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 355.203 - 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 an Agency that may require the following
				  information:
a) The name and location
				of the proposed Project;
b) The
				name, address and telephone number of the Sponsor and the proposed owners of
				the Project, and, if known and applicable, the attorney, accountant, architect,
				general contractor and consultant for the Project;
c) A copy of the Sponsor's current Articles
				of Incorporation, certified by the Secretary of State or equivalent official of
				the state of incorporation;
d) A
				history of the Sponsor's experience in developing affordable housing;
e) A complete description of the proposed
				Project, including but not limited to the site, the number and type of Units or
				Single Family Residences and, if applicable, a rent schedule for the Project,
				and identifying any proposed tenant or homeownership populations with special
				housing needs;
f) The amount of the
				proposed financing for the Project, including letters of interest or
				commitments from prospective lenders;
g) The type of, amount of and nature of the
				Donation or proposed or anticipated Donation, including the legal and financial
				interests of the Sponsor, seller, buyer and developer entities in the Donation
				transaction and a description of the flow of funds into the Project, including
				any financing provided by the Sponsor, if applicable;
h) For a Multifamily Housing Project or a
				rental Single Family Project, the percentage of Units to be reserved for
				Low-Income Households and Very Low-Income Households;
i) The estimated total cost of the proposed
				Project, including, as applicable, the cost of land acquisition, the cost of
				construction, the amount of projected reserves, architects' fees, attorneys'
				fees, accountant's fees, surveyor's fees, title insurance and all other costs
				associated with the Project;
j) A
				schedule for the proposed Project showing the anticipated Initial Closing Date
				and the anticipated date of completion;
k) The amount of General Operating Support
				requested, if any, and the purposes for which it will be used;
l) The amount of Technical Assistance
				requested, if any, and the purposes for which it will be used;
m) The amount of Affordable Housing Tax
				Credits requested;
n) A
				certification from the Sponsor to the Agency that all information contained in
				the Application and all accompanying information is true, accurate, and
				complete, to the best of the Sponsor's knowledge;
o) If a Donation has occurred, a notarized
				affidavit from the 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
p) Any additional documentation that the
				Agency may require in order to confirm the information in the Application,
				including but not limited to a legal description of the Project.