Illinois Administrative Code

Section 350.104 Severability 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 thereof, but shall be confined in it…

Section 350.201 Authority to Issue Tax Credits For any calendar year, the Authority may allocate Tax Credits in an amount not to exceed the Authority Housing Credit Ceiling. (Source: Amended at 21 Ill. Reg. 9012, effective June 26, 1997)

Section 350.202 Allocation Pursuant to Qualified Allocation Plan The Authority shall allocate Tax Credits only pursuant to and in compliance with the Qualified Allocation Plan. (Source: Amended at 21 Ill. Reg. 9012, effective June 26, 1997)

Section 350.203 Application Process A Sponsor may apply for an Allocation by submitting an Application on forms prescribed by the Authority per the current Qualified Allocation Plan setting forth, at a minimum, the following information: a) The name and location of the proposed P…

Section 350.204 Notice of Application The Authority shall send notice of each Application received to the chief executive officer (or the equivalent) of the local jurisdiction within which the Project is to be located. The official shall have 30 days from the date of notification…

Section 350.205 Authority Review The Authority shall review each complete Application and approve or reject it. The Authority's review of an Application shall include, but not be limited to, the following criteria: a) Section 42 Requirements. The ability of the Project to meet th…

Section 350.206 Allocation Amount − Project Feasibility The Authority shall not allocate Tax Credits to a Project in an amount greater than the amount the Authority determines is necessary for the financial feasibility of the Project and its viability as a qualified Low-Income ho…

Section 350.207 Approval or Rejection a) Upon completion of its review of an Application, the Authority shall notify the Sponsor in writing of its approval or rejection of the Application, considering the availability of Tax Credits; the need for Low-Income housing throughout the…

Section 350.208 Extended Use Agreement The Sponsor and the Authority shall enter into an Extended Use Agreement before the Authority allocates Tax Credits to the Project. Pursuant to such Extended Use Agreement, the Sponsor and its successors and assigns shall be required to meet…

Section 350.209 Project Certification As of the date the Project is placed in service, the Sponsor shall certify to the Authority as to all amounts of federal, State and local subsidies which apply, or which the Sponsor expects to apply, with respect to the Project. The Sponsor s…

Section 350.210 Tax Credit Allocation After acceptance of Sponsor's Application and receipt by the Authority of all requested documentation, in a format acceptable to the Authority, which establishes to the satisfaction of the Authority that the Sponsor and the Project are in com…

Section 350.211 Reservation of Tax Credits for Year Other Than Current Calendar Year The Authority may approve a Sponsor's Application for a calendar year subsequent to the year of the Application, thereby reserving the Tax Credits from the Authority Housing Credit Ceiling for th…

Section 350.212 Revocation of Reservations The Authority reserves the right to revoke Reservations if a Sponsor fails to place the Project in service in the calendar year for which the Tax Credits have been reserved, or fails to meet the requirements for a carryover Allocation, a…

Section 350.213 Compliance Monitoring The Authority shall monitor the Project for compliance with Section 42. If the Authority discovers that a Project which has received an Allocation is not in compliance with Section 42, the Authority shall notify the Internal Revenue Service o…

Section 350.214 Fees The Sponsor shall pay the following non-refundable fees in connection with its Application for tax credits: a) A Preliminary Project Assessment fee in the amount of $750 for a Sponsor applying as a non-profit project. b) A Preliminary Project Assessment fee i…

Section 350.215 Carryover Allocations If a Sponsor is unable to place its Project in service in the year in which it receives a Reservation, it may apply to the Authority for a carryover Allocation reserving the Tax Credits for the Project for two additional years, subject to the…

Section 355.101 Authority This Part is established to set forth the standards for the allocation of Affordable Housing Tax Credits by the Illinois Housing Development Authority under Section 7.28 of the Illinois Housing Development Act [20 ILCS 3805/7.28] in connection with the a…

Section 355.102 Purpose and Objectives This Part is established to accomplish the purposes of Section 7.28 of the Illinois Housing Development Act and Section 214 of the Illinois Income Tax Act [35 ILCS 5/214], and in particular the awarding of Affordable Housing Tax Credits. (So…

Section 355.103 Definitions As used in this Part, the following words or terms mean: "Act": The Illinois Housing Development Act [20 ILCS 3805]. "Affordable Housing Project": A housing project that is either: a rental project in which at least 25% of the Units that have rents (in…

Section 355.104 Compliance with Federal Law Notwithstanding anything in this Part to the contrary, this Part shall be construed in conformity and compliance with applicable federal law.

Section 355.105 Forms and Procedures for the Program An Agency may prepare, use, supplement, and amend forms, agreements, and other documents and procedures as may be necessary to implement the Program, all as may be prescribed by the Agency Head.

Section 355.106 Fees and Charges In connection with an Application, an Agency may collect a fee from the Applicant in an amount not to exceed $2,500, payable when the Application is submitted. In connection with a Reservation, an Agency may collect a fee from the Applicant in an …

Section 355.107 Amendment This Part may be supplemented, amended, or repealed by the Members from time to time and in such manner as they may determine consistent with this Part, the Act, including but not limited to Section 7.28 of the Act, Section 214 of the Illinois Income Tax…

Section 355.108 Severability If any clause, sentence, paragraph, subsection, Section, or Subpart of this Part is adjudged by any court of competent jurisdiction to be invalid, that judgment shall not affect, impair, or invalidate the remainder of this Part, but shall be confined …

Section 355.109 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.

Section 355.110 Titles and Captions Titles and captions of Subparts, Sections, and subsections are used for convenience and reference and are not a part of the text. SUBPART B: AFFORDABLE HOUSING TAX CREDIT ALLOCATIONS

Section 355.201 Authority to Allocate Affordable Housing Tax Credits For any State fiscal year, an Agency may reserve and/or allocate Affordable Housing Tax Credits in an amount not to exceed the Agency Affordable Housing Tax Credit Ceiling. Any Affordable Housing Tax Credits in …

Section 355.202 Transfer of Agency Affordable Housing Tax Credit Ceiling After March 1 of a State fiscal year, an Agency may transfer all or a portion of its Agency Affordable Housing Tax Credit Ceiling for that State fiscal year to another Agency.

Section 355.203 Application Process A Sponsor may apply for an Allocation by submitting an Application on forms prescribed by an Agency that may require the following information: a) The name and location of the proposed Project; b) The name, address and telephone number of the S…

Section 355.204 Agency Review The Agency shall review each complete Application and approve or reject it. The Agency's review of an Application shall include, but not be limited to, the following criteria (where applicable): a) Section 7.28 Requirements. The ability of the Projec…

Section 355.205 Approval or Rejection by Agency a) Upon an Agency's completion of its review of an Application, the Agency shall notify the Sponsor in writing of its approval or rejection of the Application. b) Upon the approval of an Application, the Agency shall issue a Reserva…

Section 355.206 Sponsor Participation For a Multifamily Housing Project or a rental Single Family Project, the Sponsor must have a Material Participation in the development and operation of the Multifamily Housing Project or rental Single Family Project throughout the Compliance …

Section 355.207 Regulatory Agreement for Rental Projects The Sponsor and the owner of each Affordable Housing Project that involves the rental of housing Units shall enter into a Regulatory Agreement with the allocating Agency before the Agency makes an Allocation in connection w…

Section 355.208 Project Documentation and Certification On or before the Initial Closing Date of a Project, the Sponsor shall provide to the Agency the following documentation: a) a certification of the amount of the Donation, a notarized affidavit from each Donor acknowledging t…

Section 355.209 Affordable Housing Tax Credit Allocation a) An Agency shall make Allocations: 1) for Affordable Housing Projects, after the Agency has received documentation, in a format acceptable to the Agency, that establishes to the satisfaction of the Agency that the Sponsor…

Section 355.210 Recapture of Affordable Housing Tax Credits Except in the case of fraud committed by a Donor, there shall be no recapture of Affordable Housing Tax Credits after Allocation. (Source: Amended at 27 Ill. Reg. 14310, effective August 21, 2003)

Section 355.211 Rescission of Reservation of Affordable Housing Tax Credits An Agency may rescind a Reservation of Affordable Housing Tax Credits if a Sponsor that has received a Reservation is unable to obtain a Donation within the time periods set forth in Section 355.205(d) of…

Section 355.301 Acceptable Types of Donations Donations may only be made in the form of cash, securities, real property or personal property. Provision of services of any kind shall not constitute a Donation. Upon receipt of a Donation, a Sponsor shall notify the allocating Agenc…

Section 355.302 Aggregation of Donations Subject to Section 355.303, a Sponsor may aggregate a number of Donations into a single Donation in connection with an Allocation. For Employer-Assisted Housing Projects, a Sponsor may aggregate a number of Donations from multiple employer…

Section 355.303 Minimum Donation Amount Except in the case of the transfer of a portion of a Certificate as set forth in Section 355.309 of this Part, the minimum amount of a Donation shall be $10,000. Individual Donations in an aggregated Donation, including Donations for which …

Section 355.304 Cash The amount of a cash Donation shall be evidenced by a copy of the check or cashier's check from the Donor, evidence of a wire-transfer of funds by the Donor, or such other evidence of the provision of cash by the Donor that may be satisfactory to the allocati…

Section 355.305 Securities Donations of stocks, bonds or other securities shall be documented by the certificate transferring ownership of the security to the Sponsor or a certificate evidencing the transfer of the beneficial interest in the security to the Sponsor; the amount of…

Section 355.306 Real Property Donations of real property be: the fee simple interest in such real property; the beneficial interest of a land trust if a land trust holds title to such real property; a ground lease with a minimum term of 50 years leasing the real property to the S…

Section 355.307 Personal Property A Donation of personal property, such as construction or other materials and equipment sold in the ordinary course of business, shall be valued at the lesser of its fair market value or its cost to the Donor, and may include costs incurred in mak…

Section 355.308 Limitation on Donations Funds used by a prospective Donor to acquire an ownership interest in an Affordable Housing Project shall not qualify as a Donation. Donations may not take place prior to 3 years before the Initial Closing Date unless otherwise approved by …

Section 355.309 Transfer of Affordable Housing Tax Credits A Donor that has received a Certificate may transfer all or a portion of the Affordable Housing Tax Credits represented by this Certificate to the purchaser of land that has been designated solely for Affordable Housing P…

Section 355.310 Material Participation of Sponsor No transfer of cash, securities, real property or personal property to a Sponsor shall be a Donation unless the Sponsor is committed to Material Participation in the Multifamily Housing Project or rental Single Family Project for …