Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart B - ELIGIBILITY › Section 365.201 - Eligible Activities

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any
				Trust Fund Moneys transferred to the Authority pursuant to Section 8(b) of the
				Affordable Housing Act, or otherwise obtained, paid to or held by or for the
				Authority, or pledged pursuant to a resolution of the Authority, for the Bonds
				or Notes under the Act, and all proceeds, payments and receipts from
				investments or use of such moneys, including any residual or additional funds
				or moneys generated or obtained in connection with any of the foregoing, may be
				held, pledged, applied or dedicated by the Authority as follows:
1) as required by the terms of any pledge of
				or Resolution of the Authority authorized under the Affordable Housing Act in
				connection with Bonds or Notes issued pursuant to the Act;
2) to or for:
A) costs of issuance and administration and
				the payments of any principal, interest, premium or other amounts or expenses
				incurred or accrued in connection with Bonds or Notes, including rate
				protection contracts and credit support arrangements pertaining
				thereto;
B) the Authority's
				expenses and servicing, administration and origination fees and charges in
				connection with any Loans, Mortgages, or Developments funded or financed or
				expected to be funded or financed, in whole or in part, from the issuance of
				Bonds or Notes, provided that such expenses, fees and charges are obligations,
				whether recourse or nonrecourse, and whether financed with or paid from the
				proceeds of Bonds or Notes, of the Owner, Mortgagors or other users;
3) to or for costs of issuance and
				administration and the payments of principal, interest, premium, Loan fees, and
				other amounts or other obligations of the Authority, including rate protection
				contracts and credit support arrangements pertaining thereto, for loans,
				commercial paper or other notes or bonds issued by the Authority pursuant to
				the Act, provided that the proceeds of such loans, commercial paper or other
				notes or bonds are paid or expended in connection with, or refund or repay,
				loans, commercial paper or other notes or bonds issued or made in connection
				with bridge loans or loans for the construction, renovation, redevelopment,
				restructuring, reorganization of Affordable Housing and related expenses,
				including development costs, technical assistance, or other amounts to
				construct, preserve, improve, renovate, rehabilitate, refinance, or assist
				Affordable Housing, including a Financially Troubled Development, permanent or
				other financing for which has been funded or financed or is expected to be
				funded or financed in whole or in part by the Authority through the issuance of
				or use of proceeds from Bonds or Notes;
4) to or for direct expenditures or
				reimbursement for Development costs, technical assistance, or other amounts to
				construct, preserve, improve, renovate, rehabilitate, refinance, or assist
				Affordable Housing, including Financially Troubled Developments, permanent or
				other financing which has been funded or financed or is expected to be funded
				or financed in whole or in part by the Authority through the issuance of or use
				of proceeds from Bonds or Notes; and
5) for deposit into any residual, sinking,
				reserve or revolving fund or pool established by the Authority, whether or not
				pledged to secure Affordable Housing Program Bonds or Notes, to support or be
				utilized for the issuance, redemption, or payment of the principal, interest,
				premium or other amounts payable on or with respect to any existing, additional
				or future Bonds or Notes, or to or for any other expenditure authorized by the
				Act or the Affordable Housing Act.