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 355.204 - Agency Review

Current through Register Vol. 48, No. 28, July 12, 2024
The Agency shall review each complete Application and approve
				  or reject it. The Agency's review of an Application shall include, but not be
				  limited to, the following criteria (where applicable):
a) Section 7.28 Requirements. The ability of
				the Project to meet the requirements of Section 7.28 and this Part throughout
				the Compliance Period;
b) Financial
				Feasibility. The financial feasibility of the Project, taking into
				consideration the existing housing for Very-Low Income Households, Low-Income
				Households and, for Employer-Assisted Housing Projects, Moderate-Income
				Households in the geographical area in which the Project will be located, the
				cost of the Project, the projected income and operating expense 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 Affordable Housing Project
				and place it in service, taking into consideration the construction or other
				schedule submitted with the Application, the Sponsor's experience in the
				development, construction and/or rehabilitation of housing, and the size and
				scope of the Affordable Housing Project; or the ability of the Sponsor to
				provide the Technical Assistance; or the ability of the Sponsor to implement
				the Employer-Assisted Housing Project;
d) Site Control. Evidence of site control,
				satisfactory to the Agency, for the Affordable Housing Project, which shall
				include, but not be limited to, a purchase contract, an option to purchase, or
				a letter of intent from a prospective Donor of real property or from a
				governmental agency;
e) Donations.
				The amount of the Donation and the nature of the Donation transaction; or the
				amount of the proposed or anticipated Donation and the Sponsor's plan for
				obtaining the proposed or anticipated Donation;
f) Location. The need for housing for Very
				Low-Income, Low-Income and, for Employer-Assisted Housing Projects,
				Moderate-Income Households in the geographical area in which the Project will
				be located, based on census data, social surveys, published data, or on-site
				inspections and the location of other Projects for which the Agency has
				allocated or reserved Affordable Housing Tax Credits;
g) Housing Stock. The likelihood that the
				Project will increase the quality and quantity of housing stock and redevelop
				blighted areas or prevent the occurrence of slum conditions;
h) Preservation. The likelihood that the
				Project will preserve housing projects in danger of being lost as affordable
				housing stock;
i) Involuntary
				Displacement. For Multifamily Housing Projects or rental Single Family Projects
				involving rehabilitation, the Sponsor must minimize involuntary displacement of
				current tenants who are Low-Income and Very Low-Income Households, taking into
				consideration their safety during rehabilitation and the scope and nature of
				the proposed rehabilitation;
j)
				Special Needs Populations. The availability and accessibility of the Project
				for special needs populations, including, but not limited to, homeless or
				displaced individuals, persons with physical, mental or developmental
				disabilities, persons with alcohol or substance abuse problems, and persons
				with AIDS and related diseases;
k)
				Compliance Period. Whether the Compliance Period of the Project exceeds the
				minimum requirements of Section 7.28;
l) Lower Income Households. The ability of
				the Project to serve Households with incomes less than the maximum income for
				Very Low-Income, Low-Income or, for Employer-Assisted Housing Projects,
				Moderate-Income Households for the geographical area in which the Project will
				be located.