Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 1100 - ILLINOIS FINANCE AUTHORITY › Subpart D - ILLINOIS DEVELOPMENT ACTION GRANT PROGRAM › Section 1100.400 - Purpose; Definitions; Incorporation by Reference

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Illinois Development Action Grant
				Program provides financial assistance to municipalities experiencing severe
				economic distress in order to stimulate economic development activities needed
				to aid in economic recovery. Under this program, grants are made to
				municipalities to support housing, commercial, and industrial projects which
				have as their primary objective the development of viable urban communities.
				Private investment in proposed projects is required. The creation or retention
				of employment and other economic opportunities for low and moderate income
				persons and the revitalization of distressed areas are principal goals of the
				program.
b) Definitions
Words defined in the Illinois Finance Authority Act and in
				  Section
				  1100.50 have the same
				  meaning when used in this Subpart unless a more specific definition is
				  prescribed in this Section. This Section establishes additional definitions for
				  use in this Subpart only.
"Application" means the application for the use of program
				  funds for a particular project.
"Corporate Authorities" means the city council or similar
				  body when the reference is to cities, the board of trustees or similar body
				  when the reference is to villages or incorporated towns, and the council when
				  the reference is to municipalities under the commission form of municipal
				  government.
"Grant" means a grant awarded to a municipality under this
				  program.
"Leveraging Ratio" means the number resulting from the
				  division of the total amount of private sector commitments or other non-program
				  commitments generated by the project by the amount of the grant requested for
				  the project. Funds to be counted toward the private sector commitment include
				  all types of capital investment to be expended as a direct result of the grant,
				  including private investment (equity participation, internally generated funds,
				  conventional financing, Small Business Administration guaranteed loans, tax
				  exempt revenue bonds, etc.) and loans or grants made by units or agencies of
				  municipal, state, or federal government, other than the Authority. Examples of
				  commitments include written commitments of a financial institution or other
				  entity to make a loan or grant for a particular project, or executed loan
				  contracts or grant agreements.
"Low Income" means income of persons whose annual income does
				  not exceed 50% of the median income for the metropolitan statistical area in
				  which the project is located, with adjustments for larger and smaller families,
				  as specified in Table A of this Part.
"Metropolitan Statistical Area" means a metropolitan
				  statistical area as determined by the United States Office of Management and
				  Budget as of June 30, 1985, and published in the 1986 Statistical Abstract of
				  the United States, United States Department of Commerce, Bureau of the
				  Census.
"Moderate Income" means income of persons whose annual income
				  does not exceed 80% of the median income for the metropolitan statistical area
				  in which the project is located, with adjustments for larger and smaller
				  families, as specified in Table A of this Part.
"Municipality" means a city, village or incorporated town in
				  the State of Illinois.
"Primary Developer" means the non-governmental project
				  participant who has primary responsibility for the planning, organization,
				  development and completion of the project.
"Program" means the Illinois Development Action Grant
				  Program.
"Project" means the group of integrally related activities
				  which are to be carried out by all public and private participating parties, as
				  listed in the agreement relating to the project.
c) Incorporation by Reference
All materials incorporation by reference in this Subpart are
				  incorporated as of the date specified and include no later amendments or
				  editions.