Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart E - ILLINOIS HOUSING PARTNERSHIP PROGRAM › Section 1100.515 - Application Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
Each application must be submitted on forms provided by the
				  Authority. The completed application must designate the primary developer and
				  include a copy of the public notice together with an affidavit of publication
				  of such notice, a certified copy of the municipality's resolution approving the
				  project, and evidence with respect to the program objectives described in
				  Sections
				  1100.525
				  -550. Applications shall also include where appropriate:
a) A description of the project to be
				undertaken, and the controlling interests in the property (e.g. fee title,
				lease, option to purchase, beneficial interest). The applicant must
				substantiate the market and economic feasibility of the proposed project, and
				must analyze the economic benefits which the activities are expected to
				produce. Economic feasibility may be substantiated by a variety of means
				calculated to demonstrate that expected revenues of the project will be
				sufficient to pay the costs of capital and operating expenses of the project.
				Market feasibility may be demonstrated by a variety of means calculated to
				demonstrate that the projected revenues and expenses of the project are
				realistic in light of market factors. The applicant must identify the public
				and private participating parties in the proposed project, the respective
				activities to be performed by each, and the amount of program funds to be
				allocated to each activity. Information provided shall include projected costs
				and methods of financing.
b) A
				clear description of the use of program funds and a justification of the amount
				of program funds requested. The amount of program funds must be the least
				amount necessary to make the project feasible. Also, the application must
				demonstrate that without program funds, the project would not be undertaken.
				The applicant may demonstrate the need for the loan by a variety of means
				calculated to show that the funding applied for fills a gap in the financing
				for the project for which other funds are not available. Examples of the means
				to demonstrate such matters include a table of sources and uses of funds for
				the particular project or a certificate of the owner or developer that the
				project would not go forward without program funds.
c) Documentation of private and public
				commitments which are necessary for completing the project. This documentation
				shall be in the form of agreements by the project participants to complete or
				to provide financing for the project. Public commitments relate to activities
				necessary to the completion of the project which must be performed by a
				governmental body or agency. Examples of such public commitments include the
				furnishing of infrastructure items to a particular project site or rezoning. No
				application will be considered unless there is evidence of at least a private
				commitment and, if necessary, a firm public commitment.
d) A summary of all proposed expenditures to
				be undertaken to complete the project and a breakdown of the individual public
				and private expenditures.
e) A
				detailed schedule for accomplishing each part of the proposed
				project.
f) A survey of the project
				site, site plans and maps or other graphic descriptions showing the project and
				surrounding land uses.
g) A summary
				of the new tax revenues to be generated by the project.
h) The number and type of housing units to be
				provided for low and moderate income persons and families.
i) The estimated rent schedule for all units
				in the project.