reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart A - GENERAL RULES › Section 365.104 - Borrowing by the Authority

Current through Register Vol. 48, No. 28, July 12, 2024
To the extent allowed by the Act, and in the manner
				  determined by the Authority, the Authority may borrow funds with which to make
				  Loans or incur other obligations under the Program.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart A - GENERAL RULES › Section 365.105 - Compliance with Law

Current through Register Vol. 48, No. 28, July 12, 2024
Notwithstanding anything herein to the contrary, this Part
				  shall be construed in conformity and compliance with applicable Federal law.
				  Whenever reference is made in this Part to applicable law, statute, rule or
				  regulation, the same shall be construed to mean the law, statute, rule or
				  regulation in effect at the time of reference.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart A - GENERAL RULES › Section 365.106 - Standards

Current through Register Vol. 48, No. 28, July 12, 2024
In administering the Program, the Authority, the Chairman and
				  the Staff shall, in the exercise of discretion, consider, in addition to the
				  criteria specifically set forth: the purposes of the Program to provide decent,
				  safe, and sanitary multi-family rental housing; the requirements of applicable
				  State and Federal law; the financial condition and previous experience of the
				  Applicant and potential and participating Owners; the Authority's ability to
				  purchase or redeem any Notes or Bonds and to comply with the requirements of
				  the Resolution and the applicable Series Resolutions authorizing any Notes or
				  Bonds; the Authority's ability to comply with the terms and provisions of any
				  Notes or Bonds; the financial integrity of the Program; the housing needs of
				  the State; architectural and construction quality; preservation of the value of
				  the Development as security for a Loan; the ability of the Owner to repay a
				  Loan out of Development income; the desirability of achieving a reasonable
				  geographic distribution of Developments throughout the State; the number of
				  units reserved for Low-Income Households and Very Low-Income Households; the
				  heterogenous mix of Tenants; the standards and practices of a prudent lender;
				  the requirements of local housing codes and zoning laws; specific standards set
				  forth in Authority agreements and documents; or any other factors relevant
				  under the circumstances. The Authority shall give preferential consideration to
				  Developments which will be newly constructed or substantially rehabilitated.
				  Except as permitted in Section
				  365.601(c),
				  the Authority shall not refinance any existing Development unless, in
				  connection with the making of such Loan, the Development shall be transferred
				  to an Owner who is not affiliated with a prior Owner.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart A - GENERAL RULES › Section 365.107 - Authority Determinations

Current through Register Vol. 48, No. 28, July 12, 2024
Whenever, pursuant to this Part, a determination, election or
				  approval may be made by the Authority, such determination, election or approval
				  unless otherwise expressly stated herein shall be at the Authority's sole
				  discretion.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart A - GENERAL RULES › Section 365.108 - Forms and Procedures for the Program

Current through Register Vol. 48, No. 28, July 12, 2024
The Staff may prepare, use, supplement and amend such forms,
				  agreements and other documents and such procedures as it may determine to be
				  necessary or desirable for the purposes of implementing the Program, all as may
				  be prescribed by the Director, or, in the Director's absence, the Deputy
				  Director or Assistant Director.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart A - GENERAL RULES › Section 365.109 - 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 such fees and charges as may be established by the Authority from
				  time to time. Such fees and charges may be paid from the proceeds of Notes or
				  Bonds issued by the Authority. Such fees and charges may be used by the
				  Authority for its general corporate purposes, including costs of administering
				  the Program. Such fees and charges may be waived at the Authority's election,
				  may vary from Development to Development, and may vary from time to time. In
				  making such an election, the Authority may consider the Authority's costs in
				  underwriting the proposed Development, costs of administering the Program, the
				  financial condition of the Development, and other factors the Authority deems
				  relevant.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart A - GENERAL RULES › Section 365.111 - Amendment

Current through Register Vol. 48, No. 28, July 12, 2024
This Part may be supplemented, amended, or repealed by the
				  Members, from time to time and in such manner as the Members may determine.
				  This Part shall not constitute or create any contractual
				  rights.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart A - GENERAL RULES › Section 365.112 - Severability

Current through Register Vol. 48, No. 28, July 12, 2024
If any clause, sentence, paragraph, subsection, Section, or
				  Subpart of this Part is adjudged by any court of competent jurisdiction to be
				  invalid, such judgment shall not affect, impair, or invalidate the remainder
				  hereof, but shall be confined in its operation to the clause, sentence,
				  subsection, Section, or Subpart hereof to which such judgment is
				  rendered.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart A - GENERAL RULES › Section 365.113 - 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 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart A - GENERAL RULES › Section 365.114 - Titles and Captions

Current through Register Vol. 48, No. 28, July 12, 2024
Titles and captions of Subparts, Sections, and subsections
				  are used for convenience and reference and are not a part of the
				  text.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart A - GENERAL RULES › Section 365.115 - Calendar Days

Current through Register Vol. 48, No. 28, July 12, 2024
Days shall mean calendar days. Due dates falling on a
				  Saturday, Sunday, or legal State or Federal holiday shall be deemed to fall on
				  the next calendar day that is not a Saturday, Sunday, or a legal State or
				  Federal holiday.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart B - ELIGIBILITY › Section 365.202 - Market Rate Developments

Current through Register Vol. 48, No. 28, July 12, 2024
Pursuant to Section 10(d) of the Affordable Housing Act and
				  to Sections 4 and 12 of the Act, the Authority may make Loans for Developments
				  which are to be occupied partly by Low-Income Households or Very Low-Income
				  Households provided that the number of units to be occupied by Low-Income
				  Households or Very-Low Income Households shall be acceptable to the Authority
				  in its sole discretion, and shall be in compliance with any Federal law and the
				  regulations promulgated thereunder, if applicable. A minimum of 10% of the
				  units in any Development must be set aside for Very Low-Income Households. A
				  minimum of 20% of the units in any Development must be set aside for Very
				  Low-Income and Low-Income Households; provided, however, that the majority of
				  moneys appropriated to the Trust Fund in any given year, including moneys
				  transferred and certified for transfer in such year for the purposes and uses
				  specified in Sections 8(c) and 9 of the Affordable Housing Act will be used for
				  Affordable Housing for Very Low-Income Households.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart B - ELIGIBILITY › Section 365.203 - Eligible Mortgagors Who May Receive Loans

Current through Register Vol. 48, No. 28, July 12, 2024
The recipients of Loans funded by the proceeds of Bonds or
				  Notes are required at all times to be Eligible Mortgagors.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart B - ELIGIBILITY › Section 365.204 - Land Trusts

Current through Register Vol. 48, No. 28, July 12, 2024
Whenever title to the Real Estate is held in an Illinois land
				  trust, the agreement creating the Trust and establishing the respective rights,
				  powers, and duties of the Trustee and Owner shall be in a format approved by
				  the Authority. The beneficial interest of such land trust shall be collaterally
				  assigned to the Authority as additional security for the
				  Loan.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart C - APPLICATION › Section 365.302 - Site and Market Study

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority shall conduct or cause to be conducted at the
				  Applicant's expense a site study and a market study when an Applicant seeks a
				  Loan. The provisions of this Section shall not relieve the Owner of its
				  responsibility to provide a marketing and management plan as provided in
				  Section
				  365.1101
				  of this Part.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart C - APPLICATION › Section 365.303 - Staff Recommendation to the Advisory Commission

Current through Register Vol. 48, No. 28, July 12, 2024
After initial review, the Staff shall prepare and present to
				  the Advisory Commission a report concerning those Applications that the Staff
				  recommends should be approved. The Staff shall inform the Advisory Commission,
				  as to each Application, whether such Application is being recommended for
				  funding, not recommended for funding or rejected due to being ineligible for
				  funding.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart C - APPLICATION › Section 365.304 - Authority Determination

Current through Register Vol. 48, No. 28, July 12, 2024
The Staff shall present to the Members all positive
				  recommendations for Loans under the Program along with the recommendations
				  therefor from the Advisory Commission. The proceeds of Bonds or Notes used to
				  make Loans can only be allocated to Loans for Developments approved by
				  resolution of the Members for funding with such proceeds.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart C - APPLICATION › Section 365.305 - Conditional Commitment

Current through Register Vol. 48, No. 28, July 12, 2024
After approval of an Application by the Members, the Staff
				  shall prepare and deliver to the Applicant a conditional commitment that
				  commits the Authority to make a Loan expressly conditioned upon and subject to
				  the Applicant's meeting all of the requirements of the conditional commitment
				  and the availability of funds from the Program. If the conditional commitment
				  expires prior to the consummation of the Loan, the Authority shall have no
				  obligation to make such Loan. The Applicant shall forfeit all fees paid to the
				  Authority and the Applicant shall be liable for any fees or charges then due
				  and owing to the Authority.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart D - NOTICE OF PROPOSED MULTI-FAMILY DEVELOPMENTS › Section 365.401 - Applicability and Purpose of Notification

Current through Register Vol. 48, No. 28, July 12, 2024
a) Purpose
The purpose of this Subpart is to set forth requirements for
				  notifying certain persons and agencies when an Applicant proposes to acquire,
				  construct, rehabilitate, finance, or refinance a Development in their district,
				  county or municipality.
b)
				Applicability
The provisions of this Subpart shall apply only to
				  Developments subject to this Part.
c) Compliance and Proof of Compliance
An Application shall not be deemed to be complete until the
				  Applicant has complied with the provisions of this Subpart applicable to it and
				  has submitted to the Authority evidence of such compliance satisfactory to the
				  Authority. An Applicant's failure to comply with this Subpart shall relieve the
				  Authority of all obligations regarding the Development.
d) Applicant Does Not Represent Authority
In responding to comments, attending hearings or undertaking
				  any other activities pursuant to this Subpart, an Applicant shall not hold
				  itself out as representing the Authority and shall not take or suffer any
				  action which would incur any obligation on behalf of the
				  Authority.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart D - NOTICE OF PROPOSED MULTI-FAMILY DEVELOPMENTS › Section 365.402 - Notification by Authority

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Notice of Development
Before the Staff submits to the Members the Staff's
				  recommendation that the Authority should issue a conditional commitment to make
				  a Loan to fund a Development, the Authority shall give written notice of the
				  proposed Development to the following persons and agencies:
1) the chairman of the county board of the
				county in which the Development is located or is proposed to be
				located;
2) the mayor or other
				chief executive of the municipalities, if any, in which the Development is
				located or is proposed to be located;
3) in municipalities with a population of
				more than 1,500,000 persons, the alderman of the ward in which the Development
				is located or is proposed to be located and the Planning Commission;
4) appropriate Clearinghouses; and
5) each member of the General Assembly from
				the legislative district in which the Development is located or is proposed to
				be located.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart D - NOTICE OF PROPOSED MULTI-FAMILY DEVELOPMENTS › Section 365.403 - Comments and Responses

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Comments
The persons and agencies receiving notice of a proposed
				  Development pursuant to Section
				  365.402
				  of this Part shall have 30 days from the date of mailing to submit written
				  comments to the Applicant.
b) Applicant's Responses
The Applicant shall respond in writing to all comments
				  received under this Subpart, with a copy thereof to the
				  Authority.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart D - NOTICE OF PROPOSED MULTI-FAMILY DEVELOPMENTS › Section 365.404 - Compilation of Comments and Responses

Current through Register Vol. 48, No. 28, July 12, 2024
a) Documents
The Applicant shall submit to the Authority the following
				  documents within ten (10) days after expiration of the notice period described
				  in Section
				  365.403(a)
				  of this Part:
1) a copy of every
				written comment pursuant to Section
				365.403 of
				this Part and a written summary of any oral comment received;
2) a copy of every response made pursuant to
				Section
				365.403 of
				this Part;
3) a history of
				conferences, hearings and other activities undertaken in relation to comments
				on the proposed Development;
4) a
				brief summary of the Applicant's actions in response to comments; and
5) a certification from the Applicant that
				the information provided under this Section is accurate and complete.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart D - NOTICE OF PROPOSED MULTI-FAMILY DEVELOPMENTS › Section 365.405 - Hearings

Current through Register Vol. 48, No. 28, July 12, 2024
The Applicant shall provide written notice to the Authority
				  of any public meeting or adjudicatory hearing which may be held in connection
				  with the proposed Development. The Applicant shall mail such notice to the
				  Authority within 2 days after receiving notice or otherwise becoming aware of
				  such hearing. It shall be the Applicant's responsibility to prepare for and
				  attend such hearings and to respond to any inquiry made at or in connection
				  with such hearings regarding the proposed Development.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart E - OWNER OF MULTI-FAMILY PROJECTS › Section 365.501 - Eligible Mortgagors

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority may make Loans under the Program to Eligible
				  Mortgagors. The Owner of a Development shall at all times be an Eligible
				  Mortgagor. If the Authority learns that an Owner is not or has ceased to be an
				  Eligible Mortgagor, then the Authority may take any action which the Mortgage
				  or the Mortgage Note entitle or permit the Authority to take in the case of a
				  failure to make timely payment of principal or interest on the Loan, including
				  but not limited to declaration of default and pursuit of
				  remedies.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart E - OWNER OF MULTI-FAMILY PROJECTS › Section 365.502 - Organizational Documents

Current through Register Vol. 48, No. 28, July 12, 2024
To qualify and maintain the Owner as a Limited-Profit Entity
				  or Nonprofit Corporation as defined in the Act and this Part, to qualify and
				  maintain the Trustee or the Owner, as the case may be, as Eligible Mortgagors
				  as defined in this Part, and to ensure that the Owner, and each person or
				  entity which has an ownership interest in the Owner and/or Trustee, are
				  required to comply with the Act and this Part and shall not cause the interest
				  on the Bonds or Notes used to finance the Development, which was excludable
				  from Federal income tax, if any, to become taxable for Federal tax purposes,
				  such Owner shall either provide in its organizational documents or execute a
				  written agreement with the Authority, that such owner shall at all times be a
				  Limited-Profit Entity or Nonprofit Corporation and that the Authority shall
				  have the rights and remedies to enforce such provisions of such entities'
				  organizational documents or written agreement as are provided in the Act. The
				  provisions of such documents of organization as are required by this Section
				  shall not be amended without prior written Authority approval. Any such written
				  agreement acceptable to the Authority, and duly authorized by an Owner, shall
				  satisfy the requirements of this Section.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart E - OWNER OF MULTI-FAMILY PROJECTS › Section 365.503 - Books and Records

Current through Register Vol. 48, No. 28, July 12, 2024
The books and records of the Development and the Owner shall
				  be prepared and maintained in accordance with Authority requirements and shall
				  be subject to inspection, examination, and copying by the Authority and its
				  authorized representatives or agents at such times as the Authority reasonably
				  requires for the purpose of determining compliance with the Rules, the Act, the
				  Affordable Housing Act and all contracts and agreements relating to the
				  Program. The books and records of the Owner, if separate from the books and
				  records of the Development, shall likewise and to the same extent be subject to
				  inspection, examination, and copying by the Authority and its authorized
				  representatives or agents at such times as the Authority reasonably
				  requires.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart E - OWNER OF MULTI-FAMILY PROJECTS › Section 365.504 - Audits

Current through Register Vol. 48, No. 28, July 12, 2024
Any Development offices, architectural plans and
				  specifications, apparatuses, devices, books and records, contracts, documents,
				  and other papers relating thereto of the Development and the Owner shall at all
				  times be maintained in reasonable condition for proper audit and shall be
				  subject to inspection, examination, and copying by the Authority and its
				  authorized representatives or agents at such times as the Authority reasonably
				  requires. All audits, certifications, and financial reports that the Owner is
				  required by contract with the Authority to allow, undertake, or prepare shall
				  be made by and certified to the Authority by an independent certified public
				  accountant acceptable to the Authority.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart E - OWNER OF MULTI-FAMILY PROJECTS › Section 365.505 - Annual Financial Report

Current through Register Vol. 48, No. 28, July 12, 2024
Within the time period prescribed by the Authority after the
				  end of the Development's fiscal year, the Owner shall provide to the Authority
				  a complete annual financial report based upon the books and records of the
				  Development and the Owner, prepared in accordance with Authority requirements,
				  and certified to the Authority by the Owner and an independent certified public
				  accountant acceptable to the Authority.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart E - OWNER OF MULTI-FAMILY PROJECTS › Section 365.506 - Furnishing Information

Current through Register Vol. 48, No. 28, July 12, 2024
The Owner shall furnish such reports, projections,
				  certifications, analyses, budgets, operating reports and tax returns as are
				  required by the Authority or by applicable Federal or State statutes,
				  regulations or subsidy or assistance programs, and shall furnish specific
				  answers to the Authority's questions about the Owner's income, assets,
				  liabilities, and contracts and, if applicable, about the administration,
				  operation, maintenance, occupancy, financial soundness, and physical condition
				  of the Development.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart E - OWNER OF MULTI-FAMILY PROJECTS › Section 365.507 - Standards for Approval of Conveyance

Current through Register Vol. 48, No. 28, July 12, 2024
In determining whether to approve and/or impose restrictions
				  on the conveyance, assignment, leasing, mortgaging, pledging or other transfer
				  of the Development, and the beneficial interest in and power of direction over
				  the Trust, or any partnership interest or stock ownership interest or other
				  ownership interest in the beneficiary of the Trust, the Authority shall grant
				  such approval, with any necessary restrictions, only if the Authority
				  determines in its discretion that such action will not have an adverse effect
				  upon the financial stability of the Development, the status or ratings of the
				  Bonds or Notes that are providing all or any part of the financing for such
				  Development, or the ability to repay such Bonds or Notes or the likely value of
				  the Development as security for the Loan.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart E - OWNER OF MULTI-FAMILY PROJECTS › Section 365.508 - Purchase of Authority Bonds and Notes

Current through Register Vol. 48, No. 28, July 12, 2024
No Owner, including any "related person," as defined in
				  Section 147 of the Internal Revenue Code of 1986, 26 I.R.C. 147 (1992), as
				  amended from time to time, shall pursuant to any arrangement, formal or
				  informal, direct or indirect, agree to purchase any Bonds, Notes or other
				  obligations of the Authority, the interest on which is excludable from Federal
				  income tax, in an amount related to the aggregate principal amount of the Loan
				  to be made to the Owner or such related person.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart F - MORTGAGE LOANS TO DEVELOPMENTS › Section 365.601 - Maximum Loan Amount for Developments

Current through Register Vol. 48, No. 28, July 12, 2024
a) Establishing Amount. The maximum Loan
				amount shall be an amount which can be repaid out of the Development's expected
				net operating income after deductions for operating expenses, reserves and
				escrows, as determined by the Authority in its sole discretion, and without
				taking into account any income from any Commercial Tenant, based upon a debt
				service coverage ratio of not less than
				1.10
				to 1.0 or such higher amount as may be required by the Resolution or applicable
				Series Resolution.
b) The Owner
				shall invest as Equity in the Development an amount no less than 10% of the
				total estimated replacement cost of the Development or 10% of the total cost of
				the Development, as those costs may be determined and approved by the Authority
				in its sole discretion, whichever cost is less. The Authority may, in its
				discretion, require the Owner to invest Equity in an amount greater than the
				minimum amount required pursuant to this Section. In calculating the total
				estimated replacement cost of the Development, the Authority shall consider:
				the design architect's fees; the supervisory architect's fees; legal,
				accounting and other organizational fees; marketing, consulting and purchasing
				agent fees; construction interest; the Authority's service and Development
				fees; real estate and other taxes; title and recording fees; financial
				contingency and construction contingency; the development cost escrow, if any;
				BSPRA; relocation costs; off-site improvements; land costs; carrying charges;
				and any other costs approved by the Authority. In calculating the total cost of
				the Development, the Authority shall consider trade payments to contractors and
				subcontractors, general overhead, bond premiums, insurance, builder's profit
				(if any), change orders, discounts, rebates and any other costs approved by the
				Authority.
c) Troubled Affordable
				Housing. The Authority may, at the Authority's election, restructure Loans made
				from the proceeds of Bonds or Notes under the Program that the Authority
				determines, in its sole discretion, are in jeopardy of not being repaid or that
				have been made to Developments in jeopardy of not being completed. In any such
				restructuring, the Authority may, subject to any covenants contained in the
				Resolution or applicable Series Resolution, reduce the principal amount of or
				interest rate on the Loan upon such terms and conditions as the Authority may
				determine in its sole discretion. In making such election to restructure a
				Loan, the Authority shall consider whether the financial strength of the
				Program would be enhanced more by restructuring the Loan than by pursuing and
				enforcing the Authority's rights and remedies under the Mortgage and the
				Mortgage Note.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart F - MORTGAGE LOANS TO DEVELOPMENTS › Section 365.602 - Maturity of Loans

Current through Register Vol. 48, No. 28, July 12, 2024
The maximum maturity of a Loan to be made by the Authority
				  for permanent financing of multi-family rental housing under this Program shall
				  not exceed 40 years and may be shorter at the sole discretion of the Authority.
				  In determining the term of a Loan, the Authority shall take into account
				  its:
a) ability to pay when due the
				principal (including any sinking fund installments) and interest on any Bonds
				or Notes;
b) ability to purchase or
				redeem any Bonds and to comply with the requirements of the Resolution and
				Series Resolution authorizing any Bonds;
c) ability to comply with the terms and
				provisions of any Notes;
d) the
				feasibility of the proposed Development;
e) the financial integrity of the
				Program;
f) the requirements of
				applicable State and Federal law; and
g) any other relevant factors.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart F - MORTGAGE LOANS TO DEVELOPMENTS › Section 365.603 - Recapture of Assistance

Current through Register Vol. 48, No. 28, July 12, 2024
Within each set of Loan documents the Authority shall
				  establish requirements regarding use, occupancy and rent levels as required by
				  the Act, the Affordable Housing Act and this Part. If the Owner violates any of
				  the provisions of the agreement or agreements containing such requirements,
				  such violation shall be deemed a default under the Loan documents whether or
				  not expressly so stated therein.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart F - MORTGAGE LOANS TO DEVELOPMENTS › Section 365.604 - Prepayment of Loan

Current through Register Vol. 48, No. 28, July 12, 2024
The Authority may prohibit the prepayment of a Loan when, in
				  the Authority's determination, such prepayment will diminish the supply of
				  Affordable Housing as contemplated by the Act and the Affordable Housing Act,
				  or when the Bonds or Notes issued to provide the Loan prohibit prepayment of
				  the Bonds or Notes.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart G - RETURN ON EQUITY › Section 365.701 - Statutory Authorization Establishing Rate of Return

Current through Register Vol. 48, No. 28, July 12, 2024
Pursuant to Section 8 of the Act, the Authority is required
				  to establish Equity at the time of final disbursement of Loan proceeds. It is
				  the purpose of this Subpart to set the criteria by which a permitted rate of
				  return will be established.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart G - RETURN ON EQUITY › Section 365.703 - 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. The
				  Authority shall by contract with the Owner establish priorities for the
				  disbursement and use of Development Funds, including the funding of reserves
				  and escrows, and shall require that the Owner have personal liability for
				  Development Funds or Development property that come into its hands or the hands
				  of its agents that by contract with the Authority the Owner is not entitled to
				  retain or has disbursed or used in violation of Authority requirements,
				  together with the costs and expenses of the Authority in redressing the
				  violation. In establishing such 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 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 Authority contracts with the Owner or other documents.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart G - RETURN ON EQUITY › Section 365.704 - 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 applicable Federal statutes, regulations, or
				  agreements required to be deposited in an account to be titled 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 thereon, 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
				  which 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, and potential gross
				  Development income. In connection with any requested 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 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 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart H - CONSTRUCTION › Section 365.801 - Design and Construction Standards

Current through Register Vol. 48, No. 28, July 12, 2024
Developments financed by 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 with the requirements of applicable
				  Authority Rules and guides.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart I - ENERGY EFFICIENCY › Section 365.901 - Standards

Current through Register Vol. 48, No. 28, July 12, 2024
All Developments receiving assistance from the Program for
				  construction and rehabilitation shall comply with the provisions of 47 Ill.
				  Adm. Code 310. Subpart I. Any waiver of such provisions shall be made in
				  accordance with Section
				  310.913 of
				  this Part.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart J - CERTIFICATIONS › Section 365.1001 - Environmental Assessment

Current through Register Vol. 48, No. 28, July 12, 2024
Prior to the making of a Loan under the Program, the
				  Authority shall require the Applicant to conduct or authorize the Authority to
				  cause to be conducted on the Applicant's behalf a Phase I environmental
				  assessment review, certified to the Authority, of the proposed Development
				  undertaken by an environmental consultant approved in advance by the Authority.
				  The Authority may, at its election, commission such assessment. The
				  environmental assessment shall, at a minimum, consist of a review of historic
				  activities on the Real Estate and current conditions of the Real Estate which
				  identify potential violations of applicable environmental laws. If the results
				  of the Phase I environmental assessment disclose the presence of any hazardous
				  substance as described at Section 101(14) of the Comprehensive Environmental
				  Response, Compensation and Liability Act (
				  42
				  U.S.C. 9601(14) ), or any
				  other adverse environmental conditions, as determined by the Authority, then
				  the Authority may deny the Application or the funding of the Loan. The
				  Authority may elect, as a condition to further review of the Application or to
				  the making of the Loan, as the case may be, that the Applicant shall conduct or
				  authorize the Authority to conduct on the Applicant's behalf a Phase II
				  comprehensive environmental assessment certified to the Authority by an
				  environmental consultant approved in advance by the Authority. This Phase II
				  assessment may consist of sampling, lab analysis and an estimate of the
				  magnitude of environmental problems, as well as costs involved in site cleanup.
				  The Applicant shall pay the costs of all such assessments, and the costs may,
				  at the sole discretion of the Authority, be payable out of Loan
				  proceeds.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart J - CERTIFICATIONS › Section 365.1002 - Other Laws

Current through Register Vol. 48, No. 28, July 12, 2024
All Developments receiving Loans from the Program for
				  construction or rehabilitation shall comply with the provisions of the
				  Environmental Barriers Act [410 ILCS 25 ], the Illinois Accessibility Code (71
				  Ill. Adm. Code 400), the Americans with Disabilities Act (
				  42 USC 12101
				  et seq.), Executive Order for the Reduction of Earthquake Hazards (Executive
				  Order 90-2), the Historic Preservation Act [20 ILCS 3410 ] and all other
				  applicable Federal, State or local laws.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart K - MARKETING AND MANAGEMENT › Section 365.1101 - Marketing and Management

Current through Register Vol. 48, No. 28, July 12, 2024
a) It
				shall be the responsibility of the Owner to provide for the marketing and
				management of the Development in a manner and by a party 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 plans and
				management agreements shall be acceptable to the Authority. Such plans and
				agreements shall conform to any applicable conditions providing for Federal
				assistance (if any) relating to the Development.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart K - MARKETING AND MANAGEMENT › Section 365.1103 - 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 leases and with Federal, State, and local statutes, regulations,
				  ordinances, standards and codes.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart K - MARKETING AND MANAGEMENT › Section 365.1104 - Cost of Service

Current through Register Vol. 48, No. 28, July 12, 2024
The Owner shall not pay more for administrative, management,
				  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 Authority Rules and agreements, 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 credit worthiness of suppliers and
				  contractors, and any other relevant factors. The Owner shall solicit bids for
				  administrative, operation and maintenance services if the Authority shall so
				  require.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart L - TENANTS AND OCCUPANCY › Section 365.1201 - Displacement

Current through Register Vol. 48, No. 28, July 12, 2024
Owners shall not cause the permanent displacement of any
				  Tenants in a Development that receives a Loan for rehabilitation except as
				  provided in Section
				  365.1202 of this
				  Part. Pursuant to Section 10(g) of the Affordable Housing Act, Relocation Plans
				  must comply with Section 507 of the Federal Housing and Community Development
				  Act of 1987.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart L - TENANTS AND OCCUPANCY › Section 365.1203 - Tenant Selection Plan

Current through Register Vol. 48, No. 28, July 12, 2024
Before making a Loan under the Program, the Authority shall
				  approve, where applicable, a Tenant Selection Plan submitted by the Applicant
				  and setting forth the income limits for Tenants. In approving the Tenant
				  Selection Plan, the Authority shall consider whether the selection procedures:
				  will be equitable considering the family size and circumstances of the Tenant;
				  promote a heterogeneous mix of income levels to the extent appropriate;
				  maintain the financial stability of the Development; and comply with the
				  Authority's Rules. All housing financed by and all assistance from the Program
				  shall be available to all eligible persons regardless of race, national origin,
				  ancestry, religion, creed, sex, age, familial or marital status, disability, or
				  unfavorable military discharge.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart L - TENANTS AND OCCUPANCY › Section 365.1204 - Income and Rent Limits

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
				Tenant's initial occupancy of a unit held available for rental to Low-Income
				Households and Very Low-Income Households shall be limited to persons and
				families initially meeting the income limits set forth in subsection (b) below.
				If a Tenant meeting income requirements at the time of initial occupancy
				subsequently fails to continue to meet such requirements, that failure shall
				not constitute non-compliance by that Tenant.
b) Determination of Income Limits
1) For all units reserved for Low-Income
				Households, the income limits shall be equal to 80% of the median family income
				with adjustments for family size, for the area in which the Development is
				located, as such median income is 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
				U.S.C. 1437 ). The median income of the area
				of residence shall be attached to each application provided by the Authority
				and additionally shall be available upon request.
2) For all units reserved for Very Low-Income
				Households, the income limits shall be equal to 50% of the median family income
				with adjustments for family size, for the area in which the Development is
				located, as such median income is 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
				U.S.C. 1437 ). The median income of the area
				of residence shall be attached to each application provided by the Authority
				and additionally shall be available upon request.
3) The Owner shall obtain from each
				prospective Tenant intending to occupy a unit held available for rental to
				Low-Income Households and Very Low-Income Households and on an annual basis
				thereafter a certification of income. The Owner shall verify each such
				certification in a manner approved by the Authority. The Owner shall submit
				each certification and verification thereof to the Authority by mail.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 365 - AFFORDABLE HOUSING BOND PROGRAM › Subpart L - TENANTS AND OCCUPANCY › Section 365.1205 - 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 such rental and for such purposes as have been approved
				by the Authority. In no event shall the space occupied by Commercial Tenants in
				the aggregate exceed five percent (5%) of the total square footage of the
				improvements in the Development (excluding land). 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 Authority Rules and agreements.
Illinois Administrative Code › Title 47 - HOUSING AND COMMUNITY DEVELOPMENT › Part 366 - AFFORDABLE HOUSING BOND PROGRAM - SINGLE FAMILY › Subpart A - GENERAL RULES › Section 366.101 - Authority

Current through Register Vol. 48, No. 28, July 12, 2024
These rules are authorized by and made pursuant to the
				  Illinois Housing Development Act (the "Act") [20 ILCS 3805 ], the Illinois
				  Affordable Housing Act [310 ILCS 65 ] (the "Affordable Housing Act") and Public
				  Act 88-0093 and shall govern Program.