reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart D - MORTGAGE LOAN › Section 310.404 - Development Funds and Property

Current through Register Vol. 48, No. 28, July 12, 2024
All Development Funds received by an Owner or its agent shall
				  be deposited to and maintained, as the Authority directs, in appropriate
				  accounts with the Authority, or in a federally insured bank or savings and loan
				  association or other financial institution located and qualified to do business
				  in Illinois and whose deposits are insured by the federal government, or in
				  other fiduciaries acceptable to the Authority. The Authority shall, in the
				  Regulatory Agreement for the Development, establish priorities for the
				  disbursement and use of Development Funds, including the funding of reserves
				  and escrows, and require that the Owner have personal liability for Development
				  Funds or Development property that comes into its hands or the hands of its
				  agents that the Owner is not entitled to retain or has disbursed or used in
				  violation of Authority requirements. In establishing these priorities, the
				  Owner and Authority shall take into account the purposes of the Program, the
				  financial stability of the Development, the physical condition of the
				  Development, the value of the Development as security for the Mortgage Loan,
				  and other relevant factors. It shall be a violation of the Rules for the Owner
				  or its agent to disburse, use or retain Development Funds or Development
				  property other than in accordance with the requirements or priorities
				  established pursuant to this Section and set forth in the Regulatory Agreement
				  or other Mortgage Loan documents.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart D - MORTGAGE LOAN › Section 310.405 - Reserve Fund for Replacements

Current through Register Vol. 48, No. 28, July 12, 2024
The Owner of a Development shall set aside out of gross
				  Development income and shall deposit with the Authority such sums as the
				  Authority shall specify, or that applicable federal statutes, regulations, or
				  agreements require to be deposited to the Reserve Fund for Replacements. No
				  proceeds of the Reserve Fund for Replacements may be withdrawn, disbursed, or
				  applied without written Authority approval. The sums set aside, together with
				  any income earned, shall be used to pay the costs of replacing structural
				  elements and mechanical equipment of the Development and for such other
				  Development expenses as the Authority in its sole discretion may approve. In
				  determining the amounts to be set aside or deposited to the Reserve Fund for
				  Replacements, the Authority shall consider the nature and condition of any
				  structural elements or mechanical equipment that may have to be replaced, the
				  estimated useful life of any such structural elements or mechanical equipment,
				  the estimated cost of replacements, applicable federal requirements,
				  construction costs, potential gross Development income, and any other relevant
				  factors. In determining whether to approve disbursements from the Reserve Fund
				  for Replacements, the Authority shall consider the benefit to the Development
				  of the proposed disbursement, the amount to be disbursed, the amount on deposit
				  in the Reserve Fund for Replacements, whether the Owner is delinquent in making
				  deposits to the Reserve Fund for Replacements or is otherwise delinquent in
				  making payments or deposits under the Mortgage Loan documents, other uses for
				  which the Reserve Fund for Replacements is likely to be needed, and any other
				  relevant factors.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart D - MORTGAGE LOAN › Section 310.406 - Other Reserve Funds

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority may require the Owner or developer of a
				  Development to deposit with the Authority, on the Initial Closing Date or on
				  the Final Closing Date of a Mortgage Loan, funds for such other reserves as the
				  Authority deems to be necessary to provide adequate security for the Mortgage
				  Loan. The reserves may include, without limitation, tax and insurance reserves,
				  debt service reserves and operating deficit reserves.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart D - MORTGAGE LOAN › Section 310.407 - Assignment or Sale of Mortgage Loan

Current through Register Vol. 48, No. 28, July 12, 2024
If the Authority assigns or sells a Mortgage Loan, Section
				  8.1 of the Act, which
				  requires that the owner of a Development give notice to the tenants of its
				  intent to prepay the Mortgage Loan on the Development at least nine months in
				  advance of the prepayment, as well as give them an opportunity to form an
				  organization to purchase the Development, shall cease to apply to the Mortgage
				  Loan as of the date of the sale or assignment of the Mortgage
				  Loan.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart E - CONSTRUCTION › Section 310.501 - Design and Construction Standards

Current through Register Vol. 48, No. 28, July 12, 2024
Developments financed by Mortgage Loans under the Program
				  shall be designed and constructed or rehabilitated to conform with applicable
				  federal, State, and local statutes, regulations, ordinances, standards, and
				  codes, with industry practices in Illinois, and, except for Developments
				  financed with the proceeds of Conduit Bonds, with the requirements of
				  applicable Authority Rules, contracts, agreements, guides, and other
				  documents.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart F - MARKETING AND MANAGEMENT › Section 310.601 - Marketing and Management

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Responsibility. It shall be the responsibility of the Owner to provide for the
				marketing and management of the Development in a manner satisfactory to the
				Authority so as to promote the purposes of the Program and the financial
				stability of the Development and to preserve the value of the Authority's
				security interest in the Development.
b) All marketing and management contracts
				shall be evidenced on forms acceptable to the Authority pursuant to Section
				310.602.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart F - MARKETING AND MANAGEMENT › Section 310.603 - Maintenance

Current through Register Vol. 48, No. 28, July 12, 2024
The Owner shall maintain the Development, including without
				  limitation the dwelling units, commercial facilities and grounds and equipment
				  related to the Development, in a decent, safe and sanitary condition, in a
				  tenantable and rentable state of repair, and in compliance with applicable
				  federal, State and local statutes, regulations, ordinances, standards and
				  codes.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart F - MARKETING AND MANAGEMENT › Section 310.604 - Cost of Services

Current through Register Vol. 48, No. 28, July 12, 2024
The Owner shall not pay more for administrative, operating
				  and maintenance expenses than is reasonable given the location and size of the
				  Development, the level of administration, operation and maintenance required by
				  the applicable Rules, the requirements of the Regulatory Agreement or other
				  Mortgage Loan documents, the requirements of the marketing plan, management
				  plan, and Tenant Selection Plan, the uniqueness or quality of available
				  services or supplies, the presence of an emergency or other time constraint,
				  the creditworthiness of suppliers and contractors and any other relevant
				  factors. The Owner shall solicit bids for certain contracts in accordance with
				  Authority agreements.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart G - OCCUPANCY › Section 310.701 - Tenant Selection Plan

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Approval. Before making a conditional commitment for a Mortgage Loan under the
				Program, the Authority shall approve a Tenant Selection Plan submitted by the
				Owner that shall set forth the income limits for Tenants of the Development. In
				approving the Tenant Selection Plan, the Authority shall consider whether the
				selection procedures will be equitable, considering the size and circumstances
				of the Tenant family; promote a heterogeneous mix of income levels to the
				extent appropriate; maintain the financial stability of the Development; and
				comply with the Rules, agreements and requirements.
b) Compliance. The Tenant Selection Plan
				shall comply with all applicable State and federal statutes and regulations,
				with the terms and conditions of all applicable contracts and agreements
				providing for federal subsidies or assistance relating to the Development, and
				with the affirmative fair housing marketing plan approved by the Authority for
				the Development.
c) Requirement for
				Developments for which a Conditional Commitment Letter Has Been Issued on or
				after August 9, 1984. With respect to Developments for which a conditional
				commitment letter has been issued on or after August 9, 1984, the Tenant
				Selection Plan submitted by the Owner and approved by the Authority shall
				specify how many units in the Development shall be held available to persons
				and families of Very Low, Low or Moderate Income and set forth the rental
				charges for those units. In determining the number of units that shall be held
				available for rentals, the Authority shall require that the number of dwelling
				units reserved for persons and families of Very Low, Low and Moderate Income in
				each Development shall not be less than the number required by applicable
				federal and State law.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart G - OCCUPANCY › Section 310.702 - Income and Rental Limits

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				General. A person's or family's initial occupancy of a unit held available for
				rental to persons and families of Very Low, Low or Moderate Income shall be
				limited to persons and families initially meeting the income limits set forth
				in Section
				310.103. If a person
				or family meeting income requirements at the time of initial occupancy
				subsequently fails to continue to meet those requirements, that failure shall
				not constitute non-compliance by that Tenant.
b) Income Limits
1) For all Developments financed by the
				Authority before January 1, 1987, that proportion of the units (20%, or 15% in
				certain targeted areas) as is required by the Treasury Regulations under
				Section 103(b) of the United States Internal Revenue Code of 1954 (
				26 USC
				103(b) ) shall be reserved
				for Low Income Tenants.
2) For
				Developments that have not or will not receive subsidies from HUD or mortgage
				insurance through the Federal Housing Administration, a minimum of 20% of the
				units shall be reserved for Low Income Tenants.
3) For Developments that are financed with
				the proceeds of Tax-exempt Bonds after January 1, 1987, either 20% of the units
				must be reserved for Very Low Income Tenants or 40% of the units must be
				reserved for Low Income Tenants whose income is no greater than 60% of the
				Median Income.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart G - OCCUPANCY › Section 310.703 - Commercial Facilities

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Facilities. The Owner shall rent commercial facilities, if any, only to such
				Commercial Tenants, at rentals and for purposes that have been approved by the
				Authority. In approving commercial facilities and Commercial Tenants, the
				Authority shall consider the Tenant Selection Plan, the marketing plan, the
				management plan, the nature of the prospective business, the credit history of
				the prospective Commercial Tenant, the benefit of the prospective business to
				Tenants of the Development, the prospective Commercial Tenant's ability to
				comply with applicable licensing and zoning requirements, the purposes of the
				Program, and any other relevant matters.
b) Compliance. The Owner shall be responsible
				for ensuring the Commercial Tenant's compliance with all applicable ordinances,
				zoning codes, licensing requirements, regulations, statutes and Rules, and
				agreements.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart H - RATE OF RETURN ON EQUITY FOR LIMITED-PROFIT ENTITIES › Section 310.801 - Statutory Authorization

Current through Register Vol. 48, No. 28, July 12, 2024
Pursuant to Section 8 of the Act, the Authority is required
				  to establish the Owner's Equity on each Mortgage Loan provided to a
				  Limited-Profit Entity at the time of final Mortgage disbursement. The Act
				  provides that the maximum rate of return on Owner's Equity shall be 6% unless
				  the Authority, pursuant to this Part, establishes criteria by which a higher
				  rate is established. It is the purpose of this Subpart to set the criteria by
				  which a rate of return higher than 6% will be established.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart H - RATE OF RETURN ON EQUITY FOR LIMITED-PROFIT ENTITIES › Section 310.802 - Developments Eligible for Increased Rate of Return

Current through Register Vol. 48, No. 28, July 12, 2024
a) Subject to applicable federal law, any
				Development for which the Authority has issued a conditional commitment letter
				effective on or after August 9, 1984 is eligible for the establishment of an
				alternate basic rate of return in excess of 6% if, either:
1) the Director or, in his or her absence,
				the Deputy Director determines it to be necessary in order to attract private
				enterprise to construct, rehabilitate, operate and maintain housing for Very
				Low, Low and Moderate Income persons. The standard or test for determining
				whether a higher rate of return is necessary is that, but for the higher rate
				of return, private enterprise would be unable to acquire, construct,
				rehabilitate, operate and maintain housing for Very Low, Low and Moderate
				Income persons. In making this determination, the Director or, in his or her
				absence, the Deputy Director shall consider but not be limited to the competing
				market interest rates, the alternative lending sources, financial projections
				based upon anticipated rents, debt service, utilities, taxes and other expenses
				and the comparative severity of the housing needs; or
2) the Authority determines, pursuant to
				resolution of its Members, that an increase in the basic rate of return is
				necessary to preserve the Development as affordable for persons or families of
				Very Low, Low and Moderate Income or that the increase provides for the
				creation of additional units of housing affordable to persons or families of
				Very Low, Low and Moderate Income in the State. It shall be a condition to an
				increase in the basic rate of return pursuant to this subsection (a)(2) that:
A) the Authority give its prior written
				consent to any increase in the rental charges for the Development;
				and
B) the Authority determine, in
				its sole discretion, that:
i) the Reserve Fund
				for Replacements is sufficient to pay the costs set forth in Section
				310.405
				for the subsequent five years; and
ii) the amount needed to complete any
				deferred maintenance on the Development is less than one year's funding
				requirement for the Reserve Fund for Replacements.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart H - RATE OF RETURN ON EQUITY FOR LIMITED-PROFIT ENTITIES › Section 310.803 - Retroactive Adjustments

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Developments for which the Authority has issued a conditional commitment letter
				effective prior to August 9, 1984 are not eligible for an alternate basic rate
				of return in excess of 6%, unless:
1) the
				Development is a troubled Development as determined by the Director or, in his
				or her absence, the Deputy Director. A "troubled Development" for purposes of
				this Section is one for which a delinquency of more than 60 days exists for
				replacement reserve, tax and insurance reserve, or principal or interest
				payments and/or an alternate basic rate of return is necessary, as determined
				by the Director or, in his or her absence, the Deputy Director, to encourage a
				new Owner to acquire the Development, or to encourage an existing Owner to
				invest monies into the Development, or to assist an existing Owner to meet its
				financial obligations. In regard to the delinquencies, it shall be established
				to the satisfaction of the Director or, in his or her absence, the Deputy
				Director, that the increase in the rate of return is essential for the
				Development to meet these delinquency obligations. The standard to be applied
				shall be that but for the increased rate of return the Development would not be
				able to make these past due payments current. In making the determination
				whether one or more delinquencies exist, the Director or, in his or her
				absence, the Deputy Director shall consider, but not be limited to, an
				examination of all books and records the Authority has in regard to the
				delinquencies as well as all documentation submitted by or on behalf of the
				Development, and anticipated rents, debt service, utilities, taxes and other
				expenses of the Development; or
2)
				the Authority determines, pursuant to resolution of its Members, that an
				increase in the basic rate of return is necessary to preserve the Development
				as affordable for persons or families of Very Low, Low and Moderate Income or
				that the increase provides for the creation of additional units of housing
				affordable to persons or families of Very Low, Low and Moderate Income in the
				Development or otherwise in the State. It shall be a condition to an increase
				in the basic rate of return pursuant to this subsection (a)(2) that:
A) the Authority give its prior written
				consent to any increase in the rental charges of the Development; and
B) the Authority determine, in its sole
				discretion, that:
i) the Reserve Fund for
				Replacements is sufficient to pay the costs set forth in Section
				310.405
				for the subsequent five years; and
ii) the amount needed to complete any
				deferred maintenance on the Development is less than one year's funding
				requirement for the Reserve Fund for Replacements.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart H - RATE OF RETURN ON EQUITY FOR LIMITED-PROFIT ENTITIES › Section 310.805 - Risk Premium for Special Needs

Current through Register Vol. 48, No. 28, July 12, 2024
In addition to the increase to the alternate basic rate of
				  return established pursuant to Sections
				  310.802
				  and
				  310.803,
				  the Authority, through its Director or, in his or her absence, the Deputy
				  Director may establish additional incentives in the form of additional return
				  on equity in excess of the alternate basic rate of return if the criteria
				  specified in subsections (a), (b) and (c) are met and if it is determined that
				  the alternate basic rate of return is necessary. The additional return will be
				  limited to one additional percentage point of return on Owner's Equity to be
				  paid for each of the following factors:
a) For each additional 5% Low Income Tenant
				occupancy above the limits set forth in Section 142 (b)(4) of the
				Code;
b) Provision of housing for a
				special housing need, such as elderly facilities, handicapped facilities, or
				other qualified special needs, as specified in the Act, approved by the
				Director or, in his or her absence, the Deputy Director;
c) Location of the Development within a
				specially designated Targeted Area (as defined by the U.S. Department of the
				Treasury under Section 6a.103A-2(b)(5) of the Treasury Regulations issued under
				section 142(b)(4) of the Code ( 26 CFR 6a.103 A- 2(b)(5) ) and 47 Ill. Adm.
				Code
				220.103 or
				within a State of Illinois Enterprise Zone established pursuant to 20 ILCS
				655.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart H - RATE OF RETURN ON EQUITY FOR LIMITED-PROFIT ENTITIES › Section 310.806 - Increases in the Basic Rate of Return

Current through Register Vol. 48, No. 28, July 12, 2024
The Basic Rate of Return shall not be increased or decreased
				  during the term of the Mortgage Loan, except as provided in Sections
				  310.802
				  through Section
				  310.805
				  of this Part.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart I - ENERGY EFFICIENCY STANDARDS FOR NEW AND REHABILITATED DEVELOPMENTS › Section 310.901 - Statutory Authorization

Current through Register Vol. 48, No. 28, July 12, 2024
Pursuant to Section 7.24 e of the Act, the Authority is
				  required to establish rules governing minimum energy efficiency standards in
				  Developments financed by the Authority. It is the purpose of this Subpart to
				  set forth those minimum energy standards. After July 1, 1986, no Mortgage Loan
				  shall be made by the Authority for the construction of a Development unless the
				  Authority determines that the plans and specifications for the proposed
				  Development are in compliance with the minimum energy efficiency standards set
				  forth in this Part. Subject to Section
				  310.903,
				  the same standards apply to both new and rehabilitated
				  Developments.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart I - ENERGY EFFICIENCY STANDARDS FOR NEW AND REHABILITATED DEVELOPMENTS › Section 310.903 - Incorporation of National Standards

Current through Register Vol. 48, No. 28, July 12, 2024
All Developments shall be constructed or rehabilitated in
				  compliance with the energy efficiency standards set forth in the International
				  Energy Efficiency Code published in 2006 by the International Code Council,
				  4051 Flossmoor Road, Country Club Hills IL 60478. This Section does not include
				  any later amendments, revisions or additions to the International Energy
				  Efficiency Code. These energy efficiency standards are also published in the
				  Authority's Architectural and Construction Guidelines.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart I - ENERGY EFFICIENCY STANDARDS FOR NEW AND REHABILITATED DEVELOPMENTS › Section 310.911 - Energy Audit Analysis

Current through Register Vol. 48, No. 28, July 12, 2024
a) If
				a proposed Development is a rehabilitation project, the Authority may require
				that an energy audit be performed and the results be provided to the Authority
				showing heat loss-gain analysis of building without energy conservation
				measures; projected savings for proposed energy conservation measures; and
				life-cycle cost analysis of the proposed heating and cooling system and energy
				source showing they are the most cost-effective considering front-end capital
				investment and operating costs over their life time. This life-cycle analysis
				shall utilize: useful equipment life, operating and maintenance costs,
				inflation and fuel escalation factors.
b) A heat load analysis and cooling load
				analysis shall be performed and the results shall be provided to the Authority
				showing the savings and cost projections for the Development. Both the energy
				audit and analysis shall show that the selected heating system, cooling system
				and energy source are the most cost effective, from the point of view of
				front-end capital investment and operating cost over its lifetime.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart I - ENERGY EFFICIENCY STANDARDS FOR NEW AND REHABILITATED DEVELOPMENTS › Section 310.913 - Rehabilitation Waiver

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority shall waive compliance with the minimum energy
				  efficiency standards for a rehabilitation Development if:
a) The Owner and/or developer submits a cost
				benefit analysis that demonstrates that compliance with minimum energy
				efficiency standards would increase the costs of the rehabilitation of the
				Development to the extent that it would be impossible for the Development to
				meet the costs of debt service and operating expenses while providing housing
				for Very Low, Low and Moderate Income Tenants, and the Director or, in his or
				her absence, the Deputy Director certifies that there is a serious shortage of
				decent, safe and sanitary housing available to persons of Very Low, Low and
				Moderate Income in that community and that, but for the waiver of compliance,
				the property would not be rehabilitated; or
b) The minimum energy efficiency standards
				are in conflict with the energy efficiency requirements, rules, regulations,
				practices or procedures of any federal, State or local governmental entity
				through which a grant, loan, subsidy, insurance, underwriting or guarantee is
				provided for the rehabilitation of a development by any such entity;
				or
c) The minimum energy efficiency
				standards are in conflict with any federal, State or local law, code or
				ordinance; or
d) The Development
				does not meet the specific energy efficiency standards incorporated in Section
				310.903,
				but a licensed consulting architect, retained by the Authority, certifies to
				the Authority that the Development meets standards that are functionally
				equivalent to the specific energy efficiency standards of this
				Subpart.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart J - CONDUIT BOND ISSUANCES › Section 310.1001 - Conduit Bonds

Current through Register Vol. 48, No. 28, July 12, 2024
From time to time, the Authority may issue Conduit Bonds to
				  obtain financing for a Conduit Loan for a Development. This Subpart governs the
				  making of Conduit Loans.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart J - CONDUIT BOND ISSUANCES › Section 310.1002 - Applications

Current through Register Vol. 48, No. 28, July 12, 2024
Applicants for a Conduit Loan must apply to the Authority in
				  the same manner as all other applicants for Mortgage Loans, and must adhere to
				  the notification requirements of Subpart B.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart J - CONDUIT BOND ISSUANCES › Section 310.1003 - Eligible Mortgagor

Current through Register Vol. 48, No. 28, July 12, 2024
The recipient of a Conduit Loan must be an Eligible
				  Mortgagor.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart J - CONDUIT BOND ISSUANCES › Section 310.1004 - Regulatory Agreement

Current through Register Vol. 48, No. 28, July 12, 2024
Each recipient of a Conduit Loan shall enter into a
				  Regulatory Agreement with the Authority.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 310 - MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM › Subpart J - CONDUIT BOND ISSUANCES › Section 310.1005 - Applicable Rules

Current through Register Vol. 48, No. 28, July 12, 2024
All provisions of this Part shall apply to Conduit Loans,
				  except the following: Section
				  310.404,
				  Section
				  310.405,
				  Section
				  310.601
				  and Section
				  310.602.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 340 - LOANS TO LENDING INSTITUTIONS › Subpart A - GENERAL RULES › Section 340.101 - Statutory Authorization

Current through Register Vol. 48, No. 28, July 12, 2024
Pursuant to Section 7.24 of the Illinois Housing Development
				  Act (Ill. Rev. Stat. 1985, ch. 671/2, pars. 307.24 ) (the "Act"), the Authority
				  is required to establish rules for the making of loans to Lending Institutions.
				  The purpose of this Part is to comply with that requirement.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 340 - LOANS TO LENDING INSTITUTIONS › Subpart A - GENERAL RULES › Section 340.102 - Purpose and Objectives

Current through Register Vol. 48, No. 28, July 12, 2024
This Part is being established to accomplish the general
				  purposes of the Act and in particular the making of loans to Lending
				  Institutions or the purchasing of loans from Lending Institutions for the
				  purpose of stimulating the construction, acquisition, improvement or
				  rehabilitation of Dwelling Units, Community Facilities and Housing Related
				  Commercial Facilities for the benefit of Low or Moderate Income Persons or
				  Families in accordance with the Program. This Part does not apply to either the
				  Authority's Single Family Mortgage Purchase Program (47 Ill. Adm. Code 220 and
				  250) or the Multifamily Rental Housing Mortgage Loan Program (47 Ill. Adm. Code
				  310).
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 340 - LOANS TO LENDING INSTITUTIONS › Subpart A - GENERAL RULES › Section 340.104 - Forms for the Program

Current through Register Vol. 48, No. 28, July 12, 2024
The Staff shall prepare, use, supplement, and amend such
				  forms, agreements, and other documents as shall be necessary to implement the
				  Program, all as prescribed by the Director.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 340 - LOANS TO LENDING INSTITUTIONS › Subpart A - GENERAL RULES › Section 340.105 - Equal Opportunity Lending

Current through Register Vol. 48, No. 28, July 12, 2024
In making loans under the Program, a Lending Institution
				  shall not deny a loan to any person or persons or discriminate against any
				  person or persons in fixing the amount, duration, or other terms and conditions
				  of such loans on account of race, color, religion, age, sex, marital status,
				  handicap, or national origin, and shall otherwise be subject to all State and
				  federal requirements with respect to nondiscrimination in lending including,
				  without limitation, Titles VI of the U.S. Civil Rights Act of 1964 ( 42 U.S.C.
				  2000 et seq.); Title VIII of the U.S. Civil Rights Act of 1968 (
				  42
				  U.S.C. 3604 et seq.), as amended by the
				  Housing and Community Development Act of 1974 (
				  42 U.S.C.
				  5301 et seq.); the Equal Credit Opportunity
				  Act (
				  15 U.S.C.
				  1691 -
				  1691 F );
				  the Fair Credit Reporting Act (
				  15 U.S.C.
				  1681 -
				  1681
				  T ) and Section 13 of the Act.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 340 - LOANS TO LENDING INSTITUTIONS › Subpart A - GENERAL RULES › Section 340.106 - Severability

Current through Register Vol. 48, No. 28, July 12, 2024
If any clause, sentence, paragraph, subsection, Section, or
				  Subpart of this Part be adjudged by any court of competent jurisdiction to be
				  invalid, such judgment shall not affect, impair, or invalidate the remainder
				  thereof, but shall be confined in its operation to the clause, sentence,
				  paragraph, subsection, Section, or Subpart thereof as to which such judgment is
				  rendered.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 340 - LOANS TO LENDING INSTITUTIONS › Subpart A - GENERAL RULES › Section 340.107 - Gender and Number

Current through Register Vol. 48, No. 28, July 12, 2024
All terms used in any one gender or number shall be construed
				  to include any other gender or number as the context may
				  require.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 340 - LOANS TO LENDING INSTITUTIONS › Subpart B - LOANS TO LENDING INSTITUTIONS › Section 340.201 - Loans to Lending Institutions

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority may participate with, purchase loans from or
				  make loans to Lending Institutions for the purpose of those institutions
				  lending such funds, either directly or indirectly, for the construction,
				  acquisition, improvement or rehabilitation of:
a) Dwelling Units owned or to be owned by
				Persons or Families of Low or Moderate Income;
b) Dwelling Units occupied or to be occupied
				by Persons or Families of Low or Moderate Income;
c) Community Facilities; or
d) Housing Related Commercial
				Facilities.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 340 - LOANS TO LENDING INSTITUTIONS › Subpart B - LOANS TO LENDING INSTITUTIONS › Section 340.202 - Eligible Developments

Current through Register Vol. 48, No. 28, July 12, 2024
a) All
				Developments consisting of single or multifamily Dwelling Units, or Community
				Facilities or Housing Related Commercial Facilities shall be eligible for
				construction, acquisition, improvement or rehabilitation loans. If the
				Development consists of Dwelling Units, at least 50% of the Dwelling Units must
				be:
1) Owned or to be owned by Persons or
				Families of Low or Moderate Income or
2) Occupied or to be occupied by Persons or
				Families of Low or Moderate Income.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 340 - LOANS TO LENDING INSTITUTIONS › Subpart B - LOANS TO LENDING INSTITUTIONS › Section 340.203 - Lending Institution Approval

Current through Register Vol. 48, No. 28, July 12, 2024
a) Lending Institutions shall make a written
				proposal, with supporting documents, to the Director, containing information
				determined by the Director to be necessary for Lending Institution
				approval.
b) In determining whether
				to approve a Lending institution for participation in the Program, the
				Authority shall consider, but shall not be limited to, the following criteria:
1) The financial stability and integrity of
				the Lending Institution, as indicated by, but not limited to, the Lending
				Institution's financial resources, business obligations, other financial
				obligations, and financial soundness;
2) Previous experience of the Lending
				Institution in the construction, acquisition, improvement or rehabilitation of
				developments of a size, scope and expense similar to the Development to be
				financed under this Program;
3) The
				economic viability of the Lending Institution's proposal, as determined by the
				Authority with an economic, financial and business analysis;
4) The need for decent, safe and sanitary
				housing, in accordance with locally approved building codes, for Persons or
				Families of Low or Moderate Income, Community Facilities and Housing Related
				Commercial Facilities, in the area proposed to be served by the Lending
				Institution's proposal, as determined by the Authority, based on census data,
				social surveys, published data, or on-site inspections.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 340 - LOANS TO LENDING INSTITUTIONS › Subpart B - LOANS TO LENDING INSTITUTIONS › Section 340.205 - Loan Approval

Current through Register Vol. 48, No. 28, July 12, 2024
A Loan Recipient must make application, in writing,
				  submitting such information as is necessary for review by the Lending
				  Institution. In determining whether to approve or reject a loan for such Loan
				  Recipient, the Lending Institution, while exercising the standards and
				  practices of a prudent lender, shall consider, but not be limited to, the
				  following information:
a) the
				financial resources, financial statements, credit history, employment history,
				business experience, and credit worthiness of the Loan Recipient;
b) the type, scope, size and cost of the
				proposed new construction, acquisition, improvement or rehabilitation of the
				Development;
c) the requirements of
				State and federal laws applicable to Lending Institutions, as defined in the
				Act;
d) the applicability of local
				housing codes and zoning laws;
e)
				the Loan Recipient's past record and experience in successfully completing
				developments of a similar type, scope, size and cost;
f) whether the fair market value of the
				proposed Development as improved meets or exceeds the amount of the loan;
				and
g) the ability of the proposed
				Development to generate sufficient revenue to pay operation, maintenance and
				debt service costs, and other expenses directly related to the
				Development.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 340 - LOANS TO LENDING INSTITUTIONS › Subpart B - LOANS TO LENDING INSTITUTIONS › Section 340.206 - Termination of Loan Disbursements

Current through Register Vol. 48, No. 28, July 12, 2024
a) If the Authority is the sole source of
				funds for the Program, excluding origination and servicing fees, the Authority
				shall declare a default and thereafter terminate loan disbursements and
				accelerate the note executed by the Loan institution, if any, 30 days after the
				Authority gives the Lending Institution written notice of the default, if it is
				determined by the Authority that the Lending Institution is not complying with
				the Act, or this Part, or the terms of the documents executed in connection
				with the loan to the Lending Institution or with State or federal laws
				applicable to the Lending Institution, as defined in this Act. If the Lending
				Institution cures, or enters into an agreement with the Authority to cure, the
				default within 30 days after the Authority's written notice of the default, the
				loan shall be reinstated and the default status terminated; however, if the
				Lending Institution is misappropriating loan proceeds, the Authority shall
				terminate loan disbursements and accelerate the note executed by the Lending
				Institution, if any, and ban further participation by the Lending Institution
				in the Program. No act of non-feasance or malfeasance by a Lending Institution
				shall cause the acceleration of a note executed by a Loan Recipient under this
				Program.
b) If the Authority
				participates in the Program with funds from other participants, excluding
				origination and servicing fees, the agreement between the participants shall
				control as to the right to terminate loan disbursements and the right to
				accelerate the note executed by the Lending Institution, if the Lending
				Institution is misusing loan proceeds or is not complying with the Act, or this
				Part, or the terms of the documents executed in connection with the loan to the
				Lending Institution or State and federal laws applicable to Lending
				Institutions, as defined in the Act.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 340 - LOANS TO LENDING INSTITUTIONS › Subpart B - LOANS TO LENDING INSTITUTIONS › Section 340.207 - Reports to the Authority

Current through Register Vol. 48, No. 28, July 12, 2024
Each Lending Institution shall provide a written report to
				  the Authority not less frequently than annually, prepared in accordance with
				  the accounting standards of the Financial Accounting Standards Board of the
				  American Institute of Certified Public Accountants (AICPA) (June 1984). This
				  incorporation includes no subsequent amendments to these standards. Each report
				  shall include, but not be limited to, the following information:
a) The name and address of each Loan
				Recipient from the Lending Institution made under the Program;
b) The amount of each loan made by the
				Lending Institution under the Program;
c) The status of each loan made by the
				Lending Institution under the Program;
d) The outstanding principal balance of the
				loan made by the Authority to the Lending institution under the Program;
				and
e) In the event the information
				provided is incomplete, of insufficient detail, includes discrepancies and
				conflicts in information, or needs further clarification, such additional
				information as shall be required by the Authority to ensure compliance with the
				Act, this Part, the terms of the documents executed in connection with the loan
				from the Authority to the Lending Institution, and all State and federal laws
				applicable to Lending Institutions, as defined in this Act, shall be supplied
				to the Authority.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 340 - LOANS TO LENDING INSTITUTIONS › Subpart B - LOANS TO LENDING INSTITUTIONS › Section 340.208 - Inspection of Books and Records

Current through Register Vol. 48, No. 28, July 12, 2024
Upon prior written notice, the Authority may inspect,
				  examine, and copy the books and records of each Lending Institution for the
				  purpose of determining compliance with this Part, the Act, and all contracts
				  and agreements between the Authority and such Lending Institution relating to
				  the Program.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 340 - LOANS TO LENDING INSTITUTIONS › Subpart B - LOANS TO LENDING INSTITUTIONS › Section 340.210 - Fees and Charges of the Authority

Current through Register Vol. 48, No. 28, July 12, 2024
In connection with the Program, the Authority may establish
				  and collect fees and charges. Such fees and charges may be used by the
				  Authority for its general corporate purposes, including costs of administering
				  the Program.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 340 - LOANS TO LENDING INSTITUTIONS › Subpart B - LOANS TO LENDING INSTITUTIONS › Table A - Income Limits

Current through Register Vol. 48, No. 28, July 12, 2024
Persons or families of low or moderate income shall be
				  persons or families whose annual income does not exceed the following
				  limits:
County
Income Limit for Person or
							 Family
Adams
$40,480
Alexander
32,320
Bond
42,400
Brown
32,160
Bureau
44,960
Calhoun
36,000
Carroll
45,280
Cass
44,800
Christian
44,800
Clark
41,280
Clay
33,600
Coles
46,560
Crawford
43,360
Cumberland
40,480
DeKalb
52,160
DeWitt
50,560
Douglas
49,760
Edgar
40,640
Edwards
41,280
Effingham
45,760
Fayette
36,800
Ford
48,480
Franklin
37,760
Fulton
42,240
Gallatin
35,840
Greene
35,040
Hamilton
37,280
Hancock
40,160
Hardin
30,080
Henderson
41,440
Iroquois
45,920
Jackson
40,640
Jasper
39,360
Jefferson
44,640
JoDaviess
47,520
Johnson
36,160
Knox
45,280
LaSalle
52,320
Lawrence
38,400
County
Income Limit for Person or
							 Family
Lee
44,000
Livingston
53,280
Logan
46,560
McDonough
41,120
Macoupin
44,480
Marion
40,320
Marshall
46,560
Mason
43,840
Massac
39,680
Mercer
47,040
Montgomery
43,040
Morgan
44,960
Moultrie
46,720
Ogle
52,160
Perry
48,320
Piatt
51,680
Pike
32,640
Pope
34,720
Pulaski
29,440
Putnam
50,560
Randolph
50,080
Richland
39,840
Saline
38,880
Schulyer
36,320
Scott
38,720
Shelby
43,840
Stark
43,840
Stephenson
50,080
Union
37,760
Vermilion
46,400
Wabash
49,440
Warren
43,200
Washington
45,440
Wayne
40,000
White
41,760
Whiteside
47,040
Williamson
40,480
Metropolitan Statistical Area (MSA) or
							 Primary Metropolitan Statistical Area (PMSA)
Income Limit for Person or
							 Family
Aurora-Elgin PMSA (Kane and Kendall Counties)
59,040
Metropolitan Statistical Area (MSA) or
							 Primary Metropolitan Statistical Area (PMSA)
Income Limit for Person or
							 Family
Bloomington-Normal MSA (McLean County)
55,840
Champaign-Urbana-Rantoul MSA (Champaign
							 County)
51,200
Chicago PMSA (Cook, DuPage, and McHenry
							 Counties
58,880
Davenport-Rock Island-Moline MSA (Rock Island and
							 Henry Counties)
49,920
Decatur MSA (Macon County)
51,360
Joliet PMSA (Grundy and Will Counties)
59,200
Kankakee MSA (Kankakee County)
44,000
Lake County PMSA (Lake County)
69,440
Peoria MSA (Peoria, Tazewell, and Woodford
							 Counties)
52,000
Rockford MSA (Winnebago and Boone Counties)
51,840
St. Louis MSA (Madison, St. Clair, Monroe, Clinton,
							 and Jersey Counties)
54,080
Springfield MSA (Sangamon and Menard Counties)
50,880
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 350 - LOW-INCOME HOUSING TAX CREDIT ALLOCATION › Subpart A - GENERAL RULES › Section 350.101 - Purpose and Objectives

Current through Register Vol. 48, No. 28, July 12, 2024
This Part is being established to set forth the standards for
				  the Allocation of low-income housing tax credits by the Illinois Housing
				  Development Authority as State Housing Credit Agency for the State pursuant to
				  Section 307.24 of the Illinois Housing Development Act and Section 42 of the
				  Internal Revenue Code ( 26 U.S.C., Section 42 ) in connection with the
				  acquisition, construction and rehabilitation of low-income
				  housing.