Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 369 - COVID-19 AFFORDABLE HOUSING GRANT PROGRAM › Subpart A - GENERAL RULES › Section 369.102 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
As used in this Part, the following words or terms
				  mean:
"Act": The Illinois Housing Development Act [20 ILCS 3805
				  ].
"Affordable Housing Grant Act": The Illinois COVID-19
				  Affordable Housing Grant Program Act [310 ILCS 126 ].
"Allocation": An allocation of low-income housing tax credits
				  by the Authority.
"Application": An application to the Authority for an
				  Allocation submitted by a recipient or an owner of a Qualified Development,
				  including any required supporting documentation.
"Authority": The Illinois Housing Development
				  Authority.
"Chairman": The Chairman of the Authority.
"Code": The Internal Revenue Code of 1986 (Title 26 United
				  States Code) and the regulations promulgated thereunder.
"Compliance Period": A period of 15 years after construction
				  of a Qualified Development as further defined in Section 42 of the Code.
"Development": The real estate, together with all buildings
				  and other improvements constructed on it, and the equipment, and personal
				  property appurtenant to the real estate.
"Director": The Executive Director of the Authority.
"Disproportionately Impacted Area":
a census tract or
				  comparable geographic area that meets at least one of the following criteria,
				  as determined by the Department of Commerce and Economic
				  Opportunity:
the area has a poverty rate of at least 20% according
				  to the latest federal decennial census;
75% or more of the children in the area participate
				  in the federal free lunch program according to reported statistics from the
				  State Board of Education;
at least 20% of the households in the area receive
				  assistance under the Supplemental Nutrition Assistance Program;
				  or
the area has an average unemployment rate, as
				  determined by the Department of Employment Security, that is more than 120% of
				  the national unemployment average, as determined by the United States
				  Department of Labor, for a period of at least 2 consecutive calendar years
				  preceding the date of the application
for an Allocation or Grant.
				  [310
				  ILCS 126/10 ]
"Grant": A grant made to an Owner or Nonprofit Corporation
				  that is part of the ownership structure in connection with a Qualified
				  Development to assist in the financial feasibility of a Qualified
				  Development.
"Low Income Housing Tax Credit" or "LIHTC": the federal
				  low-income housing tax credit provided by
				  26 U.S.C.
				  42, including federal low-income tax credits
				  issued pursuant to
				  26 U.S.C.
				  42(h)(3) and
				  26
				  U.S.C. 42(h)(4).
"Median Income": The median income of the county or the
				  metropolitan statistical area, as applicable, in which the Development is
				  located, adjusted for family size. The median income is determined from time to
				  time by the United States Department of Housing and Urban Development (HUD) for
				  purposes of Section 8 of the United States Housing Act of 1937 (42 U.S.C.
				  1437a) .
"Members": The Members of the Authority.
"Nonprofit Corporation": A not-for-profit corporation
				  incorporated pursuant to the provisions of the Illinois General Not-for-Profit
				  Corporation Act of 1986 [805 ILCS 105 ] or the State Housing Act [310 ILCS 5 ]
				  and having articles of incorporation which, in addition to meeting other
				  requirements of law, meet the requirements of Section 2(m) of the Act.
"Opportunity Area": Communities with low poverty, high access
				  to jobs and low concentrations of existing affordable rental housing as
				  determined and published by IHDA.
"Owner": Either (i) a limited liability company, partnership,
				  or entity that holds legal title to the Qualified Development or when the
				  Qualified Development is held in a trust, the entity owning the beneficial
				  interest in the trust; or (ii) a Nonprofit Corporation that has an interest in
				  the general partner or managing member of a limited partnership or limited
				  liability company that owns the Qualified Development. Under no circumstances
				  shall "owner" mean the Authority or a Trustee.
"Prioritization Areas": As set out in Section
				  369.302.
"Program": The Authority's COVID-19 Affordable Housing Grant
				  Program created pursuant to and in accordance with the Affordable Housing Grant
				  Act.
"QAP": The Authority's Qualified Allocation Plan, as required
				  by Section 42 of the Code.
"Qualified Development":
A qualified low-income
				  housing project, as that term is defined in Section 42 of the Code, that is
				  located in the State and is determined to be eligible for an
Allocation. [310
				  ILCS 126/10 ] A Qualified Development must have
				  received or simultaneously receive an Allocation to be eligible to apply for a
				  Grant under the Affordable Housing Grant Act.
"Real Estate": The real property upon which a multifamily
				  housing development is to be or has been constructed or rehabilitated.
"Regulatory Agreement": The regulatory agreement or other
				  instrument in the nature of an agreement imposing continuing affordable housing
				  restrictions, together with any supplements, amendments or modifications,
				  governing a Grant.
"Related Requirements": Any Authority compliance or
				  documentation requirements imposed as a result of allocation of LIHTC to a
				  Qualified Development, as more specifically set out in Section
				  369.304.
"Rules": The Authority's administrative rules (47 Ill. Adm.
				  Code 260 through 395).
"Staff": The Director, the Deputy Executive Director and the
				  employees of the Authority.
"State": The State of Illinois.
"Total Development Costs": The total of all hard and soft
				  construction/rehabilitation costs in connection with a Qualified
				  Development.
"Trust": A trust that holds legal title to a Qualified
				  Development, the sole beneficiary of which is an Owner.
"Trustee": The trustee of a trust holding legal title to a
				  Qualified Development.