Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 360 - AFFORDABLE HOUSING PROGRAM › Subpart A - GENERAL RULES › Section 360.103 - 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
				  ].
"Advisory Commission": The Affordable Housing Advisory
				  Commission.
"Affordable Housing": Residential housing that, so long as
				  the same is occupied by Low-Income Households or Very Low-Income Households,
				  requires payment of monthly housing costs, including utilities other than
				  telephone, of no more than 30% of the maximum allowable income as stated for
				  such households as set forth in Section
				  360.904(b)(1)
				  and (2) of this Part.
"Affordable Housing Act": The Illinois Affordable Housing Act
				  [310 ILCS 65 ].
"Affordable Housing Bond Program Rules": 47 Ill. Adm. Code
				  365.
"Affordable Housing Program Trust Fund Bonds or Notes": The
				  bonds or notes issued by the Authority under the Act to further the purposes of
				  the Affordable Housing Act.
"Applicant": The person or entity applying for an allocation
				  of monies from the Trust Fund. An individual applying for funds to acquire,
				  rehabilitate, construct or finance a Single-Family Development that is or would
				  be owned or occupied by such individual may not be an Applicant.
"Authority": The Illinois Housing Development
				  Authority.
"Clearinghouse": The person in the Office of the Governor
				  designated by the Governor to provide notice to appropriate State and local
				  agencies of proposed Developments or Single-Family Developments.
"Development": A Multi-family Housing project consisting of
				  the Real Estate, together with all improvements, buildings, equipment, and
				  personal property appurtenant thereto.
"Director": The Director of the Authority.
"Grant": A grant from the Authority to a Recipient to be used
				  in connection with a Development or Single-Family Development.
"Loan": A loan from the Authority to a Recipient to be used
				  in connection with a Development or Single-Family Development.
"Low-Income Household": A single person, family or unrelated
				  persons living together whose adjusted income is more than 50%, but less than
				  80%, of the median income of the area of residence, adjusted for family size,
				  as such adjusted income and median income for the area are determined from time
				  to time by the United States Department of Housing and Urban Development for
				  purposes of Section 8 of the United States Housing Act of 1937 (
				  42 USC
				  1437 ).
"Members": The Members of the Authority.
"Multi-family Housing": A building or buildings providing
				  housing to 5 or more households.
"Note": The document executed as evidence of a Borrower's
				  indebtness under a Loan and any supplements thereto and modifications or
				  amendments thereof.
"Part": This Part 360.
"Participant Selection Plan": The participant selection plan
				  approved by the Authority for a Single-Family Development.
"Program": The Illinois Affordable Housing Program.
"Real Estate": The real property upon which a Development or
				  Single-Family Development is to be or has been constructed.
"Recipient": An individual, proprietorship, partnership,
				  for-profit corporation, not-for-profit corporation, unit of local government,
				  the Illinois Housing Development Authority, or the entity that holds legal
				  title to the Development or Single-Family Development, or when the Development
				  is held in a Trust, the entity owning the beneficial interest in a Trust that
				  receives Trust Fund Monies from the Authority.
"Rules": The rules and regulations of the Authority as
				  supplemented and amended from time to time.
"Single-Family Development": A Single-Family Housing project
				  consisting of the Real Estate, together with all improvements, buildings,
				  equipment, and personal property appurtenant thereto.
"Single-Family Housing": A building containing one to 4
				  dwelling units, including a mobile home as defined in subsection (b) of Section
				  3 of the Mobile Home Landlord and Tenant Rights Act [765 ILCS
				  745/3 ].
"Staff": The Director and the employees of the
				  Authority.
"State": The State of Illinois.
"Tenant": The person, family or unrelated persons leasing a
				  Single-Family Development or a dwelling unit in a Development.
"Tenant Selection Plan": The tenant selection plan approved
				  by the Authority for a Development.
"Trust": The Illinois land trust which holds legal title to a
				  Development or Single-Family Development.
"Trustee": The trustee of a Trust holding legal title to a
				  Development.
"Trust Fund": The Illinois Affordable Housing Trust
				  Fund.
"Trust Fund Monies": All monies, deposits, revenues, income,
				  interest, dividends, receipts, taxes, proceeds and other amounts or funds
				  deposited or to be deposited in the Trust Fund pursuant to Section 5(b) of the
				  Affordable Housing Act and any proceeds, investments or increases
				  thereof.
"Utility Allowance": The cost of utilities, except telephone,
				  based on reasonable consumption of these utilities.
"Very Low-Income Household": A single person, family or
				  unrelated persons living together whose adjusted income is not more than 50% of
				  the median income of the area of residence, adjusted for family size, as such
				  adjusted income and median income for the area are determined from time to time
				  by the United States Department of Housing and Urban Development for purposes
				  of Section 8 of the United States Housing Act of 1937 (
				  42 USC
				  1437 ).