Illinois Administrative Code

Section 310.406 Other Reserve Funds 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 t…

Section 310.407 Assignment or Sale of Mortgage Loan 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 mont…

Section 310.501 Design and Construction Standards 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 indust…

Section 310.601 Marketing and Management 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 stabilit…

Section 310.602 Marketing and Management Plans a) Approval. Before the Authority makes a Mortgage Loan other than a Conduit Loan and at other times required by the Authority, the Owner shall submit for the Authority's approval a marketing plan and a management plan for the Develo…

Section 310.603 Maintenance 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 repai…

Section 310.604 Cost of Services 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 req…

Section 310.701 Tenant Selection Plan 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 ap…

Section 310.702 Income and Rental Limits 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 310.703 Commercial Facilities 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…

Section 310.801 Statutory Authorization 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 retu…

Section 310.802 Developments Eligible for Increased Rate of Return 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…

Section 310.803 Retroactive Adjustments 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 Developmen…

Section 310.804 Calculation of Alternate Basic Rate of Return a) For Developments that are eligible for an alternate basic rate of return in excess of 6%, pursuant to Section 310.802(a)(1) or 310.803(a)(1), the Authority may establish an alternate basic rate of return in an amoun…

Section 310.805 Risk Premium for Special Needs 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 incen…

Section 310.806 Increases in the Basic Rate of Return 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. (Source: Amended at 31 Ill. Reg. 4392, effective F…

Section 310.901 Statutory Authorization Pursuant to Section 7.24e 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 …

Section 310.902 Definitions (Repealed) (Source: Repealed at 31 Ill. Reg. 4392, effective February 28, 2007)

Section 310.903 Incorporation of National Standards 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 …

Section 310.904 Thermal Requirements (Repealed) (Source: Repealed at 31 Ill. Reg. 4392, effective February 28, 2007)

Section 310.905 Air Infiltration Requirements (Repealed) (Source: Repealed at 31 Ill. Reg. 4392, effective February 28, 2007)

Section 310.906 Doors, Windows and Glass (Repealed) (Source: Repealed at 31 Ill. Reg. 4392, effective February 28, 2007)

Section 310.907 Mechanical Work (Repealed) (Source: Repealed at 31 Ill. Reg. 4392, effective February 28, 2007)

Section 310.908 Insulation (Repealed) (Source: Repealed at 31 Ill. Reg. 4392, effective February 28, 2007)

Section 310.909 Mechanical Work Insulation (Repealed) (Source: Repealed at 31 Ill. Reg. 4392, effective February 28, 2007)

Section 310.910 Electrical Work (Repealed) (Source: Repealed at 31 Ill. Reg. 4392, effective February 28, 2007)

Section 310.911 Energy Audit Analysis 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 measure…

Section 310.912 Rehabilitation Guidelines (Repealed) (Source: Repealed at 31 Ill. Reg. 4392, effective February 28, 2007)

Section 310.913 Rehabilitation Waiver 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 efficie…

Section 340.101 Statutory Authorization Pursuant to Section 7.24 of the Illinois Housing Development Act (Ill. Rev. Stat. 1985, ch. 67½, pars. 307.24) (the "Act"), the Authority is required to establish rules for the making of loans to Lending Institutions. The purpose of this Pa…

Section 340.102 Purpose and Objectives 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, …

Section 340.103 Definitions As used in this Part, the following words or terms mean: "Act": The Illinois Housing Development Act (Ill. Rev. Stat. 1985, ch. 67½, pars. 301 et seq.), as amended. "Authority": The Illinois Housing Development Authority. "Commercial Facilities": The l…

Section 340.104 Forms for the Program 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.

Section 340.105 Equal Opportunity Lending 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 o…

Section 340.106 Severability 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 it…

Section 340.107 Gender and Number All terms used in any one gender or number shall be construed to include any other gender or number as the context may require. SUBPART B: LOANS TO LENDING INSTITUTIONS

Section 340.201 Loans to Lending Institutions 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 r…

Section 340.202 Eligible Developments 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 …

Section 340.203 Lending Institution Approval 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…

Section 340.204 Lending Institution's Loan Approval Process It shall be the obligation of the Lending Institution to: a) Approve or reject each application for a construction, acquisition, improvement or rehabilitation loan, as provided in Section 340.205; b) Determine the amount…

Section 340.205 Loan Approval 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 exercisi…

Section 340.206 Termination of Loan Disbursements 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 L…

Section 340.207 Reports to the Authority 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 Certi…

Section 340.208 Inspection of Books and Records 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 th…

Section 340.209 Contractual Rights This Part shall not constitute or create any contractual rights.

Section 340.210 Fees and Charges of the Authority 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.

Section 340.TABLE A Income Limits 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 Ca…