage, or other instrument in the nature
				  of a mortgage, and all other security documents encumbering a Development,
				  together with supplements thereto and modifications or amendments
				  thereof.
"Mortgage Note": The document executed as evidence of a
				  Mortgagor's indebtedness under a Loan secured by a Mortgage, and any
				  supplements thereto and modifications or amendments thereof.
"Mortgagor": The Limited-Profit Entity, Nonprofit Corporation
				  or Trustee for either entity, holding title to a Development who has executed
				  and delivered to the Authority a Mortgage.
"Nonprofit Corporation": A not-for-profit corporation
				  incorporated pursuant to the provisions of the Illinois General Not-for-Profit
				  Corporation Act of 1986 [805 ILCS 105 ] or the State Housing Act [310 ILCS 5 ]
				  and having articles of incorporation or a written agreement with the Authority
				  which, in addition to meeting other requirements of law, meet the requirements
				  of Section 2(m) of the Act.
"Notes": The notes issued by the Authority pursuant to the
				  Act from time to time to finance the Program.
"Owner": The Limited-Profit Entity or Nonprofit Corporation
				  holding title to Real Estate or a Development or, when such Real Estate or the
				  Development is held in an Illinois land trust, the Limited-Profit Entity or
				  Nonprofit Corporation owning the entire beneficial interest in a Trust. Under
				  no circumstances shall Owner mean the Authority or a Trustee.
"Part": This Part 365.
"Program": The Illinois Affordable Housing Bond
				  Program.
"Real Estate": The real property upon which a Development is
				  to be or has been constructed.
"Residual Receipts": Any Surplus Cash remaining as of the end
				  of an annual fiscal period after the deduction of the amount of any repayment
				  of any subordinate loans, if any, evidenced by a note to be repaid from Surplus
				  Cash and all Distributions from Surplus Cash.
"Resolution": Any resolution or indenture adopted by the
				  Authority pursuant to the Act authorizing the issuance of Bonds or Notes and
				  setting forth the general terms and conditions under which the Authority may
				  issue, deliver and sell Bonds and Notes, as amended and supplemented from time
				  to time.
"Rules": The rules and regulations of the Authority as
				  amended from time to time.
"Series Resolutions": The series resolutions adopted by the
				  Authority from time to time pursuant to the Act and the Resolution authorizing
				  the issuance of a series of Bonds or Notes.
"Staff": The Director, Deputy Director, Assistant Director
				  and the other employees of the Authority.
"State": The State of Illinois.
"Surplus Cash": That part of Development income, calculated
				  on an accrual basis of accounting remaining as of the end of a fiscal year
				  after deductions for expenses, reserves, escrows and other similar items have
				  been made in accordance with priorities established by the Authority in
				  writing.
"Tenant": The person, family or unrelated persons leasing a
				  dwelling unit in a Development.
"Tenant Selection Plan": The tenant selection plan approved
				  by the Authority for a Development.
"Trust": The Illinois land trust (if any) which holds legal
				  title to a Development.
"Trustee": The trustee of a Trust.
"Trust Fund": The Illinois Affordable Housing Trust
				  Fund.
"Trust Fund Moneys": All moneys, deposits, revenues, income,
				  interest, dividends, receipts, taxes, proceeds and other amounts or funds
				  deposited or to be deposited in the Trust Fund pursuant to Section 5 of the
				  Affordable Housing Act and any proceeds, investments or increase
				  thereof.
"Utility Allowance": The cost of electricity, heat and water
				  based on reasonable consumption of these utilities.
"Very Low-Income Household": A single person, family or
				  unrelated persons living together whose adjusted income is not more than 50% of
				  the median income of the area of residence, adjusted for family size, as such
				  adjusted income and median income for the 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
				  U.S.C. 1437 ).